7 Reasons Why eLearning Is Big for Biopharma
By harnessing the power of effective training, biopharmaceutical companies can continue to save or improve people's lives. The global pharmaceutical market is projected to reach $1170 billion in 2021, growing at 5.8 percent. But with growth comes challenges. Today's biopharma companies are tapping eLearning to combat the following industry challenges:
- ROI for R&D: The return on investment associated with bringing new drugs to market fell from 10.1 percent in 2010 to just 3.2 percent in 2017. Biopharma companies need a cost-effect way to empower researchers and develop new solutions.
- Diverse learner groups: Whether it's targeting R&D teams, quality assurance departments, sales staff or healthcare providers, biopharma companies must administer tailored training to a wide variety of internal and external learners.
- Changing regulations: Stricter demands from regulatory agencies around the world require biopharma professionals to be on the cusp of compliance. Keeping up with changing drug development and distribution rules mandate continuous training.
With so many professionals in need of training, a scalable solution is essential. But large-scale seminars and classes are expensive and time-consuming, taking biopharma professionals away from their work and often requiring travel. Plus, given the technical nature of the subject matter, it's difficult to find qualified trainers.
eLearning: The source for cost-effective training
Learning management systems, like Absorb LMS, enable large-scale training for disparate learner groups in pharmaceutical companies at a fraction of the cost of traditional instructor-led classes and seminars. Here are seven reasons eLearning delivered through an intuitive LMS is ideal for biopharmaceutical training:
- Faster and more cost-effective: eLearning is effective for various learner groups in biopharma companies, where removing staff from the workplace to attend instructor-led training can not only be disruptive, but slow product development. Since it takes an average of 10 to 15 years to develop new medicine, biopharma companies can't afford for training to slow down an already intricate process.
- Scalable and flexible: A robust eLearning platform makes it easy to meet the needs of various learner groups in the biopharma industry. Repetitive administrative tasks such as course setup, enrollment and user management can be automated, and alerts can be sent based on pre-defined triggers associated with specific actions, such as course readiness or completion. Role-based management can help simplify the process of finding appropriate training modules by only making courses and content available for the intended audience.
- Support for in-the-flow microlearning: Absorb Infuse delivers training in bite-sized pieces in the flow of work. For example, if quality assurance specialists are testing a batch of medication, they can access drug documentation or QA procedures within the LMS. This microlearning can be delivered via a two-minute video or a quick scenario-based exercise—enabling timely, accurate information. Additionally, in-the-flow learning can help R&D staff stay on task while creating innovative solutions to complex problems.
- Mobile access: eLearning platforms that enable mobile access to courses and content are ideal for on-the-go learners, who can leverage travel time to complete course material on their smartphones. Because much of the learning can be delivered in small, digestible pieces via microlearning, learners can use spare minutes in between meetings to learn everything they need to know about product research, development, sales and more.
- Rapid course and content updates: eLearning platforms enable pharmaceutical companies to change or update training and content rapidly. This is a critical feature, as new laws and regulations around drugs are constantly changing. Learners always have the latest information, as course content will always be up to date. They can also access professional development content such as innovative communication or leadership courses.
- Compliance tracking and reporting: With regulatory agencies mandating strict regulations and the ever-present risk of lawsuits, compliance tracking is essential for biopharma. eLearning through a robust LMS tracks compliance and accreditation training—which can get intricate when adhering to multiple global agency regulations.
In addition to helping biopharma companies reduce the cost of training, eLearning platforms offer numerous other benefits. For example, interactive training programs delivered via a learning management system, such as Absorb LMS, can increase information retention and engagement. This can ultimately reduce the chance of costly regulatory fines, lawsuits and employee turnover. By providing ongoing professional development to employees, biopharma companies can uplevel the technical knowledge of their internal and external learners, and in doing so, gain a competitive advantage for years to come.
See how Absorb LMS drives effective eLearning for biopharma companies. Connect with an Absorb representative to learn more.