TECH BUYER Jan 2020 - IDC MarketScape - Doc # US45863116
IDC MarketScape: Worldwide Life Science Drug Safety Services 2019–2020 Vendor Assessment — Building for Innovation
This IDC Health Insights study provides an assessment of the innovation capabilities and vendor planning in support of next-generation vendor drug safety services in the life science industry. This is the third IDC MarketScape on the topic of drug safety services and focuses on the investment in innovation that vendors are making in anticipation of unsustainable drug adverse event (AE) growth that life science companies will have to deal with over the near term and midterm.
Because of its highly regulated nature and high aversion to risk, the life science industry continues to be historically slow to change. In interviewing vendor clients, it was clear that sponsors have limited awareness so far of vendor innovation investments in the DSS space. Despite this lack of familiarity, vendor innovators are perfectly positioned to deliver both incremental and transformative innovation in the delivery of DSS, in large part due to their intimate role in the current delivery of services for sponsors and hands-on knowledge of ongoing industry-specific and industry-agnostic technological innovations.
In creating an IDC MarketScape based on diversity of approaches to innovation in DSS, it is important to recognize the core need for foundational understanding of the DSS space, upon which viable innovation processes, workflows, and strategies can be built. As expected, IDC MarketScape innovators are diverse and achieved excellence in different ways. As with the diverse needs and paths of individual companies in the life science industry, these different paths to leadership will likely be more applicable to some companies, market segments, and go-to-market strategies than others.
Alan Louie, research director of IDC Health Insights' Life Science R&D Strategy and Technology research, noted, "The drug safety services space within the life science industry is a prime candidate for technological innovation with support from DSS providers. As an unsustainable growing cost in a noncore competency area, companies have limited interest in developing their own custom solutions to the problem and should be more than willing to let innovation-driven DSS providers to take the lead in creating sustainable long-term solutions."
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