Life Sciences is seen as a hub for innovation and an industry that is working to improve the world by creating products to eradicate major diseases and improve the lives of people. One major technology company is a part of this rapidly growing industry that even in tough economic conditions provides a lot of scope for growth and development. This growth is driven, in part, by expanded consumer access to health care in the US through the 2010 Patient Protection and Affordable Care Act. Health care spending is expected to increase on average 4.9% during 2014-2018. Growth is also expected in other parts of the world, like Asia, Australia, Middle East, and Africa.
This company faces challenges from competitors. As a result of mergers and consolidations between customers, this company's customer base could become even more concentrated. In order to stay ahead of its competitors, this Fortune 500 company needs to spur innovation and attract and retain the best talent.