Pharmaceutical and Biotechnology

The continuously shrinking government healthcare budget, pro-generics policies and increased competition from emerging markets, have decelerated growth in the US pharmaceutical segment. In general, drug development takes too long and costs too much.That said, demographic factors are resulting in increased needs for new and unique drugs and treatments. This includes the aging baby boomer population that requires dedicated healthcare resources and the rise of chronic diseases driven by obesity and lifestyle related conditions. These factors are further driving up healthcare costs.

To succeed under these unstable market conditions, companies offering pharmaceutical services are exploring alternative clinical and business strategies to the traditional high-margin blockbuster options. Additionally, value-based reimbursement strategies from both payers and providers are creating an increased demand for outcomes-based real-world evidence.

In contrast, biotech solutions as well as biotech services continue to gain traction with the focus on specialty and personalized medicine. Today, a majority of the top life sciences products sales are from this segment. As a result, biotech companies are attractive acquisition targets.

Regardless of their growth status, pharmaceutical and biotechnology companies are both challenged by the rising costs of delivering new drugs and products to patients. There is a dire need for robust reporting, predictive analytics and risk-based monitoring across the clinical trial continuum to support decision-making.

Leveraging our deep domain expertise and technology acumen, Virtusa helps life science pharmaceuticals and biotechnology companies to research, develop, market and distribute their drugs and products. We can help you improve efficiencies, reduce the cost of clinical trials and maintain around the clock compliance with regulatory mandates.