Companies in the Life Sciences industry – such as Pharmaceutical manufacturers, Biotech companies, and Medical Device manufacturers – are facing major challenges.
Increasing demand from aging populations, chronic/lifestyle diseases, treatment, and technology advances are driving growth.
However, new regulatory requirements and efforts by governments, health care providers, and health plans to reduce costs are dramatically altering the health care demand and delivery landscape. These forces are creating a number of challenges for Finance departments in Life Sciences companies:
- Supporting high growth in a dynamic and demanding industry
- Global competition, putting pressure on costs
- The need to constantly introduce new products, support merger and acquisition activity
- Adapting to new regulatory pressures
- Complex legal vs. management reporting requirements
Leading Life Sciences companies are turning to cloud-based enterprise performance management (EPM) software to help address many of the challenges they face. Cloud-based EPM solutions help Life Sciences companies survive and thrive in a dynamic and demanding industry.
Host Analytics has worked with a number of companies in the Life Sciences industry to help address the challenges of managing performance in today’s dynamic business environment. We have helped many Pharmaceutical, Biotech, and Medical Device companies accomplish the following:
- Eliminate spreadsheets and manual processes
- Streamline the financial consolidation, close, and reporting process
- Reduce budgeting and forecasting cycle time, adopt rolling forecasts
- Analyze performance data to improve resource allocation
- Model and forecast predictable and consistent future results
In the dynamic and demanding Life Sciences industry, Finance departments can’t afford to be held back by reliance on spreadsheets and legacy software solutions. Modern, cloud-based EPM suites can be deployed quickly, offer a low TCO, and can provide the agility needed to grow and adopt to fast-changing markets.
To learn more about how Host Analytics is helping companies in the Life Sciences industry to navigate dynamic markets, download our free white paper “Enterprise Performance Management in Life Sciences.” You can also listen to a webcast replay from earlier this year, where several Life Sciences companies talk about how they're responding to rapidly changing business requirements.