Structured Content and Product Label Management Market Overview
In today’s complex, global medical science and devices marketplace, the ability to manage product information is highly challenging. Many verticals across the organisation use the information for many purposes like packaging, labelling, promotional material distribution and product web pages. Each department commonly takes a copy of the approved content and tweaks it according to their own need, leading to process inefficiencies and potential product misinformation. There are also many consumers like regulatory bodies, academic research centres, medical professionals and the general public who may require it. The need to ensure greater control over critical product information is what product label management is all about. It is what drives the Structured Content and Product Label Management Market.
Companies create massive amounts of content related to the products they are selling in the market. Adding regulatory compliances to the mix makes the material produced grow explosively. Content management systems are a part of the overall Structured Content and Product Label Management Market. Content management systems help an organisation keep track of documents that may be deployed for several years. However, they miss the mark in allowing quick re-use of crucial information and reducing authorization time.
Structured Content and Product Label Management Market Drivers
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A desire to deliver standardised content to a diverse audience on different platforms is a major driver of the Structured Content and Product Label Management market. Most content is digitised now and it should work as desired whatever the device screen size, operating system or application the target audience views it on. For technical or medical documentation, there could be legal or contractual requirements which require producing a hard copy or a stand-alone PDF file at the very least. Sometimes, structured content might also be needed to customise for a specific client (branding), or customer (differing information according to tastes, needs, interests and preferences).
Maintaining consistency on a global level is the second driver of the Structured Content and Product Label Management market. Product labels are a complex mix of regional requirements which can affect many areas of a business or organisation. Even a small labelling change can have a massive global regulatory impact. This is multi-dimensional, affecting compliance in different departments like manufacturing, business development, marketing and also local labelling guidelines. Every organisation must maintain content consistency and propagate the changes across documents, right from the Core Data Sheet to the localised label. With less traceability in the high volume of content being generated daily, product quality and regulatory compliances can be very easily compromised.
Structured Content and Product Label Management Market Restraints
The challenges in the Structured Content and Product Label Management market can broadly be divided into four main ones – managing frequent content changes, customizing it for different health authorities, global regulatory requirements and last but certainly not the least, cost cutting pressures. Digital structured content is usually written in a word processor but as content moves closer to completion, its format is changed. It is difficult to ascertain where changes have occurred and changes in multiple documents must be ascertained and manually rectified making it an error-prone, time-consuming job.
Health authorities require content to be submitted in a form of their requirements. This can include reordering, removing, modifying or even adding certain content. It may need to be prepared for different health authorities with specific formats. In addition to regulatory bodies in one country, content must also be translated into multiple languages. The changes and updates must be reflected properly in each translation which increases the cost by a significant amount. This is a major restraint in the Structured Content and Product Label Management market because there is pressure to drive down R&D costs which are substantial in the medical industry. Each country may have very different product labelling and content norms which are an unavoidable legal expense and companies wishing to enter those markets must comply with them.
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Structured Content and Product Label Management Market Key Market Players
A few of the companies involved in the Structured Content and Product Label Management market are Virtify, Dita Exchange, ArborSys, PAREXEL, NextDocs, and Qumas.
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