The pharmaceutical industry has been under immense pressure ever since the first case of COVID-19 was reported. However, one of the silver linings of the pandemic was that it triggered more remarkable ways to research and develop vaccines. Eventually, the pharmaceutical industry came out all guns blazing, developing covid-19 vaccines in record time. In the process, the pandemic forced the implementation of many technologies and innovations, which were just a part of the conversation otherwise. COVID-19 made the BoTech industry think about the similar healthcare catastrophes ahead of us and how to be prepared to face such predicaments, hence the increasing focus on approaches like Immuno modulatory therapy.

It’s no secret that pharmaceutical and life sciences companies can seize this moment to transform their businesses. However, the investors will continue to demand both growth and profitability at the same time. Hence, CFOs must find ways to ensure shorter timelines and intact quality with lower costs. That means coordinating with other C-suite executives, reimagining work, and tech-enabling the organization. They need to build business strategies that deliver sustainable outcomes that are quickly reflected in profit and loss (P&L) statements.

This also means this is the year to monetize investments in digital technology. Indeed, many of these technologies, some of them in early development, are already creating significant impacts. According to a report by PwC, a neuroscience business recently saved nearly 40 percent on a pivotal Phase III study. It reduced the timeline by 25 percent by harnessing the power of intelligent clinical trial design. For a larger concern with a portfolio of Phase III assets, this can be equated to hundreds of millions of dollars in potential savings and countless benefits for patients awaiting new treatment options. The mantra for the pharma CFOs is taking that leap of faith.