Today, pharmaceutical and life sciences industry are among the fastest growing IT markets, globally. This is mainly due to rapid digitization of processes across the value chain through implementation of various IT solutions. The emergence of internet of things (IoT) has revolutionized the Pharma industry. While IoT is still in its embryonic stages of adoption in the life sciences industry, a variety of smart devices and machine-to-machine (M2M) communication technologies are increasingly being adopted by various players.
Over the past few years, falling R&D productivity, rising costs of manufacturing, regulatory compliance issues, large number of patent expirations, increasing price sensitivity, and industry consolidation have put tremendous pressure on pharma companies. Organizations are facing the dual challenge of identifying the right future-proofed business model while addressing the operational demands. Increasing pressure on the pharma industry to adopt groundbreaking drug technologies and enterprise-wide M&A to diversify the product portfolio and maintain profitable revenue streams, has opened new growth avenues for HIT solutions market. Need for data-driven insights with real-world clinical evidence and translational research along with comparative effectiveness to understand a drug’s impact in real life is driving the adoption of big data analytics solutions in the life sciences and pharma industry.
Pharmaceuticals and Life Sciences IT solutions such as clinical trials management, clinical database management, Enterprise resource planning, and R&D IT solutions are progressively being adopted by life sciences organizations and pharmaceutical companies to streamline their core activities, to reduce the organization operational cost while adhering to the regulations.
Understanding the need of the various IT players, MarketsandMarkets tracks all the niche markets in life sciences and pharma IT market space. Out reports in this segment cover market size and granular insights on software/hardware/services and various integrated products with applications in clinical trial management, clinical database management, healthcare delivery, medical diagnostics, bioinformatics, and various automation solutions.
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Today, pharmaceutical and life sciences industry are among the fastest growing IT markets, globally. This is mainly due to rapid digitization of processes across the value chain through implementation of various IT solutions. Th
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