Pharmaceutical companies 'fear falling behind in e-race'
A business survey says one in three pharmaceutical companies thinks it is falling behind competitors in the race to develop internet initiatives.
Cap Gemini Ernst & Young's survey found 30% of pharmaceutical groups were worried they would lose competitiveness through their failure to use the internet.
Competitiveness was also cited as the main reason for investing in the internet.
In all, 48% of companies said they were developing e-business initiatives to give themselves an edge.
Stephen Phillips, global head of Cap Gemini Ernst & Young's Life Sciences & Chemicals Group, said: "Falling behind competitors in the development of e-business initiatives could be catastrophic for some pharmaceutical companies.
"As changes occur so fast that new developments quickly become the industry standard, falling below that standard is a sure-fire way to destroy your business."
The survey, which spoke to 42 senior managers in 12 countries worldwide, found that while large-scale transformation had failed to materialise, companies were beginning to reap the benefits of their initiative.
Some companies said they had seen a 50% reduction in the time it took to submit reports for regulatory approval following the completion of clinical trials, and 68% said advances offered by the internet would have most impact on the way they marketed and sold their products.
Mr Phillips said: "The greatest obstacle to attaining competitive advantage will not be technological but the task of managing change and monitoring the initiatives most effectively.
"The winners will be those companies that recognise the incremental nature of the transformation and adopt a pioneering approach."
