OFM for India's Pharmaceutical Sector
By RaghuRao on May 20, 2014
Pharmaceutical industry in India, now the world's third-largest in terms of volume, is widely perceived to be at the threshold of a giant leap forward as the global hub for contract research, biotech, clinical trials and clinical data management.
Notwithstanding the series of debilitating actions against well known Indian pharmaceutical firms by the USFDA, the global investor community continues to eschew keen interest in India’s pharmaceutical sector; primarily due to the large resource base of talented scientists & researchers, cheap and efficient labor, and the well established and cost effective drug discovery and drug manufacturing processes.
Worldwide adulation and respect garnered over the years by India’s pharmaceutical industry together with the recently launched liberal policy regime of 100% FDI in Pharmaceutical sector, has turned catalyst for newer ventures to be initiated in the country; while at the same time throwing up newer business challenges.
Most important challenge has been to bear increasing scrutiny of drug regulatory authorities from developed economies by immediately aligning with international standards on – good manufacturing practice, documentation and data maintenance processes. The other big challenge has been to realize high margins despite the strict price control mandates by making continuous investments towards – business innovation, business agility, business process optimizations for drug discovery and manufacturing processes – besides implementing tight cost control measures across the board.
Oracle Fusion Middleware (OFM) is the leading business innovation platform that enables enterprises to experience the paradigm shift to their business operations – by helping deliver on higher business agility, greater business visibility and finer optimizations with business processes while maximizing IT efficiency through full utilization of modern hardware and software architectures.
OFM Components are today deployed with Pharmaceutical Majors from across the world, and widely acclaimed on its comprehensive capabilities to – improve operational efficiencies, automate enforcement of compliance requirements, clinical and non-clinical documentation and data maintenance, electronic data capture solution, development of seamlessly integrated auditable clinical processes, controlled access to critical sensitive information and for stronger information security and data integrity measures.