IT and networking spend in the pharmaceutical sector to leap

The firm sees expenditure rising from $24bn to $34bn, a year-on-year growth of 11.5%. Global IT and networking spend is expected to increase from $975bn to $1.1trillion.

Datamonitor analyst Christopher Herrick believes the emergence of data-intensive areas such as genomics and proteomics will fuel investment in pharmaceutical sector.

“As vendors search for growth many are starting to tailor their product lines to match vertical needs. The pharmaceutical sector appears like a diamond in the rough as investment continues to flow into it from the beleaguered technology, media, and TMT sector,” said Herrick.

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