How Fractional CTOs Can Help Pharma Companies Achieve Technological Success
Pharmaceutical companies are typically non-tech organizations with limited IT setups. Employing a full-time CTO is often too costly, so many pharma companies go without one.
However, as Digital Transformation advances, there’s a growing need for experienced technical leadership in every company. A Fractional CTO is the best option for pharma companies to receive such senior technical expertise for a fraction of the cost.
What is a Fractional CTO?
A Fractional CTO (FCTO) is a senior technology leader who works with a company part-time for a fraction of the cost. While regular CTOs are employed full-time, the engagement with FCTOs can range from 0.1 FTE to a temporary full FTE. This type of engagement is attractive to pharma companies as their IT operations are usually small and don’t require a permanent or full-time CTO.
CTO vs. Fractional CTO: What’s the Difference?
Despite both being tech leaders guiding an organization through technological challenges, Fractional CTOs (FCTOs) can be a more attractive option than regular CTOs. FCTOs possess a vast network of connections across various seniorities, roles, companies, and industries. This wide network can be utilized to make a significant impact quickly with reduced risk.
FCTOs are exposed to many companies and their challenges simultaneously. They can identify common mistakes and effective solutions quickly. FCTOs provide unbiased insights without the need to maintain an appeasing relationship with the boss. Fractional engagement is ideal for pharma companies with limited IT operations or budgets for a full-time CTO.
Pharma Company IT Landscape
Pharma organizations are considered non-tech as their revenues primarily come from drug and medical device manufacturing or providing pharma services, not IT operations. However, they possess IT departments for technical support and integration of new digital tools. Small-to-mid-size pharma companies usually don’t have a CTO to guide these functions.
Without senior tech leadership, pharma companies risk a misguided technical strategy. Recent advances in AI, Big Data, and cloud computing, along with the COVID-19 pandemic, have driven a significant Digital Transformation trend. Pharma companies are investing in AI and Machine Learning to accelerate research, personalize medicine, and make data-driven decisions. Cybersecurity and cloud computing are also crucial.
Pharma companies often make rushed decisions without a robust strategy, leading to costly and sub-optimal solutions.
How Fractional CTOs Empower Pharma
Regardless of size, pharma companies rely on technology for operations. Tools like Microsoft 365, Clinical Trials Management Systems, Pharmacovigilance Safety databases, and cybersecurity strategies are fundamental. Effective integration and data flow between these technologies are crucial.
A Fractional CTO delivers maximum value by preparing a strategy for a company’s technical growth based on experience with similar companies. This includes department-based tools, infrastructure, company structure, IT team, pipelines, standard operating procedures, cybersecurity posture, data flows, and communication strategies.
Once the strategy is prepared and executed, the company can reduce engagement with the FCTO, entering a maintenance mode. If required, the FCTO can help hire and train an IT manager for full-time support.
Practical Advice from a Fractional CTO
Digital Transformation is a long process involving changes in technology, people, mindset, and culture. An experienced CTO is essential for this journey.
Expect resistance to change, as it requires mental energy. Be open to feedback and pivot accordingly, but don’t stop due to resistance.
Each department should have a process owner and a system owner. The process owner knows how things are done, while the system owner knows how things are done within a system.
Clearly define the steps for integrating and maintaining new digital tools, from analysis to research to integration to support. Ideally, document these steps in a guideline.
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