This industry analysis report, co-authored with HfS, examines the key business challenges faced by the global pharmaceuticals industry and the resulting impact of outsourcing within this segment. This industry has traditionally been the main support function for the healthcare system by innovating, marketing and supplying drugs. However, over the past few years, with increasing costs for research and development and marketing services, major pharmaceutical companies have turned towards external partners to help them design better drugs, control expenditures, and reduce capital investment.
Outsourcing has emerged as a key strategic option for these companies, as a slew of core and non core activities are executed through a streamlined third party collaborative approach. This results in faster turnaround times and lower costs for clinical trials and drug development. Apart from these specific activities, outsourcing partners help global pharmaceutical companies with their sales and marketing efforts. Traditional BPO activities such as billing, finance and accounting and call center support are increasingly outsourced as well to a select group of service providers offering a vast spectrum of services for the industry.