The US pharmaceutical industry is facing an uphill battle. A shrinking government healthcare budget, pro-generics policies, and competition from emerging markets coupled with long drug development times have decelerated industry growth. That said, demographic changes have created the need for new, niche drugs and treatments. To combat this deceleration and take advantage of new opportunities, pharmaceutical companies are adopting alternative clinical and business strategies such as outcome-based reimbursement.
In contrast, biotechnology continues to gain traction with their focus on specialty and personalized medicine. Today most of the top life sciences product sales are from this segment.
Regardless of their growth status, both pharmaceutical and biotechnology companies are challenged by the rising costs of delivering new products to patients. In order to support decision-making, lower costs, and ultimately, compete, firms need to adopt key technologies for robust reporting, predictive data and analytics, and risk-based monitoring across the clinical continuum.