ICT Investment Trends in Pharmaceuticals: Advancements in digital and medical technology nurture ICT investments

  • ID: 4402022
  • Report
  • 40 pages
  • GlobalData
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ICT Investment Trends in Pharmaceuticals: Advancements in digital and medical technology nurture ICT investments

Summary

"ICT Investment Trends in Pharmaceuticals", report presents the findings from a survey of 130 pharmaceutical companies regarding their Information & Communications Technology (ICT) investment trends. The survey investigates how companies currently allocate their ICT budgets across the core areas of enterprise ICT expenditure: hardware, software, IT services, communications, and consulting.

The report illustrates the core technologies that pharmaceutical companies are investing in, including business intelligence, security products, IoT, and cloud computing. The survey also highlights the approach to purchasing technology adopted by pharmaceutical companies. Through the author’s survey, the report aims to provide a better insight to ICT vendors and service providers when pitching their solutions to pharmaceutical companies. The report focuses on ’ ICT expenditure trends for specific business areas and technologies, identifying the top three IT projects, and understanding the business challenges faced by organizations.

Pharmaceutical sector is one of the biggest contributors to world economy. After sluggish growth in 2016, the appreciating world economy in 2017 has a positive impact on the growth of the pharmaceutical industry. The author’s survey shows that overall ICT expenditure in the pharmaceutical sector is set to increase in 2017 compared to 2016, with a current focus on the core ICT categories of hardware, software, and IT services.

In particular, it provides an in-depth analysis of the following:
  • How ICT budgets are set to change in 2017 in terms of their overall size
  • Allocation across the core elements of IT spend, including hardware, software, services, communications, and consulting
  • Distribution of ICT money in areas such as the networks, applications, service desk, and data centers
  • Which ICT functions pharmaceutical companies are interested in outsourcing
  • Pharmaceutical companies’ investment priorities based on their budget allocations across core technology categories such as business intelligence, security products, IoT, and cloud computing
  • Factors that are influencing pharmaceutical companies’ investments in each technology category
  • How pharmaceutical companies’ IT budgets are currently allocated across various segments within a technology category
  • Pharmaceutical companies’ distribution of their ICT budget across various segments within a technology category
  • Vendor satisfaction ratings for various core and advanced technology categories
  • Insight into pharmaceutical companies’ preferred buying approaches
  • Business and IT objectives that pharmaceutical companies are looking to achieve through their IT investment strategies
  • Factors that are influencing pharmaceutical companies’ decisions to select an ICT provider
Scope
  • Pharmaceutical companies are continuously looking to improve scalability and reduce cost of ownership. Consequently, they are investing in cloud computing solutions, with a major proportion of the cloud budget allocated towards software as a service (SaaS) and private cloud.
  • Pharmaceutical companies are opting for business intelligence in order to adapt to the changing trends of the industry while making informed decisions that can add to the growth and profitability of the organization.
  • IT investments relating to clinical research projects are considered important, with the highest proportion of pharmaceutical companies considering this business area as one of their top IT priorities.
Reasons to buy
  • Understand how the pharmaceutical enterprises ICT landscape is set to change in 2017 to prioritize your target market
  • Comprehend how ICT money are being allocated by pharmaceutical enterprises in specific geographies and size bands to improve your market penetration
  • Make effective business decisions by recognizing the opportunities within each of the core areas of ICT spend (hardware, software, IT services, telecommunications, and consulting)
  • Realign your sales initiatives by understanding the current strategic objectives of pharmaceutical enterprises
  • Enhance your market segmentation with the included, detailed breakdown of opportunities within selected technology categories (business intelligence, security products, IoT, and cloud computing)
  • Prioritize your focus areas by understanding which factors are influencing pharmaceutical enterprises’ decisions when selecting an ICT provider
  • Understand the changes in customers’ priorities and identify the business objectives that pharmaceutical enterprises are looking to achieve through their ICT investment strategies
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Key findings
Key implications for ICT vendors
Executive summary
Survey demographics
ICT budget changes
ICT budget allocation by core technology area
Hardware budget breakdown
Software budget breakdown
Third party IT services expenditure
Communications expenditure
Cloud computing budget
ICT budget allocation by function
Outsourced IT functions
ICT investment priorities and vendor satisfaction
Business intelligence
Security products
Internet of Things (IoT)
Cloud Computing
Business objectives influencing IT investment strategy
ICT provider selection
Key decision makers for purchasing technology
Sector specific trends
IT expenditure plans for specific technology areas
Technology areas receiving the largest investment
Business challenges
Appendix
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