Pros and Cons of Managed IT for Biotech Companies
Editor's note: This post was originally published on May 30, 2022 and has been revised for clarity and comprehensiveness.
Pushing the boundaries of science goes hand-in-hand with pushing the boundaries of tech. However, many biotech companies find their tech lagging behind current innovation - posing a risk to their data.
As a managed IT service provider, we’ve seen firsthand the benefits biotech companies experience when getting managed IT.
However, we’re also aware that managed IT isn’t the perfect service; there are downsides you deserve to know.
So in this article, we listed five pros and cons of managed IT, and by the end of this article, you’ll be able to decide if your company is truly right for managed IT.
Pros of Managed IT for Biotech Companies
1. Managed IT saves biotech companies money.
At the end of the day, money matters. And an MSP can offer a lot of opportunities to save money and improve revenue for your business, especially if they do their job well. Managed IT saves money by:
- Minimizing IT staffing costs
- Mitigating the risk of hacking incidents
- Shifting to the cloud
- Updating inefficient hardware and software
- Preventing downtime and loss of productivity
2. Managed IT provides 24/7 support.
The field of biotechnology can involve long-running experiments and worldwide communication with different labs. From coordinating with suppliers or presenting research to grant organizations and interested investors, biotech companies often need 24/7 support.
Due to their utilization of multiple IT personnel, MSPs can provide round-the-clock monitoring of your network through staff and software monitoring. If you have suppliers in different countries, you can rely on MSPs to get the message to you.
Also, because of specialized staff, MSPs can work together with internal IT. If your internal IT has issues with projects or problems beyond their scope, MSPs can cover for them.
3. Managed IT improves cybersecurity.
Cyber-attacks have gotten so destructive that President Biden allotted $2 billion for government cybersecurity improvement. With over 493 million ransomware attacks worldwide in 2022, companies can no longer be complacent in our tech environment.
It’s not a matter of IF you will experience a hacking attempt, but WHEN.
An MSP can improve your organization’s cybersecurity efforts; they point out vulnerabilities in your network and provide recommendations to fix them. Also, they will ensure that your systems are up-to-date and up to current security standards by implementing patches, updating your devices and software, and much more.
You don’t even need to be partnered with an MSP to get a free network assessment. Many MSPs offer network assessments to help businesses learn their IT needs with no strings attached.
4. Managed IT helps you meet regulatory standards.
Whether it be the FDA, the U.S. Environmental Protection Agency (EPA), or USDA's Animal and Plant Health Inspection Service (APHIS), your biotech business is under some kind of regulation.
Whether it’s the government or other third-party regulators, an MSP can help you stay compliant with IT standards.
Plus, the requirements for cybersecurity insurance have become more stringent, and your MSP can help you meet these requirements.
5. Managed IT keeps your data safe.
According to IBM’s Cost of a Data Breach Report 2022, a data breach’s global average total cost is 4.35 million dollars. Most of the cost is connected to the lost data, loss of customer trust, and loss of productivity.
An MSP helps mitigate these costs by a) providing a strong cybersecurity network and b) managing a complete backup and disaster recovery system. Managed IT keeps a team of people to monitor your IT security and backups and points out common vulnerabilities and what can be done. They also do the hard work of testing these systems to prove their strength.
Cons of Managed IT for Biotech Companies
Managed IT services can provide significant benefits to biotech companies, including improved productivity, enhanced security, and cost savings. However, there are some potential disadvantages to consider, such as:
1. Lack of control
With managed IT services, the company hands over control of their IT infrastructure to a third-party provider. This can result in a loss of control over IT decisions, including software and hardware choices, which can lead to compatibility issues with existing systems.
2. Limited customization
Managed IT services typically offer standardized solutions that may not be fully tailored to the specific needs of a biotech company. Customized software and systems become more difficult to manage, as you need to integrate them with the MSP’s system.
3. Dependence on a third party
Biotech companies that outsource their IT services become dependent on the third-party provider for critical IT functions. This can create a vulnerability if the provider experiences downtime or security breaches.
While managed IT services can save costs in the long term, there may be significant upfront costs associated with outsourcing IT services - especially if you’re coming from a break-fix IT model. Additionally, there may be hidden costs that are not immediately apparent, such as fees for additional services or customization.
5. Communication challenges
Lastly, biotech companies that outsource their IT services may face communication challenges due to the distance between the company and the provider. Delays in resolving IT issues and difficulty coordinating IT projects can happen, especially if your MSP isn’t reliable.
Lack of control over IT decisions
Offers 24/7 support
Dependence on a third party
Helps you meet regulatory standards
Keeps your data safe
Do the pros of managed IT outweigh the cons?
Overall, Managed IT is a tool that can bring you peace of mind in an increasingly risky and competitive environment. It may be the best solution for your business because it can help you save money, receive 24/ customer support, improve cybersecurity protection, and maintain IT regulatory standards.
However, it also comes with a loss of control, the risk of dependency, and large upfront costs.
Biotech companies should carefully weigh the advantages and disadvantages of managed IT services before deciding whether to outsource their IT functions.
If you’ve decided that managed IT is right for you, read our article titled How Much Does Managed IT Cost? (5 Price Factors). As an MSP, we know how much keeping IT costs low while maintaining quality matters. This article will help you prepare your budget for managed IT.
We’ve also created other resources for you about managed IT services. Check them out here:
- Everything You Need to Know About Managed IT
- 8 Signs Your Biotechnology Business is Ready for Managed IT
- 15 Questions Your Biotech Company Should Ask Managed IT Providers