Navigating the Complex Road to Vaccine Development: What CFOs and FP&A Teams Need to Know
Navigating the Complex Road to Vaccine Development. The Urgent Question: Why Does Vaccine Development Take So Long?
In a world urgently awaiting new vaccines to tackle emerging health crises, you might wonder: why the delay? If you’re a CFO, FP&A professional, or part of a Clini00cal Ops team in the life sciences industry, understanding the complexities of this process is crucial for strategic planning and resource allocation. Here’s what you need to be aware of:
- Starting from Scratch
The majority of BioPharma companies are entering uncharted territory with new vaccine development. Unlike therapies handed over by the NIH, today’s research starts from zero, potentially leveraging incomplete work from previous outbreaks like SARS and MERS. This beginning phase is pivotal—and time-consuming—as companies conduct the foundational research needed to proceed with successful trials.
- Proving Safety and Efficacy
Clinical trials are mandatory to validate the safety and efficacy of new therapies, a process that cannot—and should not—be rushed. These trials often take around 12 months and involve diverse participant groups to mirror the general population. Releasing a vaccine prematurely could prove disastrous, risking severe side effects that could exacerbate public fears rather than alleviate them.
- Building Production Capacity
Current vaccine production capabilities for coronavirus are non-existent, requiring the construction of new facilities and the development of production protocols from scratch. The hurdles seen in manufacturing vaccines like H1N1 were comparatively minor because existing flu vaccine facilities could be adapted. Today, manufacturers must chart new courses without established infrastructures, delaying the availability of a viable vaccine solution.
Navigating Financial and Operational Hurdles
As finance leaders and clinical operations teams, the pressing challenge is planning for these uncertainties while ensuring your company is positioned to succeed when a vaccine is ready to hit the market. You need a robust strategy and tools to manage financial implications, optimize resource allocation, and navigate the complex regulatory landscape.
Take Action: Equip Your Team for Success
The path forward isn’t without risks, but with the right tools, you can mitigate them and capitalize on emerging opportunities. Bakerfield Solutions offers a comprehensive platform tailored for the life sciences industry, streamlining financial planning and optimally managing resources in this intricate environment.
In an industry where time and accuracy are critical, don’t let your team fall behind. Prepare for the challenges of vaccine development and position your company at the forefront of innovation. Ready to strengthen your strategic planning? Book a demo with us today!
About Bakerfield Solutions:
Bakerfield Solutions is a three-time Planful Partner of the Year and a Gold sponsor of Perform 2024. Drawing on our unmatched expertise, our certified team excels in simplifying complex financial models and seamless technology integration across industries such as SaaS/Technology, Life Science/Pharma, Healthcare/Medical Devices, Real Estate, Manufacturing/Distribution/CPG, and many more.
Using our deep experience in all areas of Planful and mission control processes, we’ve built out solutions for Revenue Planning, S&OP, Capacity Planning, 13-Week Cash Flow, Weekly Demand, and Saas Waterfall Modeling.
As a Boomi-certified partner serving over 175 clients, we have integrated data for many use cases across a large range of source systems including widely used ERP, HCM, and CRM applications such as NetSuite, Workday, and Salesforce as well as a variety of more unique systems.
Contact us at PlanfulSuccess@bakerfieldsolutions.com or visit www.bakerfieldsolutions.com to discover how we can assist you.