19 October 2020
Visiongain has published a new report on Pharmaceutical Product Information Management System Market Report 2020-2030: Forecasts by Offering (Solutions and Services), by Deployment Models (On-Premise and Cloud Based) and by Organisation Size (Small and Medium Enterprises and Large Enterprises). PLUS, Profiles of Leading Pharmaceutical Product Information Management System Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global pharmaceutical product information management system market was valued at US$ xx million in 2019 and is projected to reach at a market value of US$ xx million by 2030. Some of the major factors fuelling the growth of global market include significant advantages associated with PIM solutions and inclination towards centralized models among across pharma sector.
COVID-19 Impact on Global Pharmaceutical Product Information Management System Market
COVID-19 outbreak resulted in a sudden increase in demand for medical products which increased disturbed the entire pharmaceutical supply chain. Although, the companies have enhanced their production capabilities significantly to keep pace with the increasing demand for these products. In pharma sector, it became crucial to manage highly regulated and accurate product information. This is expected to poise a positive impact on the growth of global pharmaceutical product information management system Market. COVID-19 is affecting clinical trials. Product information management system plays a vital role in clinical trial phases. Researchers refer the information and data provided by PIM solutions in moving towards second phase of clinical trial. Researchers are focused on fastening the trial processes of vaccines so that the spread of coronavirus can be controlled.
Advantages Associated with PIM Solutions
In current dynamic business environment, managing data efficiently became essential in every industry. Product information management system enables helps the end-users to store customized information related to the patient, dosage description, and drug description. These solutions are able to handle and manage pharmaceutical information and data sets efficiently. Also, these system helps in increasing transparency, create ownership, and streamline interdepartmental collaboration with the help of a diverse workflow. Furthermore, the number of custom applications becomes minimized as all the data-related process has been added. Hence, organizations are establishing PIM solution to handle pharmaceutical regulatory information which also includes product information, labelling, and the package leaflet. These factors are expected to drive the growth of global market in coming years.
Inclination Towards Centralized Data Model Across Pharma Sector
Centralized data models have registered significant adoption in pharmaceutical industry. While developing new medicine variants, the researchers use stored information and data to identify chemical formulae, test theories, and compound patterns. Pharmaceutical companies often store unstructured data in different places such as databases of medical scans and EMR (electronic medical records) which are not machine readable. PIM solutions help in centralizing and structuring these records and help the companies in analysing it more efficiently.
Strategic Mergers & Acquisitions
Pharmaceutical companies are focused on acquiring SMEs specialized in designing and developing PIM solutions. This is intended to expand their existing product offerings which might help in strengthening their market position. This is expected to create growth opportunities for the global market. For instance, in February 2019, Winshuttle announced to merge with EnterWorks, one of the leading companies in MDM, DAM, and PIM solutions. This agreement was intended to offer end-to-end solutions for product management or other master data throughout the product value chain.
Rising Popularity of AI integrated PIM Solutions
In pharmaceutical sector, availability of diversified sales channels such as voice-assisted shopping and e-commerce platforms have encourages the customers to opt for AI integrated PIM solutions. These solutions offer custom description as per the customer’s preference. Moreover, increasing demand for real time data and product information are anticipated to create new opportunities for the market players.
The global pharmaceutical product information management system market is fragmented with several global and local players. Some of the companies profiled in the report include IBM, Oracle, SAP, InRiver, Stibo Systems, Informatica, Magnitude Software, Inc., Pimcore, Akeneo, and Catsy.
The companies are focused on organic development strategies such as product launches, R&D initiatives, and geographical expansion in order to gain competitive edge in global market. Some of the instances are stated below.
In May 2020, Widen announced to launch their product information management solution in Madison. The product is designed to aid brands to assemble and distribute marketing copy, assets, and specs.
In February 2019, Akeneo announced the launch of PIM integrated with product data intelligence technology. The product is designed to enhance cross border and Omni channel commerce initiatives. The machine learning solution allow product information curation and enrichment, addressing solutions to retailers and brands.
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