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The Life Sciences industry today is facing major challenges in the form of patent expiry, shift to Biotech, changing government regulations, increasing competition from generics, shift in product demand from developed nations to emerging markets and increasing focus on patient centricity. With increasing M&As in the industry, there is an urgent need for the companies with disparate systems to have synergies and speak the same language. The industry is now looking at new business models and solutions that will deliver superior business outcomes while at the same time optimize costs, reduce time to market for a drug and meet the regulatory requirements. As these factors are dependent on IT collaboration, the life sciences industry is gradually bracing up to face the challenges and meet its requirements through partnership with IT companies.