Navigation Links
Structural Trends to Profoundly Change Life Sciences Industry, Genpact Study Shows

NEW YORK, April 24, 2012 /PRNewswire/ -- A study released today by Genpact Limited (NYSE: G), a global leader in business process and technology management, has found that 2012 will see fundamental shifts in the life sciences sector, pushing companies to reconsider the traditional approaches to their business model.  The research sought to determine the key challenges and priorities facing the key functions within life sciences companies, including finance and accounting (F&A), finance administration and commercial operations. 

More than 100 senior directors and executive vice presidents in both financial and commercial operations at targeted life sciences and pharmaceutical companies were surveyed for this research, including a selection of in-depth interviews.  The research found that far-reaching changes in the approach to chronic diseases, medical technology, social networks, global health issues, large emerging markets and aging populations will have an enormous industry-wide impact, forcing life sciences companies to transform themselves in an atmosphere of increasing consumerization and tighter funding constraints.

Respondents indicated that they face a number of challenges in today's marketplace that are compelling them to respond with innovation in previously unexplored organizational areas. Historically well capitalized due in large part to blockbuster drugs and abundant pipelines, these companies are now confronted with the prospect of market share loss due to a number of factors: generic drug competition, regulatory pressure, insurance company price controls and shrinking R&D pipelines.

The results showed that 68% of respondents chose "cost reduction" as having the greatest potential impact on business in 2012, followed by pricing and reimbursement pressure (53%), new regulations (33%) and increased competition (24%). 

To meet the operational challenges they face in the current marketplace, life sciences companies have been taking a variety of approaches to retain capital availability and improve revenue performance, including a focus on growth in emerging markets, mergers and acquisitions, and cost-cutting measures. While these approaches have had some degree of success, the results have been mixed and will eventually fall prey to the law of diminishing returns.

Having noted the challenges, survey respondents overwhelmingly (88%) agreed that their firms were not prepared to handle the transformational changes taking place within their business models, expressing concern that overall culture remained opposed to change.  Over half of the respondents (55%) cited a lack of real-time information for operations as the number one barrier to improving organizational performance.
Additional barriers acknowledged by those surveyed include a lack of process standards and discipline (44%), a deficiency in integrated risk management (44%) and outdated information for strategic decision-making (42%).

"Pricing pressure, new operating models, entry into emerging markets, and the micro-segmentation of products are driving the need to modify cost structures and realign activities to address structural trends in the industry," said Balkrishan 'BK' Kalra, senior vice president and business leader, Life Sciences at Genpact. "With this in mind, life sciences companies must reassess their distribution models to have greater impact on their costs. This will not be enough, however, as the implementation of smarter technology, more streamlined financial processes, and insights from more intelligent data and analytics will be imperative for improving operations."

Genpact engaged Pilgrim Partners, an advisory and research firm, to conduct the field study and analyze the market data. The full reports on the findings can be accessed at the following links: Overcoming Obstacles to Transformation in the Finance Function and Transformation in Commercial Operations: Today's Life Sciences and Pharmaceutical Industry

About Genpact
Genpact Limited (NYSE: G), a global leader in business process and technology management services, leverages the power of smarter processes, smarter analytics and smarter technology to help its clients drive intelligence across the enterprise.  Genpact's Smart Enterprise Processes (SEP(SM)) framework, its unique science of process combined with deep domain expertise in multiple industry verticals, leads to superior business outcomes. Genpact's Smart Decision Services deliver valuable business insights to its clients through targeted analytics, reengineering expertise, and advanced risk management. Making technology more intelligent by embedding it with process and data insights, Genpact also offers a wide range of technology services.  Driven by a passion for process innovation and operational excellence built on its Lean and Six Sigma DNA and the legacy of serving GE for more than 15 years, the company's 55,000+ professionals around the globe deliver services to its more than 600 clients from a network of 58 delivery centers across 16 countries supporting more than 25 languages. For more information, visit Follow Genpact on Twitter, Facebook and LinkedIn. For more information:Gail Marold (Genpact Media Relations)Barbara Tate (For Genpact U.S.) Rupali Kathuria (For Genpact India) 919-345-3899+1 212-880-5338 

Phone: +91 124 441 7589

SOURCE Genpact Limited
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. New Program Launch By Structural Enhancement Corp.
2. Advanced Biologics Launches OsteoAMP® Structural at the 26th Annual Meeting of the North American Spine Society
3. Boston Scientific Strengthens Structural Heart Product Portfolio By Completing Acquisition of Atritech
4. Centocor Ortho Biotech Inc. Submits Application to FDA Seeking to Expand SIMPONI® Label to Include Inhibition of Structural Damage in Treatment of Psoriatic Arthritis
5. Data Demonstrated ACTEMRA(R) (tocilizumab) Significantly Inhibited Progression of Structural Joint Damage in Rheumatoid Arthritis Patients
6. The First Direct Structural Evidence of SV2A has Been Revealed Thanks to Protein Tomography(TM), and Published in BBRC
7. CIMZIA(R) (certolizumab pegol), Significantly Reduces Structural Damage and Rheumatoid Arthritis Signs & Symptoms for Up to One Year
8. R&D Trends: Depression - Clinical attrition driven by mature market conditions
9. Patent and Trademark Trends 2011: Thomson Reuters Evaluates the State of Global IP
10. Global Diagnostic Imaging Market Trends and Outlook
11. World Glucose Self-Testing Markets - Trends, Product Overviews, Market Drivers & Industry Participants - ReportsnReports
Post Your Comments:
(Date:6/23/2016)... 2016 Research and Markets has ... Global Analysis (United States, China, Japan, Brazil, United Kingdom, ... their offering. Surgical ... business planners, provides surgical procedure volume data in a ... an in-depth analysis of growth drivers and inhibitors, including ...
(Date:6/23/2016)... -- The Biotechnology industry might still be ... opportunities to investors. assesses the recent performances of ... XON ), Vertex Pharmaceuticals Inc. (NASDAQ: ... ), and Regeneron Pharmaceuticals Inc. (NASDAQ: REGN ... complimentary trade alerts at: ...
(Date:6/23/2016)... Leading BioSciences Inc., a clinical-stage biopharmaceutical ... from a breakdown of the mucosal barrier, today ... as chief executive officer. Mr. Doyle, a ... and board of directors, previously served as chief ... provide continued leadership and strategic direction to the ...
Breaking Medicine Technology:
(Date:6/25/2016)... Austin, TX (PRWEB) , ... June 25, 2016 , ... ... Fellow of the American College of Mohs Surgery and to Dr. Russell Peckham for ... popular and highly effective treatment for skin cancer. The selective fellowship in Mohs Micrographic ...
(Date:6/25/2016)... ... , ... First Choice Emergency Room , the largest network of independent ... Director of its new Mesquite-Samuell Farm facility. , “We are pleased to announce ... Dr. James M. Muzzarelli, Executive Medical Director of First Choice Emergency Room. , ...
(Date:6/25/2016)... ... June 25, 2016 , ... On Friday, June 10, Van Mitchell, ... at Work award to iHire in recognition of their exemplary accomplishments in worksite health ... annual Maryland Workplace Health & Wellness Symposium at the BWI Marriott in Linthicum Heights. ...
(Date:6/24/2016)... Michigan (PRWEB) , ... June 24, 2016 , ... Those ... deal with these feelings, many turn to unhealthy avenues, such as drug or alcohol ... of Marne, Michigan, has released tools for healthy coping following a traumatic event. , ...
(Date:6/24/2016)... ... June 24, 2016 , ... The Pulmonary Hypertension Association (PHA) ... will receive two significant new grants to support its work to advance research ... anniversary by recognizing patients, medical professionals and scientists for their work in fighting ...
Breaking Medicine News(10 mins):