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IoT and Digital Engineering / White Paper
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Product-lifecycle management can transform drug discovery with faster time to market.
While drug development is an extremely time-consuming and complex process, digitalizing information flow poses a significant opportunity to pharmaceutical companies to accelerate the process and pare down the costs -- the average cost of ‘discovering’ a drug could be close to US$2.87 billion.
A product lifecycle management (PLM)-based collaborative platform could provide the vital information link that can guide the entire drug development process that can stretch up to years in some cases. It can help:
- Accelerate time to market by ensuring content management, efficient execution, and visualization.
- Improve communication of information and reduce human errors by aligning with ANSI/ISA-S88 standards.
- Achieve operational excellence with nearly 40% increase in manufacturing efficiency and 30% reduction in paperwork.
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