Latest ROI Studies from Life Science Insights Examine Pathways Analysis Application and Standardizing on LIMS
Leading independent research and advisory firm Life Science Insights, an IDC Company, has published two new consulting reports that quantify the economic benefits for companies adopting data integration solutions:
— The Return on Investment for Ingenuity Pathways Analysis within the Pharmaceutical Value Chain, examines the ROI for broad deployment of the Ingenuity Pathways Analysis application within the pharmaceutical value chain.
— Standardizing on LIMS: TCO and ROI for the Multi-Lab Setting, features total cost of ownership (TCO) and ROI models for harmonizing laboratory practices and standardizing on a single LIMS solution.
Both studies are based on primary research gathered by LSI and IDC analysts through dozens of in-depth interviews with scientists, IT executives and senior managers in pharmaceutical and life sciences companies. The data gathered was used to drive detailed ROI models developed by IDC and Life Science Insights to objectively quantify the return on technology investments.
Brock Reeve, VP of Consulting at LSI, comments that, “As technology buyers at pharmaceutical and biotech companies increasingly face budgetary scrutiny, they look for independent assessments of new technologies or technology deployment strategies. These two consulting reports are examples of how an independent party like LSI can mine the experiences of a number of buyers and provide well-researched estimates of ROI.”
Summaries of the new reports follow:
In The Return on Investment for Ingenuity Pathways Analysis within the Pharmaceutical Value Chain, sponsored by Ingenuity, LSI finds that Ingenuity Pathways Analysis is a valuable asset to be deployed throughout the entire pharmaceutical value chain. Findings show companies can reap significant ROI based on improvements in productivity, cost savings, and innovation across all phases of the drug development process, from discovery through marketing. Additionally, when broadly deployed, the application may help increase a large pharmaceutical firm’s overall product productivity by approximately 10% and reduce failures by 33%.
LSI and IDC collaborated to create Standardizing on LIMS: TCO and ROI for the Multi-Lab Setting, a white paper sponsored by Thermo Electron. This study shows that as companies work to improve the quality of information management and reduce TCO within multi-lab settings, process harmonization and LIMS standardization can yield significant reductions in LIMS costs and increases in LIMS user productivity. The report also finds that although the actual process of implementation is often challenging for organizations and requires significant investment, the benefits significantly outweigh the costs.
Life Science Insights’ consulting practice helps clients through every stage of business planning, from assessing market opportunities and key drivers to exploring relationships between technology trends and business needs. For additional details on custom services and other Life Science Insight’s information services for business executives, please contact Paul Hands at 508.988.6751.
About Life Science Insights, An IDC Company
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 Insight’s team of specialist analysts and consultants provide intelligence and advice on technology trends, key market drivers, and end-user intentions. Founded in January 2004, Life Science Insights is headquartered in Framingham, Mass. Visit www.life-science-insights.com for more information.
