The life sciences industry comprises companies operating in the research, development and manufacturing of pharmaceuticals, biotechnology-based food and medicines, medical devices, biomedical technologies, nutraceuticals, cosmeceuticals, food processing, and other products that improve the lives of organisms.
At Scilife, we focus on developing software as a Solution to meet the quality and safety compliances in the life science industries.
Pharmaceutical companies develop and distribute medicines to cure, treat or prevent diseases and conditions. Pharmaceutical companies may produce generic or innovator medications.
In the year 2019, the global pharmaceutical industry made an estimated business worth $1.3tn. The top pharmaceutical companies such as Pfizer, Roche, Merck, Johnson & Johnson, and Novartis had a significant share in the industry's growth with innovative new product launches.
Biotech firms use the natural processes of living organisms to manufacture products, food and medicinal products or solve challenges.
The global biotechnology market size was estimated to value at $449bn in the year 2019 and is expected to be worth $727.1bn by 2025. The largest biotech companies include Novo Nordisk, CSL, Gilead Sciences, Celgene and Allergan.
Medical device companies develop and manufacture medical and surgical instruments that can be used to diagnose, prevent, monitor, and treat medical conditions. A medical device can be an instrument, machine, implant, apparatus, software or a combination of these all.
The complex unmet patient needs drive the growth of the medical device industry. In the year 2019, the global medical devices market was worth nearly $456.9bn, with top medical device companies Medtronic, Thermo Fisher Scientific, Johnson & Johnson, Abbott and GE Healthcare contributing mainly with the release of new technologies. The leading tech giants such as Google and Apple have started making big strides in this area. The tech giants are leveraging their core strengths to develop 'Software as a Medical Device'.
Contract research organisations (CROs) or contract manufacturing organisations (CMOs), sometimes called Contract Development and Manufacturing Organizations (CDMOs), play a critical role in supporting the pharmaceutical, biotech and medical devices industries. CROs and CMOs support clients’ efforts to research, test, refine, manufacture and market drugs, drug products and medical devices.
The contract research organisations (CRO) business value was estimated at $35.1bn in 2018 and is expected to reach $50.7bn by 2025. The top CRO companies such as Covance, Parexel and IQVIA are extending companies' capabilities and global reach through mergers and acquisitions, making the CRO marketplace increasingly competitive.