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Pharmaceuticals and Life Sciences IT Market in Malaysia
Frost & Sullivan, Dec 2008, Pages: 46
This research service provides the latest update on the pharmaceuticals and life sciences IT Market in Malaysia, as well as, the competitive market landscape in terms of major participants and future trends. The research service identifies the market opportunities and evolving trends that will influence market entry, expansion and domination in years to come.
This Frost & Sullivan research service titled Pharmaceuticals and Life Sciences IT Market in Malaysia provides a comprehensive overview with the latest update and insights on the pharmaceuticals and life sciences IT market in Malaysia along with competitive highlights of the key participants. A summary of IT opportunity areas are included to support vendors or system integrators of these systems to identify and prioritize potential opportunities in a developing Malaysian IT market for the industry. Application segments that are covered include enterprise resource planning (ERP), customer relationship management (CRM), supply chain management (SCM), high performance computing (grid computing) and R&D clinical.
Need for Regulatory Compliance Fuels Investment in the Pharmaceuticals and Life Sciences IT Market in Malaysia
The Malaysian pharmaceuticals and life sciences IT market is at a developmental stage with huge growth prospects. This current state of the market presents potential opportunities for the large local or multinational (MNC) segment. These include integration services on existing systems or the introduction of a modular enterprise system which could expand into every aspect of the organization. “Regulatory conformance strategies will require IT compliance on issues such as data integrity and standardization of platforms and processes,” notes the analyst of this research service. “This will influence the growth of IT adoption among local life sciences and pharmaceutical companies in stepping up towards international standards.” Malaysia’s intellectual property laws are in accordance with international standards, affording adequate protection to both local as well as foreign investors. The government has launched numerous efforts to enhance the country’s presence at the global level. Attractive incentives were offered to attract foreign investments into the local industry. Malaysia’s EU regulatory IP framework offers a potent platform for the exchange of ideas as well as promoting exposure to the latest IT developments in life sciences.
Heightened emphasis on research that can be readily commercialized has accelerated the introduction and availability of new technologies to the life sciences and pharmaceutical companies. Speedy adoption of high technology increases process management capabilities, provides better protection for patents, and guarantees the sustainability of professional support. Public and private sector collaborations and partnerships led by the Malaysian Biotechnology Corporation with multinational corporations will raise the bar on the collaborative capacity and facilitate technology transfer. Pharmaceutical firms are only setting up sales and distribution offices in Malaysia. The cycle of implementing ERP and CRM by MNC pharmaceuticals is nearly complete, and the emphasis is clearly on returns from IT investment, rather than changing any of the current systems. Existing ERP solutions synthesize a number of functional areas, which would typically be legacy systems obtained from various vendors and may encompass disparate interfacing requirements. Small and medium enterprises (SME) favor unintegrated department specific applications such as financial modules, life sciences software tools, procurement, and sales.
“The commodity-based focus of Malaysia versus a lack of emphasis on export-based pharmaceutical manufacturing has been a significant factor for large pharmaceutical and life sciences firms to primarily set up sales and distribution offices,” says the analyst. “The timelines for IT adoption are dictated by the level of industry activity and purposes of organizational presence in Malaysia through controlled headquarter instructions.” While catering to the demands of the MNC pharmaceuticals segment, vendors must carefully consider the investment characteristics that help identify the IT application needs that drive solution re-investment. Solution vendors will immensely benefit in tailoring solution portfolios, capitalizing on the demands and subtle nuances of the pharmaceuticals and life sciences IT market. Also, they must enable regional deployment of these solutions in local offices.
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