Business Strategy: PLM for Life Science Manufacturers — Operational Excellence Through Product Life-Cycle Management
This IDC Health Insights report explores the scenarios and solutions offered by product life-cycle management (PLM) software to life science companies. PLM software has gained widespread acceptance in many industries, first as an innovation platform for organization of engineering and research tasks and documentation and then as an integral and crucial aspect of manufacturing and collaboration with suppliers, sales and service teams, customers, and other stakeholders. While the life science industry as a whole may be playing catch-up to more traditional PLM users in industries such as consumer packaged goods, automotive, aerospace, and electronics, adoption within the medical device industry is widespread and has been prevalent for several years. The pharmaceutical and biotech industries, which in some respects resemble process industries such as chemical and energy more than discrete manufacturing, are looking closely at PLM and the opportunities it offers for improving efficiency, safety, and time to market for their own products. In addition, the unique and extensive regulatory environment of the life science industry is moving manufacturers to look at PLM as a method of automating regulatory filings and storage of critical product and design information as well as sharing and collaborating with supply chain partners including material and component suppliers, distributors, and contract manufacturing organizations (CMOs).Mike Townsend, research manager, Life Sciences Business Systems Strategies for IDC Health Insights says, "The adoption of product life-cycle management (PLM) in the life sciences is increasing rapidly. Cloud computing, analytics, IoT, mobile devices, augmented reality and other new technologies are facilitating automation and collaboration for product development and manufacturing in ways that were not possible even a few years ago. The use of PLM in the medical device industry is already widespread and growing. In the coming years, we expect greatly increased adoption of PLM within life science companies, particularly in the process-oriented pharmaceutical and biotech industries."
Please Note: Extended description available upon request.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook