Latest Leading Indicators from Life Science Insights: IT Spending Optimism Increases and Data Integration Highlighted as a Priority
FRAMINGHAM, MA – JUNE 24, 2004 – Drug discovery, clinical trials, and pharmaceutical supply chain optimization are all complex tasks that involve data from many sources often in disparate formats. It is no surprise then that the latest report in the "Leading Indicators in Life Sciences" series from Life Science Insights highlights data integration as a key challenge facing life science businesses and institutions.
The need for technology capable of seamlessly integrating data and making it available to users across a wide range of functions is both a priority in terms of spending plans and a driver in opening up opportunities to improve operations and enable broad-based collaborative work practices. The "Leading Indicators in Life Sciences" quarterly survey is a key source of market intelligence providing insight into this and other IT challenges facing executives in life science markets. Data on how IT executives will respond to these challenges in terms of spending plans and purchase priorities is clearly of immense value to vendors seeking to succeed in life science markets.
"Key data integration spending priorities in the life sciences include document management systems, middleware and software purchases as well as the development of browser-based data access systems," said analyst Judy Hanover.
In the pharmaceutical and biotechnology sector, second-quarter results showed spending is heavily weighted on software, which accounts for 41% of expenditures in 2004. Other spending priorities include data integration tools, databases, and middleware as well as data storage with a focus on size, latency, bandwidth, and management tools.
For the majority of respondents in the clinical trials area, clinical trial process redesign to support better integration is a priority, as 74% seek to save time and money while increasing research quality. Many of the process redesign projects center around electronic data capture (EDC) and related technology with 32% of respondents saying that more than three quarters of their trials have been automated using EDC.
In the drug discovery and development space, laboratories are aggressively adopting automation technologies with the capabilities to revolutionize research practices and add functionality to the process. Driving this automation are centralized LIMS implementations replacing multiple, disaggregated systems as well as electronic lab notebook (ELN) implementations. The survey shows adoption of ELN technology doubling in 2004. In early stage drug development, 32% of respondents expect to adopt the technology within the next 12 months.
Published quarterly by Life Science Insights, "Leading Indicators in Life Sciences" reports are produced by surveying a panel of end users in a wide range of functions and at various job levels in pharmaceutical and biotech companies and academic and government institutions. The reports are aligned into five segments: Basic Research/Drug Discovery, Drug Development, Clinical Trials, Sales and Marketing, and Manufacturing.
The survey responses provide first-hand information on budget plans, spending priorities and views on key technology issues in life science IT markets. Since reports are published each quarter, subscribers have regular input analyzing end users' plans and views. This helps with business planning and priority setting by tracking trends in spending and technology adoption as well as giving a perspective on changing market dynamics.
To learn how Life Science Insights' "Leading Indicators in Life Sciences" series can support your business planning by providing granular data and research on a regular schedule, please contact Paul Hands at 508.988.6751.
About Life Science Insights, an IDC Company
Life Science Insights, an IDC Company, provides market research, analysis, and consulting services to decision makers in life science markets. Clients include pharmaceutical and biotechnology companies, contract research organizations (CROs), government research organizations, and technology vendors. Life Science Insight's team of specialist analysts and consultants provide intelligence and advice on technology trends, key market drivers, and end-user intentions. Founded in January 2004, Life Science Insights is headquartered in Framingham, MA. Visit www.life-science-insights.com for more information.
IDC is a subsidiary of IDG, the world's leading IT, media, research and exposition company.
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