Investors in Pharmaceutical companies are enjoying multimillion-dollar gains, even as the broader stock market suffers under the continuing burden of Coronavirus uncertainty. Among the big winners in the first quarter of 2020 was the pharmaceutical company Moderna, with its stocks soaring over 30% in value in the last week of February.
While Moderna is one of the few pharmaceutical companies with a Coronavirus vaccine fast-tracked in clinical trials, the groundwork for its success was laid over seven years ago with the ambitious goal of building a more efficient, fully digitalized biotech company.
Moderna has invested heavily in full digitalization, having spent over $100 million to date with another $100 planned in the coming years. In describing its decision to build a cloud-based company, Moderna states on its website: At Moderna, building a digital biotech [company] is a foundational component of who we are and a key enabler of what we are trying to accomplish.
But even this ambitious statement fails to describe the full commitment Moderna has shown to its digital vision. In a recent interview, Moderna’s Chief Digital & Operational Excellence Officer, Marcello Damiani, explained a few of the benefits that Moderna’s cloud-based platform provides, including the computational power and scalability required to affordably advance research and achieve faster results.
It’s fully data-driven. And, I think today, we’re in a fortuitous time where the advances in life sciences technologies like proteomics, genomics, and next-generation sequencing are fueled by the revolution in information technology.
So what are the elements of Moderna’s highly efficient system? We’ve listed the major technologies the company currently employs below.
Moderna lists cloud enablement as the foundation of its digital infrastructure, stating that: our science is rich in complex data sets, and our scientists need computational power, agility to operate, cost-effectiveness, and efficiencies in organizing and processing data without being hindered by the limitations of traditional computing technology.
Moderna uses custom apps to help their scientists plan their Vivo and In Vitro studies, share resources, report real-time progress, and optimize outcomes.
Moderna also employs custom apps to help collect, organize and share information during the many phases of clinical development, including apps that support IMO functions, supply tacking, regulatory tracking, toxicology, compliance, manufacturing, and quality control, as well as specific patient and study trackers.
Moderna has worked hard to eliminate isolated so-called ‘silos’ of information and manual processes that invite error and inconsistency. For this reason, the company has invested in a fully integrated platform that supports the flow of data between internal and external systems and the automation of business processes with real-time synchronization.
Internet of Things
Wherever possible, Moderna has replaced standard tools with smart ones, building a network of interconnected devices that provides vital information and real-time guidance to their teams of scientists and engineers. This IoT technology also supports operational decision making by providing traceability and compliance tracking, as well and material tracking and data on instrument usage.
Moderna has integrated a high level of automation, allowing for greater accuracy and consistency. Through its investment in robotics, Moderna has drastically reduced the possibility of human error.
Moderna describes its data as ‘rich and complex’ and they’ve built an environment where that data can be easily used for complex analysis using a variety of custom and widely available tools. This allows them to gain more insight to support their scientific and business goals.
Like many pharmaceutical and life science companies, Moderna has integrated powerful Artificial Intelligence (AI) tools to support predictive modeling, analysis, and scientific discovery. New AI models have been credited with finding molecules and identifying promising treatments in a matter of days, proving that this technology is destined to save pharmaceutical companies decades of research time and billions of dollars in the push to develop new drugs and treatments.
For Moderna, digitalization was identified as a key success factor at the time of the company’s founding. For others who want to remain competitive in the highly demanding pharma industry, now is the time to invest.
Digitalization offers pharmaceutical companies the quality, speed, scalability, and cost advantages they need to advance the drugs in their pipelines in the most efficient and affordable way possible. Digitalization allows for the instant sharing of information between teams, locations, and projects while ensuring that the quality of data is never compromised. It allows for breakthroughs in record times and consistent tracking of research and operations with the reduced chance of human error.
Pharmaceutical companies today are under immense pressure to develop new drugs in more efficient ways: faster, better, and cheaper. While governments, investors, and members of the general public look to Pharma to solve urgent and complex health problems, the discovery, development, and testing of new drugs is a lengthy and expensive process. Are you looking for ways to increase efficiency, lower costs, and acquire a competitive edge that will put your pharmaceutical company in the same class as success stories like Moderna?
Drop us a message or schedule a call to discuss how our EndPoint Modeling approach to custom software development can guarantee that your project is delivered on-budget and 100% to-spec. We’ve helped hundreds of companies to achieve their vision and meet their goals. We’d love the opportunity to talk to you about yours.