A single pharmacological project from the bench to the market takes up to 15 years and costs around $$3 billion. Yet, more than 90% of pharmaceutical product trials fail to make it past the clinical stage of development, resulting in significant financial losses.
Financial institutions have been especially slow to adopt cloud technology because of regulatory compliance issues that kept them tethered to legacy in-house systems. This is changing. Once considered a weakness, the cloud provides a safer option to outdated systems increasingly vulnerable to data hacking. RapidScale claims that 94% of businesses saw an improvement in security after switching to the cloud, and 91% said the cloud makes it easier to meet government compliance requirements. The key to this amped-up security is encrypting data being transmitted over networks and stored in databases.
Experts predict that we can expect more innovation to happen in the energy sector over the next 20 years than has occurred since the time of Thomas Edison. Energy and utility companies are facing increasing demands to minimize their carbon footprint, increase supply and meet increasing demands for more reliable power. At the same time, there are shifting business and consumer preferences, requiring energy companies to develop new, proactive solutions.