Browse complete Business Intelligence in the Pharmaceutical Market: Growth drivers, key organizational priorities, and vendor strategies for future growth Report
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The pharmaceutical industry is challenged with information integration and mapping across the various business processes. This information challenge, along with other issues such as weak product development pipelines, growing generics competition, and rising R&D and regulatory compliance costs are compelling pharmaceutical companies to look for alternatives to remain competitive, maintain profit margins, and enhance market share. Implementation of Business Intelligence (BI) enables the business processes to access more accurate and real-time information, with an ultimate goal of increased efficiency and reduced corporate costs.
This report provides an overview of the BI market in the pharmaceutical sector, including its size and growth, followed by the current trends of BI technologies and adoption of BI tools across key pharmaceutical processes. It gives an insight into the various key players in the BI market, analyzing them based on their product offerings and growth strategies. In addition to the BI supply side, this report assesses the state of the BI market from the demand side perspective. Demand side analysis investigates the uptake of BI in the pharmaceutical sector, investments in current BI use, and planned future use.
Key features of this report
• Analysis of the BI market in the pharmaceutical sector in terms of size and growth rate.
• Evaluation of the drivers behind the increased spending on BI solutions by Big Pharma companies.
• Key challenges in developing a data warehouse that delivers BI capabilities for the pharmaceutical industry.
• Demand side analysis of the uptake of BI in the pharmaceutical sector, investment in current BI use, and planned future use.
• Insight into the activities, views, and strategies of the major BI vendors.
• Evaluation of the drivers behind the increased spending on BI solutions by Big Pharma companies.
• Key challenges in developing a data warehouse that delivers BI capabilities for the pharmaceutical industry.
• Demand side analysis of the uptake of BI in the pharmaceutical sector, investment in current BI use, and planned future use.
• Insight into the activities, views, and strategies of the major BI vendors.
Scope of this report
• Understand the BI needs across major pharmaceutical industry processes and the benefits that entail from BI implementation.
• Understand the uptake of BI in the pharmaceutical sector by organization size and by geographic location.
• Identify the organizational priorities of life science companies and how BI can improve the quality of decision making.
• Benchmark your performance against the major BI vendors based on knowledge of their product offerings and growth strategies.
• Understand the uptake of BI in the pharmaceutical sector by organization size and by geographic location.
• Identify the organizational priorities of life science companies and how BI can improve the quality of decision making.
• Benchmark your performance against the major BI vendors based on knowledge of their product offerings and growth strategies.
Key Market Issues
• The data intensive nature of the pharmaceutical industry makes BI deployment more challenging than other industries.
• Data availability at different time periods, frequent changes in the legislation, and growing consolidation in the pharmaceutical industry makes the BI adoption process particularly challenging.
• Reduction of knowledge process service costs is a pressing priority for most pharmaceutical companies.
• BI vendors need to work with the pharmaceutical companies to identify areas or patterns where the costs can be reduced and educate the pharmaceutical companies about the advantages of moving towards adopting easy to use and prepackaged pharma-specific BI solutions.
• Data availability at different time periods, frequent changes in the legislation, and growing consolidation in the pharmaceutical industry makes the BI adoption process particularly challenging.
• Reduction of knowledge process service costs is a pressing priority for most pharmaceutical companies.
• BI vendors need to work with the pharmaceutical companies to identify areas or patterns where the costs can be reduced and educate the pharmaceutical companies about the advantages of moving towards adopting easy to use and prepackaged pharma-specific BI solutions.
Key findings from this report
• The BI market in the pharmaceutical industry was worth around $495m in 2009, and is forecast to grow to $555m by 2012.
• Besides achieving operational excellence, pharmaceutical companies are investing in BI implementation in technical areas, such as to improving research and clinical performance, resource management, sales force tracking and regulatory compliance reporting.
• Business Insights’ survey of the pharmaceutical sector found that 67% of the respondents currently use BI tools.
• Of current users, 71% have indicated that launching new products and services in existing markets is likely to influence their decision over whether to increasingly use BI tools and services in 2010–11.
• Approximately 49% of respondents confirmed their intention to reduce SG&A costs in 2010–11.
• Besides achieving operational excellence, pharmaceutical companies are investing in BI implementation in technical areas, such as to improving research and clinical performance, resource management, sales force tracking and regulatory compliance reporting.
• Business Insights’ survey of the pharmaceutical sector found that 67% of the respondents currently use BI tools.
• Of current users, 71% have indicated that launching new products and services in existing markets is likely to influence their decision over whether to increasingly use BI tools and services in 2010–11.
• Approximately 49% of respondents confirmed their intention to reduce SG&A costs in 2010–11.
Key questions answered
• What is the market size and growth rate over the period 2006-2012 for BI spending in pharmaceutical sector?
• What are the major drivers for increased BI adoption in the pharmaceutical sector?
• What are the key challenges that make BI adoption difficult for the industry?
• What does the current BI vendor landscape look like?
• How will the emerging advanced analytics capabilities and industry/process-specific offerings determine which vendors remain dominant in the future?
• What are the major drivers for increased BI adoption in the pharmaceutical sector?
• What are the key challenges that make BI adoption difficult for the industry?
• What does the current BI vendor landscape look like?
• How will the emerging advanced analytics capabilities and industry/process-specific offerings determine which vendors remain dominant in the future?
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