Life Science Firms To Benefit From Faster Regulation Processes?
Date posted:
News
The process of achieving regulatory compliance could become faster and more efficient for life science companies following a partnership between Yseop and Litera.
The AI software company that specialises in Natural Language Generation (NLG) is teaming up with the supplier of document drafting technology to make it quicker to bring a new drug to market.
Currently, it takes between ten and 15 years at a cost of $1.5 billion (£1.15 billion) to $2 billion, due to lots of regulatory obligations and red tape. The reliance on manual reporting systems and processes that drain resources and take a lot of time is to thank for this long-winded process.
Litera director of product management Matt Miller said: “Patients are waiting. This is the most important driving factor we bear in mind when working with life science companies.”
He added: “We are always looking for technologies that can help them complete submissions faster.”
Litera will help speed-up the creation, review, formatting and standardisation of documents, while Yseop’s AI expertise will help streamline the regulatory submission procedure.
Its AI-powered intelligent automation can provide reporting solutions for medical writers based on NLG technology, with the data-heavy documents making up much of the time wasted.
This partnership could have a big impact on the UK’s life science industry after a report by BioCity, published in CleanRoom Technology, revealed early-stage ventures within the sector could receive a boost of £2.8 million over the next few years.
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