How software can help transform biotechnology startups
The booming medical industry of today has a lot of potential thanks to biotechnology. The biotech industry was already valued at $1,023.92 billion, and it’s anticipated to increase at a compound annual growth rate (CAGR) of 13.9% by 2030.
However, creating a biotechnology company is not a walk in the park. Especially with the competition in the market today, and the aftermath of COVID-19.
But if you are serious about starting a biotechnology company, empowering your company with innovative software will help to catapult you and your business to the top. This article will discuss a few key points on how software can help your biotechnology startup thrive.
Why Innovative Software is Critical to Biotechnology
At its core, the field of biotechnology is data-driven. To operate efficiently, companies need to have access to the most recent tools available given the massive amounts of data that biotechnology research and clinical trials generate. Unfortunately, more often than not, this data is stored in different locations across organizations, oftentimes getting lost in the mess of things. To avoid this, the gathering and analysis of data can be facilitated by biotech companies using artificial intelligence (AI) and machine learning (ML).
Having access to this technology can enable biotechnology organizations to reduce eros, increase accuracy, and automate repetitive tasks
Software Solutions to Grow your Biotechnology Business
At SciMed, we’re in the business of working with organizations pioneering change in their respective fields. Oftentimes, the work they are doing is work that has never been done before. As a result, they need software solutions that are unique to their needs. With that being said, as experts in the field of developing software for biotechnology startups for 20 years, we have a deep understanding of exactly how, and what type of, software solutions can help businesses grow.
Custom Relationship Management (CRM) Tools
Any biotech company that interacts with clients needs to be adept at client relationship management. A well set up CRM system can offer special insights into your clientele and aid in enhancing communication. As a result, client retention rates will rise, your sales team will close more deals, and revenue will grow. We’ve built an online business hub for the FMRT Group, enabling their staff, clients, and applicants to collaborate on anything they need in real-time, such as scheduling psychological and medical evaluations, writing post-evaluation reports, and more.
Enterprise Resource Planning Systems (ERP)
A biotech company can synchronize all of its many business activities using an enterprise resource planning system. By using an ERP, you can establish a consistent structure that ensures all of the information used across your business is normalized and all user experiences are seamless. Additionally, since the program is based on a single repository, every application used throughout your business can use the same data formats.
Cloud technologies
To avoid costly local infrastructure, you can opt for technology that is hosted on the cloud. One added benefit of this is that you can essentially scale infinitely in terms of storage capacity and processing power. There are many top-tier cloud providers for biotechnology startups to utilize such as Amazon Web Services (AWS), Microsoft Azure, or Google Cloud Platform (GCP).
The Bottom Line for Leveraging Software for your Biotechnology Startup
The goal of biotech innovation is to improve the world. Biotech is advancing significantly and drawing funding as a result of technological developments and changes in the patterns in global health. Talented researchers and lab personnel are largely responsible for the development of this industry. But without the proper software and technology, the treatments and medicines produced would never reach the market or have as big of an impact as they potentially could.
Every firm should have access to a personalized biotech software solution that has been tailored to meet their unique needs. If you’ve been unable to find a software solution that fits your needs, contact us, we’ve built hundreds of innovative software solutions for rising and established biotechnology companies.
