Global Pharmaceutical Manufacturing Software Market: Introduction
Pharmaceutical manufacturing software help to streamline processes and deliver products to market faster and more cost-effectively, thus complying with the strict FDA regulatory requirements.
Rising consumer expectations and tight regulatory constraints are threatening the pharmaceutical sector globally. Patients and regulators are seeking a better standard of service at a lower cost. The pharmaceutical sector needs to pursue a pragmatic approach toward compliance and product safety while addressing consumer demand in order to address such dynamic business demands. This accelerates the demand for pharmaceutical manufacturing software.
In turn, the increasing demand for coronavirus medicines will increase the speed of acceptance of pharmaceutical software by drug-developing firms in the near future. The Government of the respective countries has also taken steps to produce medicines in their own countries to reduce their import spending. For example, the Indian government has asked drug makers and industry groups to submit price changes, manufacturing information and inventory of active pharmaceutical ingredients (APIs) and key starting materials (KSMs) of 58 main APIs imported from China.
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Global Pharmaceutical Manufacturing Software Market: Dynamics
- Increasing demand for advance solutions
- The pharmacoeconomic efficiency of various drugs is being evaluated by a growing number of healthcare payers. Widespread use of software or electronic medical reports would include the evidence details required to assess better medical practices, discontinue drugs that are more costly or less successful than equivalent treatments, and compensate for care depending on the outcomes they produce. In addition to this, the increasing risk of chronic illness and markets in developing countries, where demand for drugs is expected to increase exponentially in the coming years, has accelerated the need for advance solutions that help pharmaceutical companies to manage and fulfill the demands of consumers. Hence, the increasing demand for advance solutions by pharmaceutical companies have consequently impacted the pharmaceutical manufacturing software market globally.
North America Led the Global Market in 2019
- Based on region, the global pharmaceutical manufacturing software market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
- North America held a dominant share of the global pharmaceutical manufacturing software market in 2019. It is expected to continue its dominance throughout the forecast period. The U.S. and Canada are the major countries that drive the market in this region.
- North America’s significant market share in pharmaceutical software manufacturing is due to factors such as growing investment in healthcare information technology in the region, emergence of legislative requirements to promote business development in the U.S, and rising digitization and government funding initiatives.
- The pharmaceutical manufacturing software market in Asia Pacific is expected to expand at the highest CAGR during the forecast period. China, India, and Japan are some of the major countries which drive the market in this region.
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Key Players Operating in the Global Market
Key players operating in the global pharmaceutical manufacturing software market are listed below:
- ERPAG
- BatchMaster ERP
- Deskera ERP
- Fishbowl Manufacturing
- QuickBooks Enterprise
- NetSuite
- MasterControl Quality Management System (QMS)
- Intellect eQMS
- Sage 100cloud
- Datacor Chempax
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