If the last few years felt like the Dark Ages for the life sciences industry, its Renaissance is emerging, fueled by new growth and the promise of reshaping processes and patient care with powerful new technologies. The upbeat vibe is palpable and uniquely different from what the industry has experienced during the past three years.
The industry as a whole is returning to growth. During 2011 to 2014, big pharma as a cohort, including such companies as AstraZeneca, GSK, Novartis, Roche, Pfizer, Eli Lilly, Merck, BMS, and Sanofi, saw its compound annual growth rate (CAGR) decline nearly 5%. The industry now is expected to grow at a healthy 3% to 6% CAGR between 2015 and 2018.1 Four factors contribute to this: