It's all About the Data and MetaData

2011 Market Research bodes well for CTMS and EDC

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GBI Research's research, "Lifesciences IT - 2011 Yearbook" provides key data, information and analysis on Lifesciences \IT that is being implemented by pharmaceutical companies.

GBI Research expects that information technology (IT) in the lifesciences industry will become a trendsetter, helping pharmaceutical companies mitigate current and evolving industry challenges. IT solutions utilized in the value chain of pharmaceutical companies help them to operate effectively and efficiently. GBI expects an increase in the adoption of IT by pharmaceutical companies looking to remain competitive in the market place.

The Lifesciences industry is pressurized by various challenges such as declining Return on Investment (ROI) on R&D investments, entry of generics and layoffs. These factors are responsible for the lifesciences companies to invest in information technology solutions. Pharmaceutical companies have found that experimental techniques are costly, time-consuming, and involve the use of large numbers of animals for testing and are adapting to computerized combinatorial chemistry applications. Pharmaceutical Companies are increasingly adopting e-clinical trial solutions in the drug development phase. Cutting down clinical trial cost is the driving motivation for the adoption of e-clinical trial solutions. Services offered by IT companies in clinical data management are costly but have been proved to save cost for the companies in the long run. CTMS and EDC will attract the highest investments in the future followed by data mining, electronic submission tools and RFID. Outsourcing helps a pharmaceutical company to reduce costs by 30-35% and this is one of the main reasons why pharmaceutical companies outsource non-core R&D operational work to IT companies. When selecting a country to outsource clinical data management work, building the required competencies to tackle client requirements has gained a higher importance than the cost advantage it provides. The predictive analytics helps a company view beyond the sales volume in to real time prescribing patterns, as a behavior of continuum. This also helps the company to follow the evolving niche buster model. Many pharmaceutical companies have increased satisfaction levels from their customers in 2008. In 2004, 50% of the physicians were satisfied on the current number of calls. However, satisfaction levels have increased in 2008 with more than 57% of the physicians in the US satisfied with the current number of calls. The increase in satisfaction levels was directly proportional to the decrease of sales force in the US.