By Chris Baker, Senior Vice President, Global Head Parexel FSP
The current Covid-19 crisis is driving R&D innovation in unprecedented ways, casting a glaring light on the need for greater speed, interoperability, and deployment of technologies such as remote data capture and artificial intelligence.
The future of drug development is on our doorstep. In order to be competitive in this new landscape, biopharma must:
- Rapidly adopt new technologies: remote data capture, artificial intelligence, robotics, machine learning, natural language processing.
- Integrate technologies into standardized, interoperable systems.
- Develop talent to implement new trial designs and operational models.
Sponsors must prepare now by embracing the tools and collaborations emerging in biopharma’s digital transformation. The rapid growth of functional service provider (FSP) outsourcing is evidence of the model’s ability to meet the challenge flexibly and cost-effectively. This paper shares Parexel’s view of change drivers, essential infrastructure components, and advancing FSP capabilities over the next five years.