Pharmaceutical companies are endeavoring to make their operations more efficient. Many of them are using Boomi iPaaS to improve their workflows and drive growth. The complexities in the pharma industry, ranging from maintaining regulatory compliance and supply chain optimization, demand innovative solutions for substantial growth, including.
If we see industry-wide development, there is exponential growth. The global pharmaceutical sales were projected to reach $1.5 trillion by 2023. This growth prospect brings with it huge operational complexities, including the need for seamless integration of disparate systems, data silos, and compliance with stringent regulatory requirements. According to the McKinsey report, cloud infrastructure gives you the freedom and scalability to invest in strategic capabilities like on-demand, AI-powered decision-making, and automated end-to-end workflows. As a result, pharmaceutical clients will be able to free up up to 30% of their IT spending and redirect it towards accelerating digital and AI initiatives.
In this blog, we’ll explore how Boomi iPaaS is revolutionizing the pharmaceutical industry, helping pharma businesses enhance their operational efficiency, and ultimately, deliver better healthcare outcomes.
The State of the Pharmaceutical Industry: How is it going on the ground?
Let’s first understand the challenges facing pharmaceutical enterprises today, before we delve into the specifics of Boomi iPaaS. With stringent regulations, complex supply chains, and the need for real-time data integration, the industry demands solutions that can adapt to rapidly changing environments. The COVID-19 epidemic, the Russia-Ukraine war, rising domestic indebtedness, inflation, and stricter monetary policy have weakened the global economy. Future geopolitical tensions in Asia and the Middle East could deepen the global slump.
- In 2023, global economic growth was expected to be at 1.7%.
- Global healthcare spending was expected to rise 5.1% to $10.2 trillion in 2023 and 5.2% in 2024.
- New product introductions, and COVID-19 vaccine, and therapeutic spending were projected to boost global pharmaceutical sales by 4.2% to $1.5 trillion in 2023 and 4.3% in 2024.
Introducing Boomi iPaaS: A Game-Changer for Pharma Enterprises
In an effort to optimize operations, pharmaceutical companies can benefit from Boomi iPaaS’s comprehensive solution. Boomi enables enterprises to connect disparate systems, streamline operations, and expedite innovation by furnishing a unified platform that facilitates data integration, application programming interface (API) administration, and workflow automation.
Boomi iPaaS makes it easy for different systems within a company to share data smoothly, like ERP software, CRM platforms, and supply chain management solutions. Boomi’s user-friendly interface and ready-made connections allow pharmaceutical companies to easily combine data from different places, breaking down barriers and providing an instant understanding of important business operations.
Here are the key benefits that Boomi iPaaS fetches for pharma companies:
- Reduce data integration costs through automation and process optimization.
- Improve supply chain visibility and reduce inventory holding costs.
- Accelerate time-to-market for new products and innovations by streamlining development and testing processes.
Driving Operational Efficiency with Boomi iPaaS
Boomi iPaaS offers a range of features and capabilities designed to maximize operational efficiency across the pharmaceutical value chain:
1. Streamlined Data Integration: With Boomi, pharma companies can centralize data management and eliminate manual processes associated with data entry and reconciliation. By automating data integration tasks, organizations can reduce errors, improve data accuracy, and accelerate decision-making processes.
2. Enhanced Collaboration: Boomi’s cloud-based platform enables seamless collaboration between internal teams, external partners, and third-party vendors. By providing a unified environment for data sharing and collaboration, Boomi helps break down communication barriers and drive cross-functional alignment across the organization.
3. Scalability and Flexibility: As pharma enterprises grow and evolve, they need technology solutions that can scale with their business. Boomi iPaaS offers unmatched scalability and flexibility, allowing organizations to adapt to changing business requirements and seamlessly integrate new applications and technologies as needed.
4. Compliance and Security: In the highly regulated pharmaceutical industry, data security and compliance are top priorities. Boomi iPaaS is designed with built-in security features and compliance certifications, ensuring that sensitive data remains protected and that organizations can meet regulatory requirements with ease.
Case Study: How Boomi iPaaS Helped a Leading Pharma Enterprise to Lower Total Cost of Ownership (TCO)
Novartis switched to Boomi AtomSphere Integration Platform as a Service (iPaaS) to save money and have more flexibility, replacing two costly and rigid on-premise middleware systems. This change was made to improve flexibility and lower overall expenses. Novartis saved a lot of money and worked more efficiently by using AtomSphere iPaaS. This helped them expand their integration abilities to cloud and mobile platforms more easily. The initial phase of the project resulted in significant outcomes for Novartis:
- Around 30% overall cost savings
- 50% reduction in server capacity requirement
- Development time for new interfaces reduced to two to three weeks
- Deployment of twice the number of interfaces and processes in a sixth of the previous time
- Pre-built connectors and processes provided by AtomSphere iPaaS significantly facilitated integration efforts.
Conclusion
Operational efficiency is extremely important in the competitive pharmaceutical industry. Using Boomi iPaaS can help pharmaceutical companies make their operations more efficient, work together better, and grow in a sustainable way. As the industry changes, companies that adopt innovative solutions like Boomi iPaaS will set themselves up for success in the digital era.
At RESKOM, a vast resource pool of Boomi-certified experts can help you implement custom Boomi iPaaS solutions to achieve significant outcomes throughout pharma product cycles. Get in touch with us today to find out how Boomi iPaaS can change your business and help you improve operations. Let’s work together to transform the future of medicine using Boomi iPaaS.
