Pharma Knowledge Management Software Helps Optimize Manufacturing Processes in Real-Time
The pharma knowledge management software market is garnering substantial traction. The growing uptake of the most powerful knowledge management platforms in pharma industries is a key driving force. Besides, the rapidly growing healthcare and pharmaceutical industries predominantly drive market growth. Pharmaceutical firms across the globe are increasingly embracing automation.
Citing the rapid digitization and use of a variety of technologies & processes across pharmaceutical companies to enhance, retain, and transfer knowledge extracted from their R&D, MRFR expects the global pharma knowledge management software market to reach USD 5.15 billion by 2030, growing at an 18.2% CAGR from 2020 to 2030. Pharma firms are boosting investments to deploy sophisticated knowledge management tools.
Pharma knowledge management software comprises document management systems for effective & collaborative online workspaces and networked systems. This solution allows sharing of ideas, experience, and knowledge among colleagues. Over recent years, knowledge management systems have become important for pharma companies to share scientific data and other R&D information.
Most pharmaceutical firms are using these systems to retain the knowledge gathered from their R&D activities and manufacturing professionals and share information with different departments across the organization and partnering companies. Resultantly, the market is witnessing significant growth over the past few years. With the rising demand for these solutions that help increase employee productivity and improve their engagement & performance, the market is projected to continue to grow in the next six years.
AI-Powered Pharma Knowledge Management Solutions are Trending
Pharmaceutical and biotech companies usually have to manage a significant amount of complex data gathered from their R&D processes and the specialized knowledge of their researchers. Additionally, the knowledge management system helps salespersons to provide accurate information about drugs during their interactions with physicians and collect & store the feedback and data accessed from physicians.
With the vast innovations, massive R&D investments, and intellectual property on patient health data, the pharma industry has become a prime target of cyber attackers. Therefore, the risk of losing intellectual data is significantly higher in pharma & biotech companies.
The pharma industry is rapidly turning to knowledge management systems to ensure security and management of their critical data efficiently and share information within the organization as well as with partnering companies in case of mergers & acquisitions and licensing deals.
AI-powered knowledge management software seamlessly harnesses unstructured data, retain valuable research information, and transfers knowledge. A unified AI-enabled knowledge management system comes with powerful capabilities, such as highlighting hidden data and making it easily available for researchers to search and find the most accurate information quickly.
Pharma research and drug development processes are complex, requiring multiple clinical trials. Therefore, drug development companies need a robust system that can help them recognize unusual patterns in vast clinical trial data and ensure no critical information is overlooked. Pharma companies are increasingly adopting AI-powered knowledge management solutions to enhance their research processes.
North America Dominates Global Pharma Knowledge Management Software Market
The largest market share of the region is attributed to the widespread adoption of pharma knowledge management software across pharma enterprises. Besides, the early adoption of knowledge management systems in various pharma companies to support the interaction and information sharing among scientists & researchers throughout the organization increases the market size.
The aggressively growing competition and vast demand for multi-disciplined processes among pharma firms in this region for the integration & delivery of external & internal scientific data for decision-making and, thus, to attain organizational goals escalate the market demand. Moreover, high R&D investments in developing other related technologies, cloud solutions, and economic growth foster regional market growth.
Strategies Industry Players Follow to Gain Competitive Advantage
Highly competitive, the pharma knowledge management software market appears fragmented due to the presence of several notable players. Considerable investments go into expansion plans to increase global reach and gain diverse expertise. These players also make substantial R&D investments in developing adept technologies. Leading players adopt strategies such as collaboration, mergers & acquisitions, expansion, and technology launches to gain a larger competitive share.
Notable Industry Updates
On April 05, 2022, Bruker Corporation announced the acquisition of a UK-based pharma technology provider - Optimal Industrial Automation and Technologies, for its pharma PAT software and biopharma manufacturing automation expertise & technologies.
The acquisition strengthens Bruker’s position as a key software & solutions provider of pharma companies involved in developing biologics, small molecule, and new drug modalities. Optimal has developed PAT knowledge management software, synTQ, that can optimize biopharma manufacturing processes in real time.
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