Transparency Market Research Reports included a detailed market survey and analysis trends on “”. This report also includes more info about basic overview of the industry including definitions, applications and global market industry structure.Biopharmaceutical industry is one of the major
contributors in global economic progress. Due to globalization,
outsourcing of the biopharmaceutical processes has increased to great
extent. Complexity of processes and technology oriented industry
companies started finding it feasible for outsourcing processes to
experts. Outsourcing also helped corporate in cost reduction and better
focus on core business segments. Once considered as a cost saving
alternative, outsourcing of biopharmaceutical business is now a
strategic decision.
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Biopharmaceutical
market is very competitive and global players occupying majority of
market share operate in same geographies. Although advent of generics is
an opportunity for small pharma companies, it is major threat to
branded drug manufacturers. It forces companies to invent new sources
for revenue generation. Rising cost of drug discovery, regulatory
policies and drug recalls have added to worries. Under such
circumstances, biopharmaceutical companies have started outsourcing
their non-core and some core businesses to externs. Due to complex
nature of biopharmaceutical business, various outsourcing opportunities
have been created across the value chain.
One
of the major problems that companies face in the era of globalization
is the trade barriers to enter in a new market. Outsourcing can prove to
be an important factor in overcoming the trade barriers and gain entry
into to a foreign market. By outsourcing business, companies also gain
access to new technology, with reduced investment cost. This dictates
better operational and financial efficiency. Major outsourcing
opportunities exist in drug discovery, clinical trial management and
logistics, manufacturing, and distribution. Owing to global reach
clinical trial management is one of the fastest growing outsourcing
businesses in biopharmaceutical industry. Various companies have
expertise in clinical trial logistics; some of them include Parexel,
World Courier, DHL, Pharmaceutical Product Development, LLC, B&C
Group, and Fisher Clinical Services. Outsourcing of research and
development activities has also reduced the time-to-market time.
Thus
companies can launch new products at a shorter time span, thus
developing competitive edge. With increasing trend in outsourcing
manufacturing, original equipment manufacturing (OEM) business is
growing rapidly. IT and packaging are also major areas where
biopharmaceutical companies prefer outsourcing business. Rapidly
developing technology and lack of expertise has given rise to services
such as molecular imaging, companion diagnostics, construction of
antibody library, cell line and biomarker development, and genomic
testing. Various companies are taking the strategic decision for better
business management. In 2011, Pfizer signed an agreement with Parexel
for clinical development services; Astra Zeneca also signed a deal with
IBM for IT outsourcing in 2013. Outsourcing also allows better resource
utilization for maximum productivity. Geographically Asia-Pacific is
expected to be the major point of focus for biopharmaceutical
outsourcing market. India and China are the most preferred destinations
for outsourcing, where large pool of skilled labor is available at lower
cost. High costs in western countries have also a factor contributing
to flow of biopharmaceutical outsourcing to Asia-Pacific region.
Biopharmaceutical
outsourcing market also faces certain drawbacks. Outsourcing business
comes with its own risk of credibility. In 2013, GlaxoSmithKline filed a
lawsuit against Hospira, for not complying with quality standards.
Hospira may pay USD 25 million to compensate the damage. Other factors
restraining market growth are lack of control and coordination in
processes, and real time process updates. To overcome these drawbacks
proactive risk management and effective process control must be
considered as prerequisites for outsourcing business.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Europe
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
Transparency
Market Research (TMR) is a market intelligence company providing global
business research reports and consulting services. Our exclusive blend
of quantitative forecasting and trends analysis provides forward-looking
insights for thousands of decision-makers.
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