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Core research & development services integral to global pharmaceutical outsourcing

Recently published research shows a major shift in global pharmaceutical companies outsourcing core research and development (R&D) services such as drug development and clinical trials through strategic third-party collaborative partnerships.

Jan. 17, 2012 - PRLog -- Key findings in the report discuss the following market dynamics:

> Over the last few years, the pharmaceutical industry has expanded its focus from primarily R&D to include, among others, sales and marketing and process re-engineering. The industry is attempting to slowly move away from the traditional approach of direct sales.
> On an average it takes around 10 years and USD 1 billion in costs to develop a single drug. There has been a significant increase in the adoption of a third party collaborative strategy by these firms to reduce R&D costs, shorten drug development processes, and increase profitability through effective sales and marketing efforts. The reliance on partners and collaboration with third-parties to increase the efficacy of R&D efforts is indicative of the new business model for pharmaceutical companies.
> Most of the R&D challenges are addressed through clinical data management (CDM) services and analytics offerings that provide meaningful data insights. These are some of the popular services, along with other core services such as clinical research and drug safety evaluation that are offered by leading service providers in this industry.

The Asia-Pacific region is growing as a strong outsourcing destination with India, South Korea, China and the Philippines being the major base for outsourcing service providers. Apart from drug discovery, a lot of manufacturing centres have opened in the region. These service providers usually engage full time equivalents (FTEs) for their pharmaceutical clients. Domain knowledge is very critical for this industry and service providers are looking to improve their capabilities by acquiring smaller, niche companies and hiring experienced industry professionals.

The benefits of outsourcing have progressed beyond cost and labour arbitrage in the industry. Similar to other industries, services such as finance and accounting, human resources and billing were among the first to be outsourced. Over the past few years, the outsourced services have moved up the value chain to include core functions such as R&D. Pharmaceutical companies retain their competencies in-house and leverage the support of service providers to increase their productivity.

Trends such as these and others have been explored in the new HfS Research Market Landscape titled “The Pharmaceutical Industry Sourcing Landscape 2011: Pharmaceutical Outsourcing Expands To Include Core Services”. The study investigates industry drivers and the major services outsourced, the service provider landscape and segmentation, and a discussion of trends in outsourcing over the next few years.

For more information, please contact:
Nandita Harendra | Corporate Communications | T: +91 20 6623 1796 | E: nandita@valuenotes.co.in
ValueNotes - Corporate | Research & Consulting | Outsourcing Intelligence

About ValueNotes
ValueNotes, based in India, is a leading provider of market intelligence and research, with expertise across industries. Our strengths lie in our analytical ability, industry expertise, and the research and data collection skills of our researchers and analysts. We have built strong capabilities in the collection, interpretation and analysis of data – including quantitative and qualitative research.

The ValueNotes Sourcing Practice is a dedicated team that actively tracks and researches the global outsourcing segment. The Practice has released several research reports on niche outsourcing areas, with a particular emphasis on the knowledge services domain. Our analysts work closely with leading IT-BPO companies and client organizations, both in India and globally through a variety of research based engagements. Our core research offerings include industry reports, as well as bespoke research services such as market/location assessments, partner/vendor selection, among others.

For more information about ValueNotes, please email bporesearch@valuenotes.co.in.

About HfS Research
HfS Research is the leading research analyst advisory firm covering global outsourcing and shared services strategies.

With 50,000 subscribers, HfS Research provides the most influential and frequently visited collaborative research network in the global services industry, providing rapid and insightful commentary, analysis and debate of enterprise outsourcing dynamics. The organization is unique because it integrates personable social networking with market research and advisory services.

The HfS Research mission is to provide a unique environment for collective research, opinion, experience and knowledge across the global outsourcing industry to help enterprises explore new performance thresholds. Led by industry expert Phil Fersht, the HfS Research team is a multi-disciplinary group of analysts across North America, Europe and Asia/Pacific regions.

HfS Research's in-depth analysis covers business process outsourcing, information technology outsourcing, cloud business services, shared services and governance strategies, in addition to industry trends across financial services, manufacturing, utilities, energy, healthcare, pharmaceutical retail and media sectors. The firm's service provider performance evaluations, pricing strategy assessments, market forecasts and sourcing best practices help multiple companies worldwide today.

Launched in 2007, HfS Research's acclaimed blog Horses for Sources has more than 120,000 monthly visitors across the global outsourcing industry, and is widely recognized as the leading destination for collective insight, research and open debate of industry issues and developments. The HfS LinkedIn community is thriving, with more than 12,000 industry professionals sharing views and information daily. More information about Horses for Sources can be accessed at www.hfsresearch.com. The company can be followed on Twitter at www.twitter.com/horses4sources and LinkedIn by joining The BPO and Offshoring Best Practices Forum.

For more information about HfS Research, please email research@HfSResearch.com.

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Location:Pune - Maharashtra - India
Industry:Pharmaceuticals, Business, Outsourcing
Tags:Pharmaceutical, Outsourcing, R D, Drug Development, Research, Valuenotes, Hfs, Clinical Data Management, Clinical Trials
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