Every year, billions of dollars are budgeted and committed based on traditional peer review and empirical testing of scientific outcomes. This has resulted in several health and environmental issues, forcing companies to operate outside of their preferred risk profiles, contributing to poor R&D productivity or even legal actions – ultimately leading to the destruction of shareholder value. To address the increasing scientific complexity, organizations need to challenge the way they perform science today.
Companies across sectors that rely heavily on research and development (healthcare, life sciences, consumer products and environmental enterprises, for example) must also cope with ongoing advancements in scientific techniques, ever-increasing volumes of data and more intense regulatory scrutiny. Add to these factors the uncertainty inherent to scientific research – which has reduced the shareholder value of many organizations and left many to cope with high attrition rates, product failures, and litigation due to inaccurate claims.
Not surprisingly, innovation has stalled.
Organizations also face a structurally different environment. A new R&D model, dependent upon a network of collaboration, has emerged. Commercial processes, which traditionally focused on developing products, are now centered on producing innovative solutions that integrate products, services and expertise. The reliability of scientific claims has never been more crucial.
Given today’s increasing scientific complexity, organizations will need to revisit standard practices, acknowledging independent verification and evidence of value as key components of science-based decision making. Using an independent, systematic approach to audit research processes, methods and data, businesses can increase their confidence in science and help reduce risks in associated business decisions.
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About the authors
BAO Consultant, IBM Global Business Services
Senior Managing Consultant, IBM Global Business Services, Life Science and Pharma Practice
IBM Institute for Business Value Life Sciences and Healthcare Lead
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