2010 Guide to the Life Sciences Industry for Technology Providers
Datamonitor, March 2010, Pages: 26
As drug sales drop and pressures to fill the product pipelines rise, executives are becoming more open-minded about the use of IT solutions. However, without the proper industry background, it can be difficult for technology vendors to enter this conservative market. This brief provides an overview of the life sciences industry in order for vendors to understand how to enter this market.
Scope
- Offers an overview of the pharmaceutical and biotechnology sectors
- Discusses key areas where there is greatest need for technology in the life sciences industry
- Provides go-to-market strategies to help enter the pharma and biotech markets and be successful
Highlights of this title
The life sciences industry has been experiencing slower growth in recent years, a trend that will continue if changes are not made to the cherished blockbuster model. A fundamental step in transitioning from this model is to adopt technologies that will aid in streamlining processes throughout the drug lifecycle and increasing R&D productivity.
As pressures grow to fill their dwindling product pipelines with innovative drugs, pharma companies are embracing biotechnology, biomedical research and the concept of personalized medicine. This has led to a greater demand for innovative developments from the IT sector to provide the biotech industry with the tools it requires.
The industry is known to be conservative and skeptical of commercial technologies. Historically companies built their own solutions, resulting in legacy systems that are difficult to maintain and integrate with new systems. Executives are beginning to understand the benefits of pharma-specific solutions, but need time, education and convincing.
Key reasons to purchase this title
- Understand the pharmaceutical and biotechnology product lifecycle and business processes
- Identify emerging areas of concern for pharmaceutical and biotechnology companies
- Gain insight into what solutions and services will appeal most to life sciences companies
SUMMARY
Impact
Ovum view
Key Messages
THE LIFE SCIENCES INDUSTRY IS IN TRANSITION
A quick glance at the life sciences industry
Understanding the industry means understanding the pharma product lifecycle
Regulations define the life sciences industry
Dwindling product pipelines keep executives up at night
A NEW BUSINESS MODEL EMERGES AS EXECUTIVES MOVE FORWARD
To cut costs, steamlining operations is a necessity
External partnerships are on the rise
Success relies on a sound emerging markets strategy
Life sciences continue to outsource to the emerging markets
TECHNOLOGY IS FUNDAMENTAL TO THE INDUSTRY'S SUCCESSFUL TRANSFORMATION
Early go/no-go decisions require a globally integrated data management
in silico methods help researchers make decisions early in the product lifecycle
Paperless clinical trials save companies millions
Drug manufacturing must be supply-driven rather than demand-driven
The complex pharma supply chain involves many stakeholders
Globalization adds more complexity to supply chain management
New sales and marketing models focus on engaging with all stakeholders
Social media has a promising future with the life sciences industry
RECOMMENDATIONS
Understand and know the life sciences industry
Educate life sciences companies on the benefits of pharma-specific commercial IT solutions
Show potential clients ROI studies and cost savings
Focus on technology solutions that enable the shift towards personalized medicine
Cater to the end users, not just the executives or IT department
Target the emerging markets in order to see rapid growth
APPENDIX
Definitions
Further Reading
Methodology
Ovum Consulting
Disclaimer
List of Tables
Table 1: Pharmaceutical and biotechnology industry sub-segments
List of Figures
Figure 1: The drug discovery and development process
Figure 2: Top priorities of the life sciences executive
Figure 3: Siloed R&D departments and IT systems restrict data management
Figure 4: To streamline the clinical trial data capture process, EDC is a must
Figure 5: An in-depth look at the clinical trials process
Figure 6: The drug supply chain can become complex fast
Figure 7: The sales and marketing strategy involves leveraging multiple channels
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