In the face of challenges such as cost reduction, the pursuit of flexibility, and the establishment of technological leadership, the life sciences industry is aggressively pouring digital investments and adopting cutting-edge technologies, including generative AI, advanced analytics, automation, and cybersecurity, to address these challenges. Life sciences companies are leveraging digital technologies to revolutionize manufacturing and supply chain processes. By integrating advanced analytics, automation, and IoT, they enhance production efficiency, ensure quality control, and optimize inventory management, ultimately driving innovation and responsiveness in the dynamic life sciences landscape. As this requires strong technological expertise and delivery capabilities, life sciences enterprises collaborate with service providers for digital transformation.
Both demand-side and supply-side trends are covered in our Life Sciences Digital Services 2024 Market Insights™ and Life Sciences Digital Services 2024 RadarView™, respectively. These reports present a comprehensive study of digital service providers in the life sciences industry, including top trends, analysis, and recommendations. It takes a close look at the leaders, innovators, disruptors, and challengers in this market.
We evaluated 37 service providers across three dimensions: practice maturity, partner ecosystem, and investments and innovation. Of the 37 providers, we recognized 22 that brought the most value to the market over the past 12 months.
The reports recognize service providers across four categories:
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- Leaders: Accenture, Capgemini, Cognizant, HCLTech, Infosys, TCS, and Wipro
- Innovators: DXC, Genpact, IBM, LTIMindtree, Tech Mahindra, and Virtusa
- Disruptors: Atos, Birlasoft, NTT DATA, and Persistent
- Challengers: CGI, Epam, Hexaware, Kyndryl, and Mphasis
Figure 1 below from the full report illustrates these categories:
“Life sciences enterprises increasingly seek to augment their drug development pipelines through external collaborations and scientific partnerships,” said Rakesh Patro, Avasant partner. “Investments in decentralized clinical trials, biosimilars, and industry-specific platforms have become vital.”
The reports provide several findings, including the following:
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- The ongoing patent cliff has sparked a renewed wave of M&A activity to strengthen a robust and sustainable pipeline.
- There is an increasing need to focus on core capabilities and maximize value for investors.
- The focus on value-based care is poised to propel the adoption of digital technology.
- It is crucial to balance patient safety and innovation amid a regulatory push to make healthcare both cost-effective and easily accessible.
- Life sciences organizations are pursuing sustainable practices to reduce their environmental impact.
“Life sciences companies face challenges like long R&D cycles, global disruptions, and regulatory complexities,” said Eratha Poongkuntran, research leader with Avasant. “Organizations embrace collaboration and digital transformation to overcome these challenges. Emphasis on patient centricity and innovation aims to balance costs and competitiveness.”
The RadarView also features detailed profiles of 22 service providers, along with their solutions, offerings, and experience in assisting life sciences enterprises in their digital transformation journeys.
This Research Byte provides a brief overview of the Life Sciences Digital Services 2024 Market Insights™ and Life Sciences Digital Services 2024 RadarView™ (click for pricing).
