Cloud Computing in the Pharmaceutical Industry: Must Know Facts!!

By Cloud Computing Outlook | Friday, July 02, 2021

Cloud technologies enhance communications across various locations, reduce time-to-market, and guarantee transparency and compliance throughout. The application of cloud computing technologies in the pharmaceutical industry is segmented based on its use cases, such as service type, deployment model, and application. On a regional basis, it is segmented into North America, Europe, Asia Pacific, and LAMEA.

FREMONT, CA: Cloud technologies enhance communications across various locations, reduce time-to-market, and guarantee transparency and compliance throughout. Further, cloud computing also boosts sales by offering accurate and up-to-date information related to product stocks, contact details of physicians, and social media links. Cloud computing also highlights the acceptance of procedures and avoids duplication. It helps pharma companies to meet HIPAA compliance requirements, easily.

Market Segmentation

The application of cloud computing technologies in the pharmaceutical industry is segmented based on its use cases, such as service type, deployment model, and application.

When service type of segmentation is done, Software-as-a-service (SaaS), Infrastructure-as-a-Service (IaaS), and Platform-as-a-Service (PaaS) are the options available. Among these options, SaaS is projected to experience the highest growth rate over the fixed period.

The market is divided into private cloud, public cloud, and hybrid cloud when deployment types of the use cases are employed. Hybrid cloud is the highest CAGR registered option as it enables companies the option to store the core-confidential data and applications on a private cloud.

By application, cloud computing in the pharmaceutical industry is divided into PMS (production management system), EMR, online sales, and others. PMS is expected to display the highest growth rate during the forecast period as it monitors the processes of production and compliance requirements.

Regional Analysis

On a regional basis, the cloud computing market is segmented into North America, Europe, Asia Pacific, and LAMEA.

North America shows domination in the market with major companies such as Merck and Pfizer adopting cloud technologies. For instance, Pfizer has selected Oracle Health Sciences, InForm Cloud Service, and Siebel Clinical Trial Management Systems Cloud Service.

Europe is a region that holds a promising position for cloud computing in the pharma industry. Regulatory authorities in the European market are narrowing compliance requirements around data privacy and security to make sure that the pharmaceutical companies are handling the data correctly.

Asia Pacific cloud computing is expected to increase during the forecast period. The internet penetration rates, demand quality, government investment policies, and the rising adoption of new technologies such as cloud computing, big data, and artificial intelligence are expected to offer impetus to market growth in the region.

The LAMEA region is noted to encourage cloud computing to grow at a significant rate in the pharma industry market with increasing awareness and developing cloud infrastructure.