Automation in the pharmaceutical industry isn’t just a cost-saving strategy; it’s the alchemy that turns efficiency into a golden standard of healthcare.
A paradigm shift is occurring in the quick-paced field of biopharmaceuticals, and innovation is driving it. Staying ahead of industry trends is not only a goal but a requirement for the leading global biopharmaceutical organizations.
In this blog, let’s explore the transformative impact of automation on the biopharmaceuticals and life sciences sector. We’ll also introduce you to a novel strategy that can potentially chart a new direction for the future: Hexaware’s zero-cost transformation model for achieving optimal automation benefits.
A New Era in Biopharmaceuticals: The Automation Advantage
The pharmaceutical value chain is experiencing a profound shift with the game-changing impact of automation, delivering both qualitative and quantitative advantages that redefine industry norms.
Amidst the remarkable benefits, pharmaceutical enterprises encounter challenges while on the road to embrace the full potential of automation.
Numerous pharmaceutical enterprises have successfully harnessed the full potential of automation through strategic service provider partnerships. Here are some compelling examples of their transformative journeys:
Examples of pharma companies that have successfully implemented automation
Reference URL: Manufacturing Insights: Pfizer (pharmtech.com)
Reference URL: novartis-case-study-update.pdf (ascm.org)
Reference URL: Roche Beats Complexity by Building End-to-End Clinical Trial Supply Chain (gartner.com)
Reference URL: Innovation and digitalization – Merck Corporate Responsibility Report 2019 (merckgroup.com)
Understanding Zero-cost Transformation in the Biopharmaceutical Industry
The notion of zero-cost transformation presents a ray of hope amidst the consistently changing pharmaceutical industry. Improving operational effectiveness and realizing large cost reductions without going over budget are the main goals of this innovative approach. Ultimately leading to significant cost reductions, it leverages the transformative power of automation to bring in a new era of streamlined operations and fewer errors.
Nevertheless, the pharmaceutical industry currently grapples with a myriad of formidable challenges. These include stringent regulatory requirements, intensified competition, surging research and development costs, and the unwavering commitment to upholding impeccable product quality standards. Furthermore, the industry must adeptly adapt to cutting-edge technological advancements and the mounting demand for personalized medication. Meeting these multifaceted demands while maintaining fiscal responsibility presents a formidable task.
Introduction to Hexaware’s Zero-cost Transformation Model
Hexaware’s zero-cost transformation model introduces an ingenious strategy for reshaping the pharma industry. This model strategically focuses on optimizing operational efficiency and achieving substantial cost reductions without inflating the overall budget. At the core of this innovative approach is the concept of zero-cost transformation, predominantly driven by the power of automation.
With automation as a key component of its business strategy, Hexaware employs state-of-the-art automation technology, such as Robotic Process Automation (RPA), to gradually remove repetitive and time-consuming processes. This calculated action releases priceless human resources from routine tasks and puts them in a position to work on more strategic projects that will benefit clients more. In addition to increasing efficiency, this increased productivity acts as a trigger for cost savings.
The Working Approach of Hexaware’s Zero-cost Transformation Model
In this approach, Hexaware delivers transformation immediately, realizing future savings from day 1. This is how:
- Reduce debt and free up capital for additional investments by transferring assets like talent and data center to our balance sheet, enabling us to provide cost reduction benefits from day 1
- Reduce operating expenses by applying cost reduction levers to free up to 25% of capital over a 3-year period
- Improve revenue and customer engagement through self-funded transformation by injecting investments from future savings to drive transformation from day 1
- Implement automation to deliver 10% additional improvement annually over the next 3 years
In a traditional outsource setup, it takes 4 years to deliver transformation with a 70% probability of success. However, Hexaware’s zero-cost transformation, driven by a Balance Sheet-led Transformation (BET) model, frees up capital from year 1 to deliver transformation by the end of year 3 with a 95% success rate.
Under the BET Model, Hexaware provides the following benefits:
- Hexaware develops and approves the strategy, business case, and transition plan in just 6 weeks.
- This model allows Hexaware to fund transformation from future savings.
- The value realization starts from month 3.
- This model also allows clients to divert cash flows to other critical initiatives.
Exemplary Implementations of Hexaware’s Zero-Cost Transformation Model
- Led a zero-cost transformation program for a well-renowned global provider of advanced analytics and contract research services to deliver transformation initiatives across the organization while saving more than $30 Million annually.
- Co-engineered the world’s first human data science cloud which currently manages 25 billion+ transactions per year and processes 20PBs of patient, commercial, real-world, and genomics data, resulting in 3x faster time to market for several leading vaccines. Read the case study here.
- Achieved multi-million $ resource cost savings in year 1 by identifying and recruiting appropriate domain consultants spanning sales, marketing, and digital support center to support various levels of the commercial IT organization cost effectively.
Conclusion
Automation is a significant development in the pharma industry that will bring about excellent patient care, strong financial planning, and operational excellence. Hexaware’s zero-cost transformation model is the visionary road forward where automation and technology pave the way for large biopharmaceutical firms to achieve unprecedented success through immediate transformation.
As we navigate the divide between digital imperatives driving market competitiveness and the economic challenges of inflation and recession in the developed world, are you prepared to lead? Let’s discuss. Contact marketing@hexaware.com
