What is the issue, then? The issue, or rather, the issues at hand, are the challenges being faced by the industry as Research and Development costs are getting higher and higher, but the Return on Investment seems to be falling at an alarming rate. The ROI for Research and Development in the BioPharma industry fell from 7.2% in 2014 to 1.6% in 2019.
Interestingly, the COVID-19 pandemic brought about the first positive change in return on investment in the past few years, when the ROI jumped to 2.5% by 2020 and is still growing. It’s not like pharmaceutical training took a hit. In fact, more R&D had to be done and more training had to be conducted. However, healthcare companies started looking at and using e-learning solutions as a cost-effective way to counter their challenges and streamline their operations. Still not convinced? Let us give you five more compelling reasons to draw you to the new-age world of technology and e-learning solutions so you can at least try them.
1) E-learning Solutions Easily Address Changes in Demography
Demographic shifts have long been a challenge in the healthcare and pharmaceutical industries. Therefore, it is always upon the workforce and management in these industries to keep pace with these changes. One of the foremost things which need to adapt according to demography is healthcare and pharmaceutical training.
For instance, many diseases and health conditions are specific to certain ethnicities and groups, even within the United States. Like, Asians are known to be more prone to Hepatitis B, and Hispanics are more susceptible to liver disease and diabetes. Pharmaceutical organizations need to be aware of these ethnic differences to be able to address them properly.
These ethnic and cultural differences demand customized region-specific training. This is because every region significantly impacts pharmaceutical sales and even the way sales are conducted. Region-specific pharmaceutical training can be made very easy and convenient with the help of e-learning solutions.
2) E-Learning Solutions Help Deliver Quick and Accelerated Training in Times of Need
If you’re part of the healthcare industry, you already know there can be sudden training demands. This can be in the case of virus outbreaks or even when scaling and increasing production for certain drugs to be able to handle disease outbreaks. Special circumstances such as these call for quick and accelerated training.
Not only does the training need to be accelerated, which means that workers are expected to be trained faster than in regular circumstances, but the training also has to start ASAP. There is no time to wait for scheduled physical training programs and sessions. Online training solutions can do exactly this for you. It can immediately set you up with an accelerated training session without losing the essence of the program. This makes custom e-learning solutions the perfect investment.
3) Online Pharmaceutical Training is More Accessible
Since the pharmaceutical industry is growing at such a rapid pace, it also keeps creating employment opportunities. This means there is also more opportunity for differently-abled persons. This becomes an added responsibility for trainers and training managers because they have to learn about their special needs. Traditional and physical training programs do not work as well for these people, whether their disability is being unable to walk or even visually or hair impaired. Online pharmaceutical training in the form of e-learning solutions provides convenience and accessibility for these differently-abled persons. Authoring tools such as Storyline and Lectora are very good at designing accessible e-learning solutions and training programs.
Even if there was no disability issue, COVID-19 helped everyone realize the importance of accessibility in difficult times. This is especially true because the pharmaceutical industry was in high demand and needed new resources very quickly, even when lockdowns were imposed. E-learning solutions became the need of the hour and didn’t stop being in demand because of their convenience and accessibility.
4) Online Training Solutions Let You Cater to a Diverse, Global Workforce
When we talk of global pharmaceutical and healthcare organizations, there is a need for uniformity in their training programs. This is so that one region does not have less productive and knowledgeable employees than another region. Hence they need structured training courses and programs to ensure uniformity. This uniformity can’t possibly be attained with regular classroom programs. This is because every instructor has a different way of conducting training and may not even be as skilled as another.
Using e-learning solutions and online pharmaceutical training programs ensures that every learner goes through exactly the same training delivered by the same instructor or instructors. The solution may even be customized, translated, and made region-specific for ease of use and convenience while keeping the essence of the same content.
5) E-Learning Solutions Help Create a Risk-Free and Secure Learning Environment
This is one of the most important points because patient safety is extremely important in the healthcare industry. Of course, safety training can be conducted in regular classrooms with the instructors giving lectures. However, this will only help make the learners aware of what may happen. Until the learners learn by doing, they won’t retain what they learn as well.
E-learning solutions use artificial intelligence and simulations to help conduct advanced training in the healthcare industry. Whether it is surgical procedures or drug formulation, the learners can virtually practice and hone their skills. They even get the chance to make mistakes in a risk-free environment, so they don’t make them later. This helps them learn faster and retain what they have learned.
E-learning has only made training easier, more cost-effective, and adaptable to situations. Students and learners can now become trained and certified while sitting in the convenience of their homes across the globe. This brings about a world full of new possibilities for research and development, the importance of which has only been realized since after the pandemic. If you want to improve your efficiency and consider better ways of training your staff, e-learning is the best way to go.