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The healthcare industry is undergoing a transformation. Healthcare corporations are being forced to rethink their competitive strategy due to unmet medical demands, an ageing population, growing healthcare expenses, and a lack of pharmaceutical pipelines. In addition, customers are becoming more involved in healthcare. Patients are becoming more informed and aggressive in their healthcare decisions, increasing the pressure on the sector to reduce costs via innovation. The healthcare industry, which includes pharmaceutical, biotechnology, and medical device companies, as well as government agencies like the Food and Drug Administration (FDA), healthcare providers, insurers, and consumers, is a dynamic and unique entity that is rapidly moving toward highly automated and electronic environments in which the storage, management, and use of complex data is critical to success. Pharmaceutical firms are at the core of the healthcare debate in the United States. The industry is reorganizing, consolidating, and reevaluating its competitive tactics in response to market and regulatory factors. The cost of bringing a single new medicine to market has continuously risen to between $500 and $800 million. High failure rates of other candidates owing to effectiveness and safety issues account for up to 75% of the total cost of any commercialized medicine.
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