Be it addressing issues with insurance companies pertaining to medicine coverage, pioneering new treatments for complex maladies, or dealing with the minutiae and increasing cost related to drug development, pharmaceutical companies are faced with a plethora of challenges. With an aim to do more with less, pharma outsourcing appears the perfect opportunity.
Pharmaceutical outsourcing has expanded over the years, and indications are that it will continue to amplify through the next decade. Several functions formerly considered imperative, such as in-house animal toxicology testing, now rarely exist within pharmaceutical companies. Pharmaceutical developers and manufacturers of all sizes, particularly large international companies, are increasingly outsourcing many tasks and functions formerly considered in-house core competencies. The fundamental nature of the pharmaceutical industry has changed as cost management, and process efficiencies become critical to survival. Outsourcing has become an industry standard and now encapsulates a full range of services–from screening and lead identification to toxicology and different preclinical studies, clinical trials, marketing, and manufacturing at all scales.
Outsourcing has established its efficiency at reducing operational and infrastructure costs. Similarly, the arrival of RPA (Robotic Process Automation) in the field of pharmaceutical assures to change the game by using digital robots to perform high-volume and repeatable tasks. Additionally, the industry is also increasingly embracing digitalization of data in the supply chain, which, in turn, provides scope to carry out more automated processes. The enactment has resulted in the introduction of compulsory barcodes on pharma packaging and the transfer of large volumes of data in the supply of medicines. The use of big data in trials is also increasing expeditiously and has enhanced the quality of data collection, allowing improved analysis of large data sets. Against this backdrop, the outsourcing market is strengthening as companies seek to add scale, stretch out geographical presence, and achieve synergies to gain a competitive advantage.
Keeping this enormous growth in the demand for outsourcing services in mid, Pharma Tech Outlook has compiled a list of top 10 pharma outsourcing consulting/services companies. With several innovative technological capabilities and success stories up their sleeves, each of these pharmacy outsourcing consulting/services companies are continually proving their mettle in the field of pharmaceutical development. We hope this issue of Pharma Tech Outlook helps you build the partnership you and your firm need to foster a technologically-driven environment.
We present to you Pharma Tech Outlook’s “Top 10 Pharma Outsourcing Consulting/Services Companies - 2020.”