A new report by Datamonitor, an independent market analysis firm, says growing regulatory pressure, management of process complexity, the need to reduce drug development costs, and increased competition will drive the adoption of product lifecycle management (PLM) software and services in the pharmaceutical industry. The report, titled "Streamlining Information in the Pharmaceutical Industry with PLM," estimates that the amount to be spent on PLM by the pharmaceutical industry in North America, Europe, China, and Japan will total $460.2 million by the end of the year. This figure, it adds, is expected to more than double by 2012.

The report offers insight into four key attributes that pharmaceutical companies should look for in a PLM technology vendor, discusses successful PLM strategies, and argues that partnering with a technology vendor is beneficial to both the pharmaceutical company and the vendor. It notes that while PLM at its core aligns closely with the pharmaceutical industry's business processes, most current PLM technologies lack configurability attributes and other essential features.

"Product lifecycle management software and services solutions are still a nascent market for the pharmaceutical industry," says Markella Kordoyanni, pharmaceutical technology analyst at Datamonitor and author of the study. "Although the industry is starting to recognize the potential benefits of PLM in drug development, unless pharmaceutical companies adopt a strategic mindset about PLM, with all the process management changes and cultural adaptations it requires, PLM will remain a tactical solution whose potential is not maximized."

Advantage Business Media
Rockaway, NJ, 07866