Avasant’s RadarView™ Recognizes the Top-Tier Providers Driving Digital Transformation in the Life Sciences industry
Avasant unveiled its Life Sciences Digital Services RadarViewTM 2020-2021, a pioneering market assessment report that recognizes the top 18 providers for digital transformation in life sciences Industry. These 18 providers have shown mature capabilities and consistent growth in their life sciences digital service offerings and have been assessed across three key dimensions – practice maturity, investments & innovation, and ecosystem development. The report categorizes the top service providers as follows:
- Leaders: Accenture, Cognizant, HCL, IBM, TCS
- Innovators: Atos, Capgemini, Genpact, Infosys, NTT Data, Wipro
- Disruptors: Birlasoft, CGI, DXC
- Challengers: Hexaware, LTI, Mphasis, Tech Mahindra
- The life sciences industry is evolving to address the challenges from stringent regulations and the growing population of patients with chronic diseases.
- With the average annual out of pocket cost of some cancer drugs approaching USD 12K, few governments are imposing caps on drug prices affordability.
- Penalties of more than USD 20 million were levied by the Federal trade commission (FTC) for deceptive data practices in 2019.
- Large enterprises allocated18-20% of revenues in 2019 as R&D budgets, primarily towards innovation-led drug discovery for the treatment of chronic diseases.
- Discounts on reference products of around 20% for Biosimilars and around 80% for generics and reduced development cycle is helping them garner more share from branded drugs.
- Adoption of IoMT is driven by the increasing focus on advanced monitoring applications and real-time tracking of patients for proactive healthcare measures.
- Life sciences companies are investing heavily on precision medicine to provide new and improved treatment to the chronic disease patients. It can reduce the total healthcare costs by approximately 35%.
- Inorganic initiatives including M&As and divestiture can help enterprises to integrate complementary portfolio, reduce dependencies, explore new investment opportunities, and drive geographical expansion.
- Life sciences start-ups are deploying innovation-led approach to focus on optimization of drug development process and creating next-gen therapeutics.
- Digital transformation will accelerate as life sciences companies explore new opportunities for next-gen therapeutics by leveraging emerging technologies like AI, blockchain, automation, analytics and IoT.
- More than 75% of new outsourcing contracts included integration of digital technologies across various processes and segments.