Virtify, Inc., today announced the availability of a new IDC Health Insights study titled "Managing Paper at Its Roots: Extending Beyond Document Management to Enterprise Content Compliance." The new IDC Health Insights study, which was commissioned by Virtify, shows a growing trend in the life sciences industry away from traditional document management systems to emerging Enterprise Content Compliance (ECC) solutions. ECC solutions are changing and accelerating regulatory document preparation by enabling Parallel Authoring™ while automating the expanding regulatory compliance requirements surrounding submissions, labeling, and clinical trial disclosure.
The IDC Health Insights research states that the cost of bringing new drugs to market ranges from $800 million to $1.2 billion, and estimates that roughly a quarter of the cost comes from the content requirements associated with working in a regulatory compliant environment. The IDC Health Insights research also suggests that ECC solutions can substantially reduce the time and cost of bringing new drugs to market through improved abilities to manage collaborative teams, and compress the time spent authoring, reviewing, and submitting regulatory documents.
Over and above traditional document or content management systems, ECC solutions deliver advanced capabilities for Parallel Authoring which greatly improves the integration of key people and processes. In doing so, ECC solutions reduce costs, time, and regulatory risk far above traditional manual or document –driven processes.
The new IDC Health Insights study is available on the Virtify website here www.virtify.com/idcreport and outlines: