Outdated Medical Content Management Systems Contribute to the High Cost of Prescription Drugs and Slow Pace of New Introductions

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Tracy Rockney, keynote speaker at the November 15-16 Author-it Summit for Life Sciences in Philadelphia, shared a solution that would reduce cost, increase efficiency and bring products to market faster.

1 drug = $2.6B USD

Medical documentation accounts for 25% of the cost of new drugs today.

If we are to continue to bring quality products to market and growth and profitability to shareholders, the pharmaceutical industry must reduce both expenses and time-to-market.

To bring a new drug to market, life science companies must meet enormous medical information requirements. The burden of information creation, storage and management has grown immensely, now consuming twenty-five cents of every dollar invested in new drug introductions. Countless hours of analysis have been undertaken to control these costs with little net benefit. The result is inefficient systems that simply codify the bad practices of the past and require an army of technocrats to support. For example, most systems today:

  • can’t pull content from prior reference documents
  • don’t contain local requirements
  • are overly complex
  • lock content into silos

According to industry insider Tracy Rockney, J.D., Co-founder and Managing Partner of OneSource Regulatory, there is an answer. Speaking at the Author-it Summit for Life Sciences in Philadelphia, Ms. Rockney identified a solution that has reduced cost, increased efficiency and brought products to market faster.

Speaking to a large audience of industry colleagues, Rockney described a type of enterprise-level content management system that was developed to meet the demands of the life sciences industry.

“We have an enterprise-level problem, and the only real solution is one that solves the entire organization’s business needs,” says Rockney. “What makes this type of system different is that it’s built by information architects who resolved to identify and address enterprise-level needs. These include ease-of-use to promote adoption and built-in regulatory intelligence to increase business benefit.”

According to Rockney, this type of enterprise-level, cloud-based solution will enable industry players to eliminate inefficient and expensive siloed medical information systems that slow approvals and global product roll-outs. Her paper on pharmalogical content management is available for download.

About Tracy Rockney
Tracy Rockney is a respected regulatory leader with more than 20 years of experience in the pharmaceutical industry. She is the Co‑founder and Managing Partner at OneSource Regulatory, a consulting firm specializing in regulatory advertising and promotion, medical review, labeling development and healthcare compliance.

Her senior regulatory management experience included her role as Vice President, Regulatory Affairs, Global Labeling, Advertising & Promotion, Regulatory Policy & Intelligence at AbbVie (formerly Abbott Pharmaceuticals), Senior Director, Global Regulatory Affairs at Shire Pharmaceuticals, Director, Regulatory Affairs at Wyeth, and Director, Global Regulatory Strategy at Pfizer.

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Maureen Noble
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