Information Technology; Software is fastest growing IT cost for life science companies, report says

According to Life Science Insights (LSI), an IDC Company, worldwide IT spending for the life science sector will reach $38.9 billion in 2008, driven by the need to tackle industry changes such as regulatory burdens and clinical trials, and by life sciences companies using IT to enable personalized medicine. Life science companies are pouring significant resources into applications that help them act intelligently on the massive quantities of data generated within their organizations. They also are optimizing the operation of hardware through infrastructure software. Significant improvements in certain industry-specific software categories, such as Clinical Trial Management Software (CTMS), are also encouraging some companies to migrate from internally developed systems to off-the-shelf software. According to the market model, investments in hardware are also expected to exceed average IT market growth rates, as information infrastructure needs remain a top priority among life science companies Life Science Insights provides market research, analysis and consulting services life science markets.

Source: Life Science Weekly

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