CANBERRA, Australia, Feb. 18 /PRNewswire/ -- Growth is expected in Australian pharmaceuticals and life sciences market. In 2007, pharmaceuticals spending on IT accounted for 80 percent or $258.6 million and will continue to drive the growth of this market. For the same period, life sciences spending on IT accounted for $64.6 million or 20 percent of the total spending in the pharmaceuticals and life sciences market. It is expected to grow at a compound annual growth rate of around 14.3 percent from 2007 through to 2014 with potential revenues of $825.1 million in 2014.
According to Frost & Sullivan Consulting Analyst, Sourabh Janardan Kankhar, "The pharmaceuticals industry is one of the leading exporters in the Australian manufacturing sector. At present, Australia is the 15th largest pharmaceuticals market globally. The Australian pharmaceuticals industry is expected to double its share in the world pharmaceuticals market by 2012. Currently, the Australian pharmaceuticals industry represents one percent of the world pharmaceuticals market.
Kankhar further explains, "The majority of multinational industry participants in Australia are subsidiary organisations. The leading participants include Sanofi-Aventis, Novartis, Roche, Lily, Wyeth and CSL being the largest Australian biotechnology company. Whereas, research-oriented biomedical science companies and institutes such as IDT, Zenyth, Therapeutics and Cerylid Bio Sciences often work in collaboration with hospitals, universities and other government organizations. This collaboration plays a critical role in biomedical discovery R&D and clinical trials R&D in Australia."
The cost-effective drug discovery solutions through in-silico research are driving SME life sciences companies to increase IT spending on enterprise compliances and quality management systems.
Pharmaceuticals companies are continuing to invest in CRM solutions to address the needs of their end clients such as physicians and patients in a better way to maximise sales. Most large pharmaceuticals companies have ERP systems to support SCM, CRM, manufacturing and R&D processes, yet are in silos and often disconnected from each another. However, due to the extensive reach (both geographic and speciality) of MNC operations, efficient data management system is necessary to maximize knowledge sharing among department and locations.
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