Evaluating Business Intelligence Opportunities in the Pharmaceutical Industry

Evaluating Business Intelligence Opportunities in the Pharmaceutical Industry (Strategy Focus)

Product Type: Market Research Report
Published by: Datamonitor
Published: June 2007
Product Code: R313-23949

Description

Introduction

As market pressures demand increased innovation and shorter time-to-market product lifecycles, pharmaceutical companies are evaluating alternative business models, focusing on technologies such as business intelligence (BI) tools -for translational medicine.

Scope

Examines essential ingredients of sales strategies for BI vendors serving the pharmaceutical industry

Identifies strategies vendors should use to develop more effective relationships and drive solution sales

Offers profiles of leading vendors selling BI tools to the Big Pharma and Biotech market

Highlights

Market factors are driving adoption of translational research and specifically BI solutions

BI opportunities exist at several levels within the pharmaceutical market

BI vendors with high market readiness will realize the most success in the pharmaceutical industry

Reasons to Purchase

Understand how to evaluate market opportunities for BI solutions in the pharmaceutical market

Discover new ways to leverage relationships as a tool to drive market penetration

Gain insight into Datamonitor's perspective on what makes a vendor successful

Table of Contents

DATAMONITOR VIEW
CATALYST
SUMMARY
METHODOLOGY
ANALYSIS: Market factors are driving adoption of translational medicine and specifically BI solutions; External pressures are driving pharmaceutical companies to embrace translational research; Both cultural and technology barriers slow the progress of translational medicine; BI opportunities exist at several levels within the pharmaceutical market; Enterprise-class BI solutions have the power to evolve with an organization's changing business needs; BI spending by end-user group in Big Pharma and Biotech differs significantly; The industry requires vendors with high market readiness in translational medicine; Market sizing information is necessary but insufficient for identifying which sector to target; Vendors should consider four criteria when evaluating market opportunities; Market presence influences client perception about a BI solution and its vendor; Industry-specific solutions reflect domain expertise; A sales force with industry experience will resonate with pharmaceutical clients; Partnerships with niche vendors or academic medical centers (AMCs) build credibility; BI vendors with high market readiness will realize the most success in the pharmaceutical industry; A number of vendors have implemented successful strategies for BI in pharmaceuticals; Genstruct; GenoLogics Life Sciences Software Inc. (GenoLogics); Oracle; SAS
ACTIONS: BI solutions for Biotech and Big Pharma are not one size fits...both; Approach an attaractive opportunity through the market-readiness lens; Partner with innovators
APPENDIX: Definitions; Abbreviations; Further reading; Datamonitor Technology Consultancy; Ask the analyst
List of Figures: Figure 1: The Big Pharma sector is the largest market opportunity in BI solutions ($ spent); Figure 2: BI spending by technology (services vs. software) 2006-2012; Figure 3: Big Pharma will spend more on BI tools for clinical and sales & marketing application than Biotech; Figure 4: A framework for evaluating BI market opportunities in the pharmaceutical industry; Figure 5: Both horizontal and niche vendors offer valuable BI solutions for translational medicine

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