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Healthcare IT spending to hit $40B in 2011

Friday, May 27, 2011 at 8:40:00 AM


 Healthcare IT spending is expected to reach $40 billion by the end of this year, according to a studyfrom market research firm RNCOS.

Much of that growth will come from spending on electronic health record (EHR) systems, mobile health applications and efforts to comply with new government standards.

Boosted by increased spending on healthcare software -- which is needed for the rollout of EHR systems -- the U.S. healthcare IT market is expected to grow at a rate of about 24 percent per year from 2012 to 2014, the study said. Spending on healthcare software rose 20.5 percent in the past year, from $6.8 billion in 2010 to a projected $8.2 billion this year, according to RNCOS.

Recent mergers and acquisitions in the healthcare IT market also point to growing private-sector interest in software, which will see sales grow at rate of more than 30 percent annually from 2012 to 2014, the report said.

The study attributed some of the increase in spending to the Healthcare Reform Act, the new ICD-10 coding system and adoption of EHR systems, which will be mandatory by 2015. Also a factor: Medicaid enrollment, which is expected to increase by 16 million people by 2019.

ICD-10 is a comprehensive medical coding system that includes more than 55,0000 codes; hospitals are required to be using it by Oct. 1, 2013.

And the adoption of EHR technology -- hastened by the requirement that healthcare facilities must achieve  Posted By Rich Kneece.
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Tags: Emr  Healthcare  It  Meaningful Use  Mobile  Smartphones  Spending  Technology  

Hiring in Life Sciences Up Globally

Tuesday, November 02, 2010 at 12:00:00 AM


Life sciences hiring in the third quarter was up, according to the ZRG Partners Global Life Science Hiring Index. But unless workers were employed in Europe, Asia or Africa, they probably didn’t notice; the Americas actually saw a decrease in hiring that bucked the otherwise positive global trend.

Asia Pacific drove a 20 percent increase in hiring, while Europe/Middle East/Africa pushed a 10 percent hiring increase in the life sciences industry in Q3. The Americas saw a 2 percent decline in hiring. The index shows the good news in the Americas stemming from a 23 percent increase in hiring in life sciences research and development; all other work roles – sales and marketing, IT, finance, general and executive – saw drops in Q3 hiring.

Pharma, biotechnology and medical device and supply helped push the hiring increases, but outsourcing and services showed flat hiring.

See the entire article at Mass High Tech.

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2010: A Year of Big Layoffs for Big Pharma

Thursday, October 21, 2010 at 12:00:00 AM


According to the newly released Job-Cut Announcement Report from outplacement consultancy firm Challenger, Gray & Christmas, pharma has cut more than 6,000 jobs in September alone, and more than 43,000 so far this year.

Which companies have contributed to this staggering number, and what are the underlying causes of job losses in the industry?

Most recently, Sanofi-Aventis announced its plans to eliminate 1,700 jobs in its US pharma business—about 25 percent of the company’s US pharma workers. The majority of jobs lost will be sales positions, and a small number of administrative jobs will disappear as well.

Before that, in September, Roche announced its “Operational Excellence Initiative,” which—while partly intended to analyze and restructure different segments of the company to maximize productivity and ROI—ultimately amounted to job cuts in an effort to “set the right priorities to ensure a successful future,” according to a statement released by Roche.

In May, Pfizer announced 6,000 layoffs that it said was part of “manufacturing reorganization” following its 2009 Wyeth acquisition. Possibly part of its plan to remain on track for its targeted cost reduction of $4 to $5 billion by the end of 2012, Pfizer has gone from nearly 114,000 employees internationally in Q 1 2010 to around 33,000 as of May of this year, according to a story on DailyFinance.com.

Following its 2009 acquisition of Schering-Plough, Merck began making cuts in February. The post-merger cuts would be a way to “eliminate some of the duplication,” according to a statement made in January by Merck CEO Dick Clark. “We have taken the best from both companies, from a process standpoint and a people standpo...

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Pharmaceutical Pipelines Begin to Show Promise

Thursday, October 14, 2010 at 12:00:00 AM


The predicted five percent to seven percent growth of the global pharma industry surpasses the four to five percent pace of increase from 2010.

According to a forecast released last week by IMS Health, the value of the global pharmaceutical market is expected to grow five percent to seven percent next year, reaching $880 billion.The IMS forecast takes into account macroeconomic conditions, changing levels of patient access, availability of drug treatment options, and pricing factors.

As countries recover from the global economic crisis at different rates, there is growing divergence in the pace of pharmaceutical growth among major markets, says the report. The 17 pharmerging countries are forecast to grow at a 15 percent to 17 percent rate in 2011, to $170-180 billion. Many of these markets are benefiting from greater government spending on healthcare and broader public and private healthcare funding, which is driving greater demand and access to medicines. China, which is predicted to grow 25 percent to 27 percent to more than $50 billion next year, is now the world’s third-largest pharmaceutical market.

Among major developed countries, Japan is forecast to grow 5 percent to 7 percent in 2011. The five major European markets (Germany, France, Italy, Spain, and the U.K.) collectively will grow at a 1 percent to 3 percent pace, as will Canada.

The US will remain the single largest pharmaceutical market, with 3 percent to 5 percent growth expected next year. Pharmaceutical sales in the US will reach $320- $330 billion, up from $310 billion forecast for this year, not including the impact of off-invoice discounts or rebates.

See the Posted By Rich Kneece.
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Tags: Drugs  Growth  Industry  Pharmaceuticals  Pipeline  Sales  

Pharma Companies Bring in Big Investments

  Research companies are getting large investments, but are they hiring?

Thursday, August 19, 2010 at 12:00:00 AM


It appears pharma companies in Philadelphia are bringing in big investments...

Last week, TetraLogic Pharmaceuticals Corp., of Malvern, said it raised $32 million in its latest financing, which was led by Clarus Ventures L.L.C., of Cambridge, Mass.

Other investors included Amgen Ventures , of 
San Diego; Hatteras Venture Partners, of Durham, N.C.; HealthCare Ventures L.L.C., of Princeton; Posted By Rich Kneece.
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Tags: Hiring  Investment  Jobs  Pharmaceutical  Research  Trends