Abstract
Introduction
The life sciences industry is unique and complex. Without having the proper
background, it can be difficult for IT vendors to enter this conservative
market. Those willing to put in the extra effort to truly understand the
pharmaceutical and biotechnology industries will realize there is considerable
opportunity for technology.
Scope of this research
- Offers an overview of the pharmaceutical and biotechnology industries
- Discusses key areas where technology would be most beneficial in the life
sciences industry
- Provides go-to-market strategies to help penetrate the pharma and biotech
markets
Research and analysis highlights
On average, it takes about 10-12 years and $1 billion to bring a new drug to
market. With a patent life of only 20 years, this does not leave a long market
exclusivity period in which to recoup the development costs. Therefore,
executives are beginning to look at various technology solutions to lower
costs and reduce time-to-market.
Companies are shifting away from the ' one-size-fits-all' blockbuster drug
business model. As pressures grow to fill their dwindling product pipeline
with innovative drugs, companies are embracing biotechnology and personalized
medicine. This has led to a greater demand forthe IT sector to provide the
industry with the tools it requires to succeed.
In the past, pharma companies have built their own solutions as they required
customized solutions, resulting in an industry plagued with home-grown legacy
systems that are difficult to maintain and integrate. IT executives are now
beginning to understand the benefits of commercial solutions, but still need
time, education and convincing.
Key reasons to purchase this research
- Understand the pharmaceutical and biotechnology product lifecycle
- Identify emerging areas of concern for pharmaceutical and biotechnology
companies
- Gain insight into what solutions and services that will appeal most to
life sciences companies
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