Frost & Sullivan: Life Sciences Organizations Cannot Afford to Miss the "Next Big Thing"
- Companies must look cross-vertically to capitalize on emerging markets, trends and growth opportunities
MOUNTAIN VIEW, California, Dec. 18, 2012 /PRNewswire/ -- The top global pharmaceutical companies are employing new growth strategies to counter mounting industry challenges like patent expiration of several blockbuster drugs, as well as fewer drug approvals. Frost & Sullivan's latest analysis explores three new growth strategies: renewed focus on complex diseases that are difficult to treat, open innovation programs to accelerate drug discovery, and entry into emerging markets in which healthcare spending is growing.
New analysis from Frost & Sullivan's (http://www.healthcare.frost.com) Global Life Sciences Trends and Opportunities research finds that the industry consists of several billion dollar markets totaling $1.35 trillion in 2012, which is anticipated to reach $5.01 trillion in 2015. This global life sciences analysis discusses three technologies with "bench to bedside" potential, including next-generation sequencing, microRNA and digital polymerase chain reaction (PCR).
If you are interested in more information on this research, please send an email to Britni Myers, Corporate Communications, at britni.myers@frost.com, with your full name, company name, job title, telephone number, company email address, company website, city, state and country.
"In addition to implementing new growth strategies to face larger economic challenges, pharmaceutical companies are doing less R&D internally than decades ago," said Frost & Sullivan Industry Analyst Winny Tan, Ph.D. "By externalizing much of the development work for drugs and diagnostics, development costs are curbed while organizations are able to leverage outside expertise."
While the R&D laboratory market is very different from the clinical laboratory market, Frost & Sullivan research notes a common trend — laboratories across the United States have been operating in a leaner manner. Disappearing government financing in research, laboratory workforce shortages, and a weakened economy affects all laboratories, both R&D and clinical.
"The potential for research to have implications on the diagnosis and treatment of diseases has spurred technology development towards faster, more sensitive, cheaper research tools," said Tan. "Expeditious, more cost-effective research leads to shorter timelines between biomarker discovery and the development of tests and therapeutics, and thus, better patient outcomes."
Frost & Sullivan's coverage of nucleic-based testing indicates that molecular diagnostic technologies were well integrated into modern healthcare across the globe in 2012. In addition, infectious disease testing is the most mature application of molecular diagnostics, followed by genetic testing such as testing of inherited disorders. Oncology will be the next expansion area, partly enabled by the overcoming of nucleic acid isolation challenges from formalin-fixed, paraffin-embedded (FFPE) biopsy specimens.
Global Life Sciences Trends and Opportunities, a part of the global Life Sciences Growth Partnership Services program, answers the following questions, based on extensive interviews with market participants:
- How do changes in the pharmaceutical industry trickle down to the diagnostics and life sciences industries?
- Which segments across pharma/biotech, diagnostics, and life sciences will be the highest growth markets by 2015?
- Which companies are successful in the pharma/biotech, diagnostics, and life sciences markets and why?
- Is it the right time for your company to enter another life sciences market or segment?
- Which non-traditional companies are entering life sciences markets?
- What is impeding the growth of an "emerging" market?
About Frost & Sullivan
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For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
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Contact:
Britni Myers
Corporate Communications – North America
P: 210.477.8481
F: 210.348.1003
E: britni.myers@frost.com
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