Complying with specific regulatory in different countries while dealing with customer needs with profits at the bottom line can be a complex task. As the healthcare industry touches new peaks on the back of the strong prevalence of numerous chronic diseases and increasing percentage of geriatrics, the pharmaceuticals industry is gaining traction and the players are opting for adequate methods to increasing their efficiencies. A number of software are now developed that can adequately take care of the tasks and do more, particularly since the emergence of cloud computing. According to the findings of a recent business intelligence study by Transparency Market Research (TMR), the demand in the global pharmaceutical software market will expand at a formidable CAGR during the forecast period of 2017 to 2025.
Further, the report segments the pharmaceutical software market into smaller aspects, gauges the potential of demand from various regions and countries, and finishes off with a featured section on the competitive landscape. This final chapter contains profiles of several leading companies and evaluates their position in the overall pharmaceutical software market.
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According to the estimations of the IFPMA (International Federation for Pharmaceuticals Manufacturers & Associations,) the global pharmaceutical industry will be worth US$1,430 billion by 2020, and the software segment of this larger market is feed off it in the near future. This can be attributed to the possibilities with these software to lower the administration burdens as well as increment revenue by gaining greater efficiencies from different business processes. Some of the other benefits of pharmaceutical software includes time management, appropriate and simplified financial metrics, streamlined business processes, regulatory compliance, information security, and workforce productivity. As a result, small and medium manufacturers of drugs are using software solutions for controlling quality and ensuring proficient supply chain.