Life science companies face massive challenges while constantly staying ahead of dynamic Health Authority (HA) updates. In addition, it requires multiple recurring and time-consuming processes. The traditional exercises are cumbersome and laborious, proving that Regulatory operations are costly, complicated, and slow. The ever-changing sphere of HA regulations makes it arduous to keep track and adapt at the same pace.
However, with emerging technologies like Machine Learning (ML), Artificial intelligence (AI), Robotic Process Automation (RPA), and cloud computing, organizations are devising new ways to be adaptive and compliant with HA guidelines. In the pharmaceutical industry alone, it is projected that the market volume for the use of AI will reach around $10B by 2024.
The Regulatory Intelligence (RI) professionals of a life science firm are responsible for staying up to date with the latest regulations, industry guidance, other information pertaining to Regulatory affairs, and identifying the significant information.
The RI professionals understand the impact of the information on the firm and communicate it to the relevant functions. It is, thus, important to have automated channels in place to synergize the systems and capture information. For example, when a new regulation is issued, information can be collected and formatted in a central repository/database, analyzed by AI/ML engines, and can be saved in the system. The formatted information can be used by all the functions in the form of a single-source-of-truth and thus, enable Regulatory professionals to stay focused on strategizing rather than performing manual and repetitive tasks. It is safe to say that RI solutions create an opportunity to optimize Regulatory operations in unprecedented ways by enabling an alliance between various functions of a firm.
With discrete and limited information sources, it is a demanding task to access certain relevant information and help Regulatory teams make informed decisions in a narrow time frame. Above all, the quality of the collected information and the data should be of prime importance, accurate, and established. In such scenarios, it is necessary to deploy world class-solutions that support advanced decision-support systems to speed up researching, analyzing, and integrating Regulatory Intelligence for time-critical Regulatory requirements.
Freyr IMPACT, one such solution, is a centralized Repository for Regulatory requirements where global regulations are tracked and maintained in real-time to support and enhance decision-making. The IMPACT system brings together information from discrete sources as various content types. With Regulatory expertise and the power of automation, the data is curated and validated for the end-users to access insightful and relevant information which can be accessed through a rich visual interface that can be shared.
To understand how Freyr IMPACT can benefit your Regulatory operations strategically, visit: https://www.freyrdigital.com/solutions/regulatory-intelligence/impact