Product Lifecycle Management (PLM) is basically used to maximise the revenue generating capacity of pharmaceuticals companies, especially at the maturity stage of the product and also at its early stage. Pharmaceutical companies are using various PLM strategies ranging from new combination of drugs, reformulations, expanded indication ranges, and it also includes the use of alliances, mergers and acquisitions and licensing.
A PLM solutions also helps in increasing the productivity of a system by providing methodologies and various tools to reduce redundancies. Also nowadays the PLM vendors have started providing customized PLM solutions as per the requirements of the enterprises.
Oracle is offering a tailored PLM package to pharmaceutical companies that can help their clients to shorten their time to market, simplify business networks and reduce their operating costs. This package simplifies analysis of materials, suppliers, and supports processes to scale up production volume. Previously PLM was used to manage equipment reservations, material allocations, and recipe variations at the time of clinical trials, use of PLM for these tasks shortens the time. The global pharma PLM market is anticipated to expand at a modest CAGR during the forecast period.
The increasing need for productivity enhancement, product innovation and reduction in operational cost are the key driving factors for the global pharma PLM market.
The growing reduction in budget, global competition and rising commercial slowdown in pharmaceutical industries are expected to bolster the global pharma PLM market in the forecast period. The non-traditional sectors such as retail, consumer goods, pharmaceuticals and medical devices have started using PLM solution to increase their production efficiency which has further contributed in the growth of global pharma PLM market.
However, there are some challenges faced by PLM market such as different product versions are having low interoperability, data modes, competitive products, data formats and databases etc, these factors can act as a barrier in the growth of global pharma PLM market. Also the high initial cost and the technical manpower required to handle these solutions can prove to be a drawback for global pharma PLM market.
The global pharma PLM market can be divided into seven regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan and Middle East and Africa. North America is expected to be the leader in the global pharma PLM market owing to the established and ever increasing pharmaceutical companies in this region.
Mostly the growth is seen in US for the pharma PLM market due to the familiarity with this technology of the pharmaceutical manufacturers. Asia Pacific is anticipated to be the second largest contributor in the global pharma PLM market due to the flourishing pharmaceutical industry in the countries like India and China in this region.
Europe is the next emerging market in the global pharma PLM market due to its low temperature conditions in most of its countries because of which pharma companies are setting up in this region. Latin America is also witnessing a healthy CAGR in the global pharma PLM market from the past few years. Middle East and Africa is at a nascent stage in the global pharma PLM market but is projected to have a considerable CAGR in the forecast period.
Some of the key players in the global pharma PLM market are as follows:
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On the basis of product type, the global pharma PLM market can be segmented as follows:
On the basis of applications, the global pharma PLM market can be segmented as follows:
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Pharma PLM Market
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