Document Management Costs Drive Compliance Budgets Upward, Says Life Science Insights
Life Science Insights, an IDC Company, announced the availability of Information Management for Compliance in Drug Development (Document # LSI1024), a new report examining the market and available technology for content management systems used to document regulatory compliance in drug development. According to Life Science Insights (LSI), the portion of the pharma and biotech IT budget that is spent on addressing regulatory compliance needs will grow by 5% over the next 12 months. New and replacement investments in enterprise regulatory content management systems will be an important component of this spending.
Life science organizations require a strategy around integrating, accessing, analyzing, and securing information gathered during drug development. According to Senior Research Analyst Judy Hanover, “Content management tools are becoming a key part of strategic projects that ensure the sustainability of compliance projects, mitigate risk, and manage ongoing costs.” LSI believes that content management will increasingly emerge as a mission-critical function for biotech and pharma research and development organizations.
In recent years, the IT regulatory landscape in drug development has undergone continuous change as new technology has been introduced and new data standards have been established. Now, life science CIO’s are being asked to demonstrate business value to justify IT investments. “Return on investment (ROI) from content management activities is difficult to measure in the drug development space, as it is impossible to prove the consequences of noncompliance when they have been successfully averted,” Hanover reports.
The information in the report serves as a starting point, providing an overview of the landscape, technology, and functionality available, while explaining some of the more important issues. Actionable guidance is provided for pharmaceutical and biotech CIOs making decisions about their collaboration and content management infrastructure.
About Life Science Insights
Life Science Insights, an IDC Company, provides market research, analysis and consulting services to decision makers in life science markets. Clients include pharmaceutical and biotechnology companies, contract research organizations (CROs), government research organizations and technology vendors. Life Science Insights’ team of specialist analysts and consultants provide intelligence and advice on technology trends, key market drivers, and end-user intentions. Life Science Insights is headquartered in Framingham, Mass. Visit www.lifescience-insights.com for more information.
