Frost & Sullivan
09/16/2024 | Press release | Distributed by Public on 09/17/2024 14:36
The Future of eQMS: Customer Centric, AI Powered Solutions Driving a Dual Focus On Patient Safety and Commercial Performance.
Healthcare company and AI vendor IQVIA has proven that a comprehensive focus on patient safety, patient care, and commercial performance is possible. IQVIA has made this a reality using a combination of technology and its healthcare expertise.
IQVIA takes full advantage of advanced technologies such as its AI-based quality and regulatory solutions that digitalize regulatory and quality processes. For instance, IQVIA's eQMS, SmartSolve, built on Microsoft technologies and dedicated for healthcare, uses translation capabilities, Generative AI/ NLP and Power BI. IQVIA also uses AI embedded in IQVIA Vigilance Detect, which employs natural language processing (NLP) and custom sentiment ontologies to mine structured and unstructured data, such as social media and voice records, to identify potential product quality issues and adverse events. Additionally, AI is embedded in IQVIA RIMS, a fully integrated, cloud-based, end-to-end regulatory information management system. IQVIA's eQMS, Smartsolve®, has handled over 26M complaints, 3.5M documents and 37M training certifications.
While IQVIA's AI driven automation in SmartSolve takes eQMS activities to the next level, organizations can combine Smartsolve® with IQVIA Vigilance Detect's AI technology to achieve further advancements in global quality compliance. Because IQVIA Vigilance Detect extracts insights from both structured and unstructured content, it is perfect for identifying potential adverse events in business as usual activities and also in helping organizations with remediation activities, particularly in cases of high-volume adverse events requiring quick capture. IQVIA Vigilance Detect uncovers adverse events and product quality complaints across large and diverse datasets. By scanning social media platforms, monitoring customer service inboxes, and listening to call center audio files, IQVIA Vigilance Detect mitigates the risk of human fatigue as its algorithms execute on a regular basis, while humans still retain control to agree or disagree with flagged items and provide feedback to the AI engine, improving its performance over time.
Additionally, IQVIA's employees have extensive experience in the life sciences industry and this combination of industry expertise, along with IQVIA's consulting, outsourcing, and technology solutions is transforming healthcare. IQVIA enables this transformation by supporting industry professionals in enhancing patient outcomes.
The purpose of IQVIA's customer centric, AI powered solutions is to empower QARA professionals to drive value by improving patient safety, product quality and commercial performance. IQVIA therefore deploys quality and regulatory solutions with a commercial focus, to ensure they accelerate both patient safety and boost an organization's commercial performance and professional. To this end, IQVIA's AI emphasizes on top-line growth, operational effectiveness, operational efficiency, and compliance.
To put things in perspective, IQVIA's AI can drive optimizations, insights, and efficiencies. Its systems and their embedded AI contribute to a single source of truth, which facilitates transparency and collaboration across functions, standardizes and harmonizes processes, improves right-first-time outcomes for product registration, audit responses, and safety events; and it enhances commercial performance through improved operational effectiveness & efficiencies and enables effective resource utilization by removing manual integrations across different solutions from different providers. For example, right-first-time activities and a single source of truth tackle the increasing complexities of global regulations and optimized resource allocation help to achieve the financial performance. To this end, IQVIA customers have improved operational efficiencies by up to 50%, reduced costs by up to 40% and increased successful new product introductions by up to 21%.
IQVIA's intelligence-driven simplification, automation, and integration leads to operational transformation. QARA industry professionals can now improve patient safety and product quality within the bounds of financial prudence. IQVIA's AI accelerates user activities and simplifies processes and by streamlining the end-to-end activities of QARA across organizations, businesses can bring products to market and maintain their presence. For instance, IQVIA uses on-demand Natural Language Processing (NLP AI) for translations to advance end user efficiency and uses Machine Learning and NLP on adverse events to recommend appropriate problem codes. IQVIA's recommendation engines are very well accepted within the framework of IQVIA's end-to-end strategy across its solutions.
While IQVIA's AI enhances customer experience and empowers QARA professionals to optimize their resources, and focus on patient safety and commercial growth activities, IQVIA does not implement generative AI everywhere. It offers only the right AI solution that is relevant, controlled, safe, effective, and cost-effective/ financially savvy. For instance, IQVIA understands its customer base and advises on AI applications to ensure that IQVIA safeguards their decisions, compliance, and data. In addition, IQVIA adopts a customer-centric approach such that based on the level of AI adoption a customer is prepared for IQVIA tailors the solutions.
Against this backdrop, Frost & Sullivan is proud to present IQVIA with this year's Best Practices Customer Value Leadership Award and recognizes IQVIA for its valuable achievement. Frost & Sullivan identifies companies that consistently develop growth strategies based on a visionary understanding of the future and effectively address new challenges and opportunities. This approach involves the deployment of best practices and strategic analytics across a value chain. Frost & Sullivan reserves this recognition for companies at the forefront of innovation and growth in their respective industries. These companies consolidate their leadership positions by innovating and creating new products, solutions, and services that meet ever-evolving customer needs. By strategically broadening their product portfolios, leading companies advance the overall market.
About Sankara Narayanan Venkataramani
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