Clinical Research: An Outsourcing Opportunity (Analyst Insight)
Ovum, March 2010, Pages: 12
The life sciences industry is facing significant challenges, many of which are unique to the sector. At the same time, the market as a whole is becoming more open to outsourcing, having begun to shake off the conservatism that dogged it in the first half of the last decade. Consequently, there are increasing opportunities for outsourcing vendors to make their mark in this potentially highly lucrative industry. Here we provide an overview of the issues facing the pharmaceuticals (pharma) and biotechnology (biotech) sectors and highlight a key outsourcing opportunity around the delivery of services related to the clinical research and development process.
SUMMARY
Impact
Ovum view
Key messages
PHARMA AND BIOTECH HAVE BEGUN TO EMBRACE OUTSOURCING
Pharma is facing significant challenges
R&D costs are a major issue for pharma companies
OUTSOURCING CLINICAL TRIALS CAN SIGNIFICANTLY REDUCE COSTS
The market for CROs
CROs: part of the KPO landscape?
OUTSOURCING GIANTS ARE ESTABLISHING THEMSELVES IN THE PHARMA MARKET
Expanding service range to include KPO for life sciences clients
Outsourcers are focusing on clinical data management
RECOMMENDATIONS
Avoid direct competition with CROs
Utilize a multi-shore delivery model
Understand the specific concerns of pharma companies
Recognize the importance of strong client relationships
APPENDIX
Further reading
Methodology
List of Figures
Figure 1: Value of IT services deals awarded by pharmaceutical companies, 2002-2009
Figure 2: An in-depth look at the clinical trials process
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