Software Development & Integration Services For Small to Medium Sized Biotech Companies
There is a current growth increase in the biotechnology industry, which began in the 90’s and is progressing with more intensity into 2021. The current growth is a welcome and promising occurrence, especially for software development and integration services for small-to-medium-sized biotech companies. After what was a surging year for biotech in 2019, the entire sector slowed down significantly in early 2020 due to COVID-19-related market uncertainties. By the end of 2020 the market picked up speed again, a trend largely and perhaps ironically attributed to the need for new methods of dealing with infectious diseases.
What is the current market state for biotech companies? What challenges do biotech companies face in 2021 and beyond? How does major biotech software aid the biotech sector in overcoming those challenges? Read ahead for important information on software development and integration services for small-to-medium-sized biotech companies and relevant market status projections.
What is Software Development & Integration?
To understand software development and integration it is perhaps most beneficial to break the term into two separate phrases. Software development is the creation, writing, coding and development of new software products for various applications, businesses and even entire industries. Software integration employs four different methods with the combined primary goal of unifying numerous individual sub-systems into one whole, or integrated system. Four different methods employed in software integration are vertical integration, star system integration, common data format integration and enterprise service bus (ESB).
Challenges Facing Biotech Companies Today
Biotech companies are facing significant challenges in 2021. Some of these challenges are residual from COVID-19-related issues in 2020, which have continued to varying degrees into present day. Others are simply par for the course in this particular industry. Beginning with the latter, it is typical for expenses pursuant to research and development (R&D) to be elevated at a level so high it is difficult to turn any profits. This often requires partnering with investment and acquisition organizations to overcome. Biotech companies developing new medicines some times require as much as a decade to see the drug reach market fruition, if it even makes if that far at all.
The COVID-19 pandemic also created a two-to-three month halt in negotiations and relevant investments into the industry during the spring of 2020, from which the sector is finally now beginning to recover. One of the ways the biotech industry is recovering is through the use of software development and integration systems, which are aiding many biotech companies in the accomplishment of their important goals.
How the Development of New Biotech Software & Integration Systems Aids Biotech Companies in Overcoming Current Challenges
The biggest software-related factors aiding biotech companies are the use of automation and artificial intelligence (AI) in integrated software systems. Development of such software by top integration services is helping refuel the market status for biotech and biotech software companies alike. Market stimulation is important because it also aids biotech companies in financing research crucial to finding cures and understanding the root causes of major medical issues experienced by not just U.S. citizens, but people the world over. The development of cutting-edge automation and AI biotech software/integration systems, however, is perhaps an even more important aid.
Automation reduces the probability of human error to almost zero percent. Automating numerous tasks previously done via manual processes is a primary reason for this increase in efficiency and accuracy. Artificial intelligence not only improves and expedites the completion of tasks, but also increases the breadth of insight into solutions for previously time-consuming complications and problems. Productivity is boosted. Overall functionality is improved. Time previously spent on tedious manual tasks is now also capable of being prioritized in think-tank sessions and on countless other poignant/pressing matters.
Biotech software also helps more effectively manage laboratory schedules, tasks and reporting. It also improves imaging and bioinformatics processes. There is very little the top integrated biotech software systems are incapable of helping biotech companies achieve. The aid the top biotech software provides to biotech companies pursuant to overcoming its many challenges is significantly notable from both a scientific and market perspective.
Exploring the Software Market for Biotech Companies
There are several important factors to consider pursuant to the current and projected future software market for biotech companies. The biotech market across the globe is forecast to grow to more than $833 billion dollars through 2027. This is an approximate fifty-three percent income from its more than $447 billion dollar global share in 2019. There are frequent opportune growth spurts containing increased IPO action. Smaller-sized startup companies have significant opportunities in this type of market environment. Investments into biology are increasing, elevating Series B rounds to approximately fifty million.
Projected market conditions are expected to afford smaller companies housing laboratories operating on full automation increased opportunities and production possibilities going forward. Biotech companies embracing full automation and significant use of AI, including the software manufacturing companies supporting them, are projected to have the most market share success in the foreseeable future.
Major Biotech Software Available Today
Certain biotech software companies are major players in today’s market and the market of the future. Companies such as Areus Development and Gilead Sciences are included among them. Additional major biotech software available today includes:
Pricing Information for Biotech Software & Integration Services
Pricing for biotech software services is frequently available only via direct quotes from each providing company. This is in large part because most biotech software is customized for each biotech company requesting software services. It is also heavily trending for each biotech company to build its own proprietary software systems internally using its own IT staff. The nature of the biotech industry, especially those dealing with the development of new medications, is highly protective of its own products. Pricing is therefore dependent upon needs as well as whether an internal or external developer is used to build the integrated software systems.