Pharmaceutical research and development is a high risk investment – of both time and money – that can generate a high reward. According to the PhRMA’s 2015 Profile of the Biopharmaceutical Research Industry, the average time to develop a drug is more than 10 years, and the average cost (including failures) is $2.6 billion.
With such a huge amount of time and money spent, it’s imperative to make sure it’s all tracked as accurately as possible to determine the true costs of R&D. Journyx provides an ideal solution for time tracking for R&D and runs successfully within the largest pharmaceutical companies in the world, allowing them to:
- Automate cost accounting and measure work profitability associated with R&D.
- Integrate with accounting, payroll, and even clinical trial management systems so data is always synced with Journyx.
- Track all types of time, including project time, overtime, and time off.