Pharma 101: An Overview of the Life Sciences Industry (Analyst Insight)

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

*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

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.

Reasons to Purchase

*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