The pharmaceutical industry’s steady growth curve is beginning to shorten and is facing some significant challenges. The development costs are skyrocketing, the dynamics changes in political landscapes, uncertainty around regulatory and reimbursement, patent cliffs, and a sluggish global economy all have caused the industries to reconsider their strategies. To respond to these pressures, pharmaceutical companies are intensely focusing on generating more value and productivity from every penny spent on R&D. The challenge of accelerating pharmaceutical product development while also controlling costs creates a difficult balancing act for the industry.
Pharmaceutical companies, big or small, are now waking up to the realisation that doing everything alone is no longer a viable response. Through the use of strategic outsourcing with third-party vendors, this is the time for the pharmaceutical industry to accelerate outsourcing activities and learn from the experience of other industries to maximise their internal resources, while at the same time enter into risk-sharing agreements with CROs to generate significant cost savings.
With around 80% of companies viewing contract relationships as partnerships, challenges in outsourcing and partnerships must be tackled. Challenges such as, performance quality, regulatory requirements, legislations, and communications can cause delays in data transfer and deadlines. Therefore, it is of paramount importance that outsourcing is correctly undertaken and fully understood.
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Outsourcing in the pharma sector – Why develop a partnership?
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Supplier management and collaboration
Risk based approach
Vendor relationship management
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