Boston’s Biotech Industry: Key IT Challenges & Solutions For Growth
Boston leads the nation in biotech development, but all of that progress comes at a cost: massive logistical challenges in the development and maintenance of IT systems. However, companies are undeterred, and are exploring new solutions every day.
Boston's Big Biotech Boom
Biotechnology and pharmaceuticals are becoming one of the most significant drivers of economic growth for several key cities in the US. Boston, in particular, is shaping up to be among the largest biotech hubs in the country. With a nationwide CAGR exceeding 8.5%, a number which Yahoo Finance called “staggering”, one question remains unanswered: how will these new titans of industry develop and maintain the IT infrastructure necessary to support this growth?
Montreal-native industry mainstay Gilles-André Morin, known to many simply as G.-A, weighed in on this problem, and highlighted a number of potential paths forward. As the owner and leader of GAMMA SOLUTIONS, LLC a tech implementation consultancy, he has recently worked with several established and upcoming names in the industry, and as such, is highly familiar with the biotech industry and the challenges currently facing it.
Upcoming Hurdles
As Morin and his team see it, there are several key areas where rapidly growing biotech and pharma companies should be placing the majority of their focus.
These areas are:
- Scalability and adaptability
- Data security and organization
- AI integration
- Operational efficiency
Naturally, these four categories do not encompass the entirety of the industry landscape, but as initial touchpoints, they convey the shape of the problem rather well. Organizations are finding themselves in highly competitive markets, such as Boston and San Francisco, in which any degree of flexibility could expose critical weaknesses, allowing competitors to advance and secure valuable market share. AI solves this problem, but only to an extent. It is clear that additional work needs to be done to fully solve these institutional problems.
Potential Solutions
In the future, companies — particularly those expanding into the mid-market — will have greater access to talented, CTO-level expertise on a part-time basis. This reflects a broader trend where consultants play a vital role in today’s industry landscape.
According to Biostatistics, a trusted industry journal, companies that have allowed consultants to guide them in the early stages of their business development have enjoyed unique and highly visible benefits in recent years.
Furthermore, experts point to challenges associated with AI implementation, especially as the technology rapidly advances within the medical sector and delivers promising results. Companies need to secure reliable guidance on the ethical and practical limitations of the technology in order to ensure that AI and machine learning can be used appropriately, and to maximum effect.
With these considerations in mind, Morin hopes that biotech and pharma companies operating in competitive markets will be able to bolster their organizations and continue to drive massive growth, wherever they may be.
