Healthcare insiders know that the industry is undergoing unprecedented change and companies and providers alike must adjust to new challenges and opportunities. Although outsourcing of various services was always a standard industry practice, there has been a recent, noticeable shift in the type and the number of services companies are delegating to third-party vendors. Some of the key drivers of outsourcing include staff and cost pressures, the desire to enhance focus on core business processes and the ability to rapidly deploy critical new programs. By partnering with trained, compliant and specialized third parties, pharmaceutical and life sciences companies can increase efficiency and effectiveness and better balance cost and value.
Key Outsourcing Trends
According to outsourcing experts, below are a few of the biggest outsourcing trends in the pharmaceutical and healthcare industries:
Pharmacovigilance – As more companies recognize the importance of effective drug safety in ensuring patient safety, product integrity and company reputation, they also recognize the immense cost savings and efficiency that can be achieved by outsourcing pharmacovigilance services to an expert provider. The Transparency Market Research report found the global pharmacovigilance market to reach a market worth of $5 billion in 2019, and with good reason as these third-party partners have the ability to balance high quality adverse event processing and reporting with unpredictable volumes, all while meeting new needs in signaling, surveillance and risk management.