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Competitive Profiling of Market Participants in Lifesciences-IT
Frost & Sullivan, April 2009, Pages: 78
This Frost & Sullivan research service titled Competitive Profiling of Market Participants in Lifesciences-IT offers a comprehensive overview of companies that provide lifesciences-IT solutions and services. The research focuses on end-user spending in lifesciences-IT and examines the portfolio of companies in this vertical. Key descriptions include the name of the company within the pharma lifecycle value chain segmentation, its solution/service offerings, whether public/private and its location, among other details.
Market Overview
Lifesciences Companies to Continue with Outsourcing Even as Service Providers Rethink their Pricing Models
The global recession will have limited effect on the lifesciences industry. However, internal factors and external issues such as weak product pipelines, generic competition and declining market shares are pressurising lifesciences companies to cut down their IT budgets. 'SaaS technology will be adopted by pharmaceutical companies as it is cost effective and offers enhanced flexibility options,' notes the analyst of this research. 'The lifesciences industry is focusing on outsourcing its operations to reduce costs, creating a new market for vendors of IT solutions.'
Pharmaceutical companies are moving to outsource operations to countries including India, China and Singapore as a cost-cutting measure. Despite the pharmaceutical industry increasingly rationalising and rightsizing its outsourcing, this still presents a substantial market. Pharmaceutical companies are reducing their IT budgets. They are also rationalising new purchases due to uncertainties in the industry.
Pharmaceutical and biotechnology companies are confronting issues such as a flood of generics, intensified competition, shrinking drug pipelines and lowered cash flows. This is discouraging them from investing in IT-related expenses.
Accordingly, service providers should revise their pricing models. These could shift from effort-based pricing methods to potentially more successful outcome-based partnership contracts. 'The performance-based pricing model has been widely accepted in the marketplace during the recession and vendors would benefit by following this model,' advises the analyst. 'The IT cost efficiency compared to productivity of the business in exploring the cost is now a corporate wide strategy for maximising business productivity from the costs.'
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