What do you estimate that large and mid-tier pharmaceutical companies will spend on master data management (MDM) services and software from 2010 to 2012?
The money that pharma companies stand to save as a result of MDM will more than exceed their investments as long as they:
1. Deliberately plan their MDM programs. Successful MDM programs in pharma and health sciences mandate a requirements-driven, roadmap-enabled approach. This will also help with budgeting and resourcing -- ongoing challenges in many of these companies.
2. Apply rigor around their MDM investments. Pharma companies have a tendency to prefer vendors that are already in-house. We find that often translates into overinvestment.
This was first published in May 2010