Most Pharma companies rely on passive tools—such as spreadsheets and email—for tracking and managing their Risk Management Plans (RMPs) and Additional Risk Minimization Measures (ARMMs). However, passive tools are inefficient. So, what can Pharma companies do to scale?
The answer is: utilize modern technology strategies for managing these processes. However, the first decision they should broach is whether to build or buy this system. Many organizations opt to configure it themselves, not realizing they have the choice. But commercial off-the-shelf (COTS) software, such as Orbit’s RMP Tracker, provides you with the RMP and ARMM tracking technology you’re looking for, in a pre-validated and subscription-based package, available on-site or in the cloud. Here’s how a COTS system outperforms a custom-built system:
COTS is Faster to Implement than a Custom Solution
Building a custom solution is a lengthy, time-consuming process. It may take anywhere from twelve months to several years to get a custom solution programmed, installed, and running. When risk is always knocking, that’s too long to wait. A COTS system is available right away. It’s off-the-shelf which means Pharma and life science companies enjoy its features within a day of installation.
COTS is Built for Customization from the Bottom-Up
No two pharmaceutical companies are exactly alike, and because of this variability, they need customizable software. A COTS solution, like Orbit RMP Tracker, adjusts to its user’s requirements. Take the case of company-specific jargon; in Orbit’s settings, administrators may change labels to match exactly how their employees already speak. The Orbit system has configurable fields and languages. Whether you speak English, German, Japanese, or another language, Orbit’s system lets you create custom translations.
Maintaining and Updating COTS System is Painless
Any system—custom-built or SaaS—requires ongoing support to function. With a custom-built system, the pharmaceutical company becomes responsible for modifications, upgrades, and maintenance. A custom-built solution needs an in-house team of IT professionals to fix any glitches, perform continuous software modifications, and keep the system up-to-date. So you’re not just a Pharma company, but now you’re an IT company too?
A notable perk of a COTS system is that you can leave software development to the experts. Software maintenance and updates are included with the subscription, and so is the programming of new features. Orbit’s team of engineers specializes in Life Science software developments; it’s one less problem to think about when your system’s maintenance and updates are in the hands of the experts who built it.
In-House, Custom Solutions are High Risk
There is risk involved when designing and running custom-built software. After all the time and energy spent developing a custom-made system, it may, unfortunately end up failing. Research shows that only 29% of in-house software developments succeed. That’s a meager percentage for such a high cost. Is it worth the risk?
Unlike custom-built systems, Orbit’s RMP Tracker is pre-configured and already proven to work. Top 10 Pharma companies have already implemented it to improve their RMP tracking processes, and the results have been successful:
“[Orbit RMP] is a straightforward and dependable way to manage what are often complicated logistics around compliance obligations.”– A Top 10 Pharma Client
For Pharmaceutical companies worried about their RMPs and ARMMs, it makes sense to choose Orbit’s pre-configured and validated system. You can’t afford the risks of doing it any other way.
