IT spending boosts life science sector

According to LSI, 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.

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By  Angela Prasad Published  April 23, 2005

The worldwide IT spending for the life science sector will reach US$38.9 billion in 2008, driven by the need to tackle industry pain points, such as regulatory burdens and costly clinical trials, and by life sciences companies leveraging IT to enable personalized medicine, according to Life Science Insights (LSI), an IDC company. Life science companies are pouring significant resources into applications that help them act intelligently on the massive quantities of data generated within their organisations. Additionally, they are optimising the operation of their hardware investments through infrastructure software investments. The organisation says significant improvements in certain industry-specific software categories, such as CTMS, are also encouraging some companies to migrate from internally developed systems to off-the-shelf solutions. According to LSI, 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. Network equipment is also a strong growth hardware category as life science companies increase the transmission capacities of their networks to accommodate the ever-increasing volumes of data generated and the growing need for real time collaboration across departments, functional areas, physical sites and geographies.

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