Life Science, Biopharma, & Med-Tech Trends: Speed to Market & Data-Driven Analytics
Updated: Dec 8, 2021
The past two years have presented an enormous shift in the life science, biopharmaceutical, and med-tech industry.
The speed and adaptation of companies to develop COVID-19 tests, therapeutics, and vaccines (and the facilities needed to support these products) has highlighted the need for a refocused effort. The pace at which physicians must get this information to public health officials, as well as pharmaceutical and medical device companies, is increasing constantly and more important than ever. Concurrently, in the A/E/C industry, the quality and speed needed to support these companies’ research/development and ultimate manufacturing of testing kits, therapeutics, and vaccines is critical.
Speed to Market
Along with the development of medical and pharmaceutical technologies, design and construction teams are also heavily involved in the speed to market conversation. A focal point for all is to ensure project delivery is expedited. This includes fast-paced designs as well as consideration for construction roadblocks resulting in project delays. Project delays, in any capacity, are always a concern in construction schedules. Due to the pandemic, equipment and materials are becoming increasingly unpredictable regarding lead times.
For speed to market projects, it is critical to have a different path or approach from that of a standard design/construction schedule. One way to expedite a project is by providing early permit sets. This allows construction managers and contractors to be onboard earlier in the project life cycle. Onboarding a construction manager early is imperative to ensure the project is on track regarding scope, schedule, and budget. Most construction managers know of potential roadblocks and long lead items, allowing early bid packages to progress efficiently. Construction managers also can provide reviews of documents at early permit set to flag any potential issues and avoid things “popping up” during construction.
Another increasingly common practice to facilitate increased speed to market is flexibility. Architects, engineers, and contractors must adapt on the fly to come up with alternative materials, equipment, and design practices to ensure projects are being completed in a timely fashion while also ensuring the building is constructed properly without sacrificing efficiency, code compliancy, or owner “must-have’s”.
Electronic Medical Records (EMR)
Besides speed to market changes in project development, data-driven analytics also play an important role. Electronic medical records (EMR) are digital versions of medical charts, including patients’ medical history, diagnoses, medications, allergies, etc., and must be electronically stored. This new cloud-based technology requires comprehensive data and communication technology support. Ranging from small data closets in healthcare facilities to dedicated data centers of life science institutions, major infrastructure upgrades are often required in order to accommodate new technologies. As the industry is trending in the EMR direction, further the need to speed up reaction time in the research/development, manufacturing, and ultimate treatment of patients. Buildings, data centers, and supporting infrastructure need to be adaptable and ready to handle this increase in facility needs.
To learn more on speed to market and data-driven analytics, be sure to keep an eye out for Fitzemeyer & Tocci’s upcoming guide!