The pharmaceutical industry continually ranks high on the list of most profitable businesses in the United States. The most recent Fortune 500 survey identifies the pharmaceutical industry as the third most profitable U.S. industry with a return on revenue of 14.3%.
Significant opportunities exist within the pharmaceutical industry for organizations involved in serving their digital document and dynamic content management needs.
InfoTrends/CAP Ventures’ new white paper entitled Pharmaceutical and Medicine Industry: The Document Services Opportunity provides an overview of this industry, discusses the scope and size of the pharmaceutical sector, analyzes key trends and issues, reviews applications for digital and electronic management and delivery of business-critical information, and supplies industry resources that provide information for developing sales and marketing strategies.
According to IMS Health, a provider of business intelligence and strategic consulting services for the pharmaceutical and healthcare industries, worldwide pharmaceutical sales will experience a CAGR (Compound Annual Growth Rate) that is between 8% and 11% through 2008.
Growth of the U.S. market is projected to be stronger, increasing 11%-12% during 2004 and between 10% and 13% through 2008. The U.S. leads the world in terms of market share, and also serves as corporate home base for six of the ten largest drug manufacturers.
While demand for prescription drugs remains strong due to our aging population and the increasing use of prescription drugs in treating a broadening array of conditions, this success does not come without a downside. The industry is facing increasing criticism from consumers and governmental entities who fault pharmaceutical companies for their role in the exorbitant rise in healthcare costs.
This scenario creates opportunities for providers of digital document and content management products and services as pharmaceutical companies strive to focus their primary efforts on the nucleus of their businesses (i.e. drug therapy development) and efficiently manage the non-core aspects of their businesses.
Processes, products, services, and support that help pharmaceutical companies improve margins; contain costs; optimize internal efficiencies; create differentiation; streamline communications; better manage, analyze, and disseminate data and information; and respond to opportunities presented in a dynamic global marketplace will be in demand.
Key Document and Content Applications in the Pharmaceutical Sector
The pharmaceutical industry presents a broad spectrum of opportunities for content and document management providers, including:
The pharmaceutical sector represents a sizeable market opportunity for print, as well as for the sale of paper and electronic-based document-related products and services. Hot Markets for 2004, a report compiled for The Printing Brokerage/Buyers Association (PB/BA International, www.pbbai.net), provides information print demand for the pharmaceutical and medical products sectors. The sector ranks #3 in terms of print potential, with revenues projected to reach $10.8 billion in 2004.
As pharmaceutical companies continue to stay focused on the discovery, development, and launch of new prescription medications and treatments, a significant opportunity exists for document and content management providers who can assume outsourcing responsibility or provide tools and services that enable these organizations to improve communication exchange and flow, improve operating efficiencies, reduce costs, streamline digital document and content management operations, and guarantee secure digital data transmission.
The preceding is an excerpt from InfoTrends/CAP Ventures’ report entitled "Pharmaceutical and Medicine Industry: The Document Services Opportunity." The complete document is available immediately. To learn more about the report or to make a purchase, please contact Alison Hipp at , ext. 126 or .