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In this Edition
Feature I Upcoming Events I Product Spotlight I Customer Corner I Client Support I Under Construction
Employee Spotlight I Just for Fun
| Feature
The Changing World of Research
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The biomedical research industry is in a state of continuous change. While there are many factors driving the continuous evolution, including economic conditions, budget/funding cuts and globalization trends, one of the most significant change drivers is the ongoing consolidation of major players in the industry through mergers and acquisitions.
According to recent information released by DealSearchOnline.com, a leading publisher of merger and acquisition data, “during the 10 years ended December 31, 2009, a total of 1,345 mergers and acquisitions of pharmaceutical assets and pharmaceutical companies were announced, with disclosed prices totaling more than $694 billion.” The release also stated that “three of the top 25 pharmaceutical mergers and acquisitions announced in the past decade were announced during 2009,” and noted that “the mega-deals that comprise the top 25 pharmaceutical mergers and acquisitions of the past decade were announced at the rate of one or two per year from 2000 to 2004, but from 2005 to 2009 increased to the rate of three to four per year.” These findings support theories that the trend of mergers and acquisitions is not slowing down, and provides good evidence that they may even be on the rise.
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The Impacts of Mergers and Acquisitions
While these mergers and acquisitions are creating huge opportunities and changing the research industry, they are also creating significant challenges in day-to-day operations. Whether it is the consolidation of multiple locations into one location, or the remote operation of multiple locations as a unified facility, the affects of these mergers and acquisitions can be felt across the organization.
Common challenges of mergers and acquisitions include:
- Lack of standardized procedures driving operational inefficiencies and inaccuracies
- Large amounts of data stored on multiple databases, in multiple locations, with inconsistent formatting increasing the likelihood of compliance violations and errors
- Structural differences in organizations creating communication inefficiencies and confusion
- Contrasting corporate cultures creating friction between employees, and
- Resistance to change, making implementing new procedures difficult.
Not only are research facilities faced with these challenges, they are consistently faced with limited resources and budget cuts, and ultimately, asked to do more with less.
Overcoming Challenges through Centralization
It is both challenging and risky to run a research facility with disparate data sources, inconsistent processes, procedures and poor communication guidelines. But these challenges are not uncommon in today’s rapidly changing and continually consolidating environment.
In order to offset these inefficiencies, operational burdens and compliance risks, while balancing heavier workloads, research organizations are turning to enterprise solutions that centralize operations across the organization. Using enterprise solutions, research facilities are able to provide a centralized data and document clearinghouse, which enables research facilities to:
- Link disparate locations, driving unified processes and procedures through a consistent user interface
- Facilitate the sharing of data and information across all levels of the organization to improve company-wide communication and increase operational efficiency and visibility
- Locate research study information through enterprise-wide search and filtering capabilities for quick access to key details
- Increase data accuracy by eliminating multiple versions and revisions of key research documentation
- Drive regulatory compliance by easily monitoring and reviewing organization-wide research details and compliance requirements
- Report on research studies and extract key details across all levels to gain up-to-date information instantly and ensure ongoing compliance
- Maintain a centralized, standardized data repository for data backups and archiving information
Ultimately, through centralization with an enterprise solution, research facilities are able to gain enterprise-wide visibility, standardize operational procedures, ensure ongoing compliance, and access up-to-date information while improving overall operational efficiency.
Educating and Motivating to Drive Change
No matter which way you look at it, merging facilities are faced with unique challenges which usually require changes to business-as-usual procedures, especially when introducing enterprise solutions. And, it is no secret that employees often resist change. Because of this, it is extremely important to alleviate any resistance by helping employees welcome change. To do this, facilities must provide proper education and guidance to employees, covering best practices and sharing useable tips and tricks that will showcase the benefits of the new solution and standardized procedures, ultimately motivating the employees to accept change. With the right enterprise solution in place and the employees on board, you will be able to overcome the challenges faced through mergers and acquisition while your operations reach new levels of efficiency.
For more information on how enterprise solutions can help overcome challenges faced through mergers and acquisitions, contact TOPAZ today.
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| Upcoming Events
Industry Event Calendar |
TOPAZ will be on the road the next several months, attending and exhibiting at numerous industry events. If you will be in attendance, we would like to encourage you to stop by and visit with members of the TOPAZ team.
TOPAZ International Conference Registration
July 1 Ends Early Registration Discount
Kentucky Branch AALAS Vendor Fair
July 15 | Lexington, KY
36th NCAB/AALAS Seminar
August 31-September 2 | National Harbor, MD
5th Annual 3i Conference
September 22-23 | Portland, OR
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TOPAZ Technologies International Conference 2010
September 12-17
Kiawah Island, South Carolina
Learn More» | Register Today»
Attend this year’s highly anticipated event and experience five days of content-rich conference sessions, dynamic panel presentations, interactive roundtable discussions and educational seminars led by industry leaders, including TOPAZ product users and technical experts.
Participate in three days of conference sessions, where you will have plenty of opportunities to network with peers, discuss achievements and learn proven best practices in the biomedical research industry. Plus, stay for an additional two days of educational seminars led by TOPAZ product experts, filled with highly-interactive, hands-on product training sessions showcasing the latest products. This year will also feature an interactive round table discussion regarding the future of GRANITE’s Cost Accounting module.
Don’t miss out. Register and pay before July 1 for special discounted rates.
Share Your Experiences. Speak at this Year’s Event.
TOPAZ is currently seeking speakers and panelists for this year’s conference. Share best practices and innovative approaches with peers and experience a new level of involvement at the 2010 event. Featured speakers will receive credits towards any of TOPAZ Technologies’ Accreditation programs.
Interested in speaking? Contact TOPAZ Client Services today to discuss participating in open panels, presenting a topic, or collaborating with a TOPAZ expert on a topic idea.
Learn More» | Register Today»
| Product Spotlight
NEW Conflict Disclosure Software
COI Reviews Made Simple |
If you haven’t heard, TOPAZ recently announced the newest addition to our software suite, Conflict Disclosures. Created with the flexibility to integrate with a variety of institutional review mechanisms for COI disclosure, our Conflict Disclosures software is designed to automate and simplify the management of the COI review process. Filled with robust features and an easy to navigate user interface, the Conflict Disclosures software is equipped with a customizable disclosure form builder; disclosure version comparisons; automated alerts for COI management, monitoring, and tracking; role-based access control; meeting agenda scheduler and electronic filing of meeting minutes; electronic disclosure submission, review, approval, and storage; amendment and renewal submission tracking; on-demand reporting capabilities; comprehensive audit trails and much more. To learn more about our newest software, contact the TOPAZ Sales Team today.
| Customer Corner
Congratulations to Our Most Recent Conversions |
TOPAZ has been busy converting 11 more customers from our legacy software to our rich Internet solutions. These customers include: AstraZeneca - Delaware, Boehringer Ingleheim, Center for Disease Control, Dartmouth University, Georgetown University, Iowa State University, Johnson & Johnson - Raritan, Johnson & Johnson - Springhouse, New York University, St Jude Children’s Hospital, and the University of Connecticut. We look forward to converting additional customers to our rich Internet applications.
| Client Support
Integration Expertise and Support
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We know that our customers are constantly looking for ways to drive increased visibility and enhance enterprise-wide communication. That’s why, at TOPAZ, we place a strong focus on offering solutions with the flexibility needed to seamlessly integrate will other solutions in the industry. In fact, our solutions have been designed to integrate with leading industry players, in order to help our customers link key operational components, including human resources, accounting, training libraries and much more.
Interested in integrating? Contact a client support representative for details.
| Under Construction
TOPAZ Beta Program
Working together to deliver superior products |
At TOPAZ, our goal is to deliver the most superior products in the industry. To do this, we invest numerous resources and hours in the development of solid technology that meets the needs of our customer base. While our upfront investment and testing in every solution is significant, we are proud to take an extra step to ensure that every solution we release has been customer tested and is proven to deliver significant value. To do this, we rely on our customer Beta program. In fact, it is through our customer Beta program that we first introduce new releases and solutions to the market. As part of this program, we take every application for a “test drive” before a major release, by working closely with Beta customers to use the solution in their real world environment.
Become a Beta Customer Today
As a Beta customer, you receive a first look at an emerging solution and have the unique opportunity to provide valuable guidance into the features and functionalities. Interested in becoming a Beta customer? Contact TOPAZ Product Management today.
| Employee Spotlight
Catharine Karr, Implementation Coordinator
800.479.2498 | ckarr@topazti.com |
TOPAZ welcomes the newest addition to our client services team, Catharine Karr. Catharine works closely with TOPAZ customers to manage all aspects of the implementation process, including streamlining implementation, keeping crucial components on schedule and providing useful tips and experienced recommendations along the way. Following implementation, Catharine continues to work closely with customers, leading in-depth training courses and providing insight into operational best practices. Prior to joining TOPAZ, Catharine worked as a Software Specialist at Clyde Bennett & Associates where she was a certified consultant for software applications used in the legal and medical industries and responsible for the coordination, implementation, installation and setup of software, as well as client training.
Just for Fun
LAR and Order Comic Series
As promised … the continuation of our LAR and Order comic series.
To be continued … Stay tuned.
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©Copyright 2010. TOPAZ Technologies. All rights reserved.
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