For the pharmaceutical sector, the gradual transition from a paper-based to an electronic-based world has been both a benefit and a curse. On the one hand, the Internet has made a tremendous quantity of external knowledge and research data accessible that was previously unavailable. However, there is a huge disadvantage in that there is a lot more data to find, keep, and preserve.
As a result, pharmaceutical and biotech companies are increasingly relying on knowledge management (KM) to aid their success. Knowledge Management can increase productivity in the face of an increasingly complex R&D process (a pharma company’s main department), allow for the sharing of data and information between different parts of the organisation, and allow for the sharing of expertise with partnering companies in cases of licensing agreements, acquisitions, and mergers.
Companies identify, store, exchange, and reuse their own data, external information, and, most importantly, their workers’ business expertise and experience through knowledge management. It’s not just about technology when it comes to knowledge management; it’s also about integrating new business procedures.
Knowledge Management’s Supportive Role in Pharma Industry Challenges
The pharmaceutical business could be among the worst affected by the boomer brain drain. The risk of losing intellectual capital is greater in businesses that rely significantly on specialised knowledge to succeed. Here’s a quick rundown of the pharmaceutical industry. A clear risk is that key professional and technical workers will retire or depart for greener pastures, taking their knowledge and business information with them. According to a survey conducted by recruitment agency Robert Half International, 55 percent of executives interviewed were afraid that their organisations will lose critical employees due to retirement in the next five to ten years. Furthermore, 78 percent said that their employers were taking steps to diminish the impact of losing these workers. Some businesses avoid the issue by hiring would-be retirees as consultants or part-time employees. Investing in technology that supports and helps automate the knowledge management process, on the other hand, is a more long-term option.
Because of its features and capabilities, such as detecting, capturing, analysing, retrieving, and sharing information, pharma knowledge management software has gained a lot of attention recently. According to Market Research Future, the global pharma knowledge management software market is expected to double in value by 2023, rising USD 2 billion at a CAGR of 17% between 2017 and 2023.
Knowledge management is a method for gathering, evaluating, storing, and sharing knowledge on products, manufacturing processes and components in a systematic manner.
Knowledge management can be obtained from a variety of sources, including but not limited to:
- Pharmaceutical research and development.
- Activities involving technology transfer
- Validation of processes
- Experience in the manufacturing industry.
- Continual development
The pharmaceutical industry has its own set of qualities that make it an excellent target for knowledge investment. Due to the extreme pharmaceutical industry’s reliance on human and intellectual capital, high levels of competition, large first-mover rewards due to patent protection, highly distributed organisations and a high percentage of repeat business, knowledge management investment has the potential to yield a high marginal benefit.