Pharmaceutical companies are facing challenges due to long drug development timelines, declining healthcare budgets, pro-generic laws, and competition from emerging markets. In contrast, biotechnology is growing due to the increasing demand for specialized medications and therapies. However, both pharmaceutical and biotechnology companies face high expenses in getting new treatments to patients. To stay competitive, these companies need to adopt critical technologies like robust reporting, predictive analytics, and risk-based monitoring.
The market's recent paradigm shift has changed how biotech and pharmaceutical companies operate, and they are using new strategies like mergers and acquisitions, supply chains, laws, and clinical trials to combat high prices. To survive, these companies need to implement cutting-edge technologies, teamwork tools, and creative solutions. Sonata uses a persona-based experience approach and an intelligent solutions package to speed up digital transformation, enhance agility and efficiency, and help these companies adapt to competitive and rapidly shifting markets.
