The biotech industry is associated with groundbreaking research for new drugs, improved health products, and more. This implies that the sector must continually assess its technological quotient. Additionally, the evaluation will help biotech and life sciences companies identify their precise problems and challenges. In the last ten years, biotechnology manufacturing has emerged as a key area that needs the attention of businesses and researchers. Although the industry as a whole is expected to prosper, there are still some urgent issues that require a strong IT reframe in order for it to be resolved.
Both in developed and developing nations, the biotechnology sector has greatly increased employment, but it still faced many difficulties. These consist of:
Lack of research & development funding
There are hundreds of new drugs that are entering the market every month, but there is only a limited amount of funding available to create new ones. This problem is called “risk and reward” and every laboratory scientist faces it today. By understanding research and development or R&D funding processes, manufacturers can better understand why they receive less funding than the next research company or even their competitors.
Lack of talents in research and discovery
Lack of talents in biotechnology research and discovery affects biotech providers, their supplies and the path to innovation. As these supplies are being used in the pharmaceutical market, a lack of professional skills may result in subpar drugs being manufactured and shipped for sale, which as a result can lead to significant profit loss.
High costs of biotech equipment
The high cost of biotech equipment has an impact on biotech providers and their suppliers. This is because, in order to produce more products of higher quality, manufacturers must constantly meet the demand for new equipment and materials. As a result, companies will have a more difficult time establishing their own facilities and development programs than their competitors.
Biotech’s entry barriers in the markets
The biotech industry is under enormous pressure on many fronts, with regulators cracking down on safety concerns and patent expirations exposing their products to competition from generic manufacturers.
The only way forward for biotech consumers is through innovation that leverages new technologies like artificial intelligence (AI), big data analytics and machine learning algorithms—which will allow them to meet the needs of patients while also improving efficiency across all departments within an organisation such as clinical trials management or research & development (R&D).
Technology diffusion problems
The lack of knowledge, skills, information, and interpersonal communication to transfer innovations is one of the many contributing factors with technology diffusion problems. As a result, this has an impact on the biotech industry’s R&D, product development process, customer acquisition and support channels.
Technological advancement necessitates greater investment and results in fewer innovations. Companies are investing more money due to technological advancement, but they know less about how their competitors operate. They must also invest both time and money in understanding the new technology that their competitors are implementing.
How Can Hashtaqs’ Consultancy & Trainings Benefit The Biotech Industry?
Our consultancy and trainings can help biotech providers understand how to improve their services. We collaborate with biotech experts as trainers to help them train and improve on necessary knowledge & skills for their business.
Why Should Life Sciences & Biotech Suppliers Engage With Hashtaqs’ Services?
Hashtaqs are beneficial for life sciences & biotech suppliers as it helps them in streamlining their monthly processes, save time and money and provide them with a road map to measure their processes and to analyze areas in which the business needs to improve. Hashtaqs provides technology solutions with the support of various tools that accelerate workflows and help suppliers get more value out of their current systems.
Entering into a strategic supply partnership with Hashtaqs will enable your company to increase its focus on the customer and provide development services that are best suited for your organisation. Our global reach gives us the ability to streamline your supply chain management, moving from a point-based model to one based on opportunities.
Why Should Biotech Companies Consider Engaging Hashtaqs?
Hashtaqs’ solutions can be critical to your company’s success. Our ability to identify and upsell potential customers, willingness to try new marketing strategies and content experiments, knowledge of evolving industry trends, and understanding of how the biotech industry works can all help you build your brand.
Knowledge Advancement On The Implementation Of Software & Services
When you need software to manage your data or even an expert to help with the development of new products, Hashtaqs has the expert team to provide what you need. Our platform is built on top of our own cloud-based services that allow us to provide solutions at scale without unnecessary overhead costs. We also offer custom solutions as needed by each client.
Professional Fund Control Advice From Our Team
For biotech startups seeking funding for their projects, we have access to multiple sources for investors in both public markets and private equity firms who may not be familiar with life sciences, but have experience investing in other industries like healthcare or technology startups doing similar work such as biotechnology research & development (R&D).
Talent Development
Hashtaqs can help your business in biotech industry as our training and guidance is designed to educate and equip you with the best practices of marketing. We believe that proper training in the fundamentals of marketing is essential for a strategy to succeed. Our education programs are interactive, engaging and fun providing you with a real world learning experience that will help you be successful in today’s competitive market.
Digital Marketing Enhancement
Hashtaqs’ digital marketing capabilities are designed to integrate the various change areas of your biotechnology business’s progress. This entails developing strategies aimed at improving your website’s performance, increasing conversions in your digital marketing campaign, and ultimately driving more traffic to your website and increasing engagement. It also includes improving user experience through the design and development of your website’s user interface, with a focus on creating delightful experiences for potential customers.
Scaling Your Business With Hashtaqs
If your company has reached its capacity limits, then it is time to scale up! Hashtaqs understand that It is important that companies know how much money they will need before jumping into another phase like licensing agreements or building out new facilities, as these decisions could lead them down paths that are not sustainable in a long term, purely due to lack of funds available that could lead to losing out on valuable opportunities.
Why Hashtaqs?
When you choose to partner with Hashtaqs, you are investing in the future of your business. Our team is made up of experienced and passionate professionals; who are committed to finding the best possible solutions for our clients. Since we pride ourselves on our thorough research, we can help navigate your company through each phase of the process, starting with a consultation and a project scope analysis – all the way through to post-implementation support.
In Hashtaqs, we mean to take care of all the basic needs of your business. Many small enterprises tend to look for a niche market with profitable ideas The biotechnology business is one such sector that has been going down in terms of revenue, but is still highly profitable as compared to other sectors due to its high growth potential and low investment.
Hashtaqs uplifts businesses through business, brand and digital transformation
We provide advisory and implementation activities in brand transformation, marketing, digital transformation and internationalisation of businesses. We also upskill individuals through customised learning development programs and business coaching.
Our consultancy work is supportable with the funding scheme for local SG businesses up to 70%. Contact us for a consultation at +65 8868 1418 or email us at [email protected] For more info, visit www.hashtaqs.com
