Pharma: IP/Patent Management Software Market Trends
Category Intelligence on Pharma: IP/Patent Management Software covers the following
- Information relating to market, supply, cost, and pricing analysis
- Hard to find data on cost and TCO models, supplier details, and performance benchmarks
- Macroeconomic and regional trends impacting cost, supply, and other market dynamics
- Category-specific negotiation and sourcing advice
Industry Outlook & Drivers
Global Market outlook on Pharma: IP/Patent Management Software
- Owing to the increase in demand for intellectual property protection the suppliers are expanding their service offerings by extending the presence in other geographical regions by expanding as a standalone company or through mergers and acquisitions
- Large sponsors are working with large global IP management companies who has presence across the sponsor's operating regions, so that it will be easy for data consolidation. In some particular scenario, they work with regional supplier for their local needs.
- CPA global is a preferred global supplier and Treparel is a preferred regional supplier for Netherlands
- “IP Management Software market is expected to grow at $ 16.51 billion by 2025 from $4.12 billion in 2016 at the rate of approximately 16%. Key trend, which will predominantly effect the market in the coming year, is increasing the demand for intellectual property protection”
- Large pharma and agro work with a global supplier for their overall IP management and regional supplier for their local needs
- “The importance of staying competitive and widespread implementation of smart system management is encouraging software developers to invest in intellectual property management software”
- Thus, owing to the increasing significance and growing demand, the Software suppliers have started expanding their service base to different regions by establishing new offices or by acquiring or merging with another prominent player in the region. E.g., 1) “Ipan group, one of the leading providers of IP management services and software, has expanded its team in Europe in France and the UK, owing to the demand from its international clients” 2) “Industry pioneer IPfolio recently entered into a partnership with ProspeQt-a Brazilian player, to grow its presence in the emerging market of South America”
- Large pharma and agro suppliers are working with large established global IP management companies, who has presence across the sponsor's operating regions, so that it will be easy for data consolidation. In some particular scenario, they work with regional supplier for their local needs.
IP becomes central to R&D innovation:
“with increased focus on new product development and innovation, coupled with recent breakthroughs in collaboration and analytics, R&D and IP will work more seamlessly together in mitigating risks, while increasing strategic focus around collaboration and invention.”
Mergers and acquisitions:
Lot of mergers and acquisitions are happening across the industry. Example: Syngenta acquires Abbott & Cobb, a vegetable seeds breeder, BASF acquires a part of Bayer's seed and non-selective herbicide businesses, Chemchina acquiring Syngenta.
With this increasing trend of M&A happening in the agro industry, The IP and patent management is also increasing in significance.
- Big Data has become an important aspect of IP/patent management
- Artificial intelligence will maximize efficiencies in examining IP/patent data, technology scouting, etc.
- Patent analytics technologies play a significant part in merger and acquisition transactions
IP functions transition more to the cloud
- The companies still have most of their IP data onsite, yet the volume and velocity of the data is too much to handle internally
- The power of the infrastructure is enormously advanced in the cloud, thereby leading to better cost models, quicker and more scalable results
IP departments get security budgets
- Dedicated security operations for IP departments has become a necessary measure
- Currently, there are no allocated budgets for IP IT teams to enable the security monitoring and trends for these systems
- “Managed services and cloud infrastructure have a major dual benefit of an improved technical experience with a more manageable cost model”
Patent professionals become Big Data scientists
- IP professionals are becoming more savvy about data quality, practical decision metrics, and analytics, which is triggering to integrate more and more data into a unified model
- The necessity for Big Data to integrate all the data, including company financials, litigation, services, renewals, and software, is understood phenomenally
Artificial intelligence improves data quality
- The industry has begun to exploit the power of AI to apprise data quality and optimize outcomes in critical decisions
- The volume and quality of data are getting close to complete and enormous amount of information is now readily available through software
- Layering in AI-based algorithms minimize the complexity of understanding of all the data and sponsors continue to partner with suppliers around these solutions
- “Deep learning and neural networking is the next big thing. In the patent space, it is being used in many ways, including improved translations, classification, and search.”