Navigation Links
Pharma Industry Stretching Every Dollar: New Study Finds Rise in Outsourcing of Key Support Functions
Date:9/9/2012

CHAPEL HILL, N.C., Sept. 9, 2012 /PRNewswire/ -- The pharmaceutical and biotech industries are reeling from the patent expirations of many blockbuster drugs and increased regulatory scrutiny.  As a result, many of the "support functions" within drug manufacturing organizations – such as Market Research and Business Intelligence groups – are under mounting pressure to cut costs and demonstrate value. 

Burdened with headcount constraints and new products to support, executives can potentially gain critical efficiencies through the shrewd use of outsourced personnel and system automation.

According to a brand-new study from Best Practices, LLC, 73% of companies are now using outsourced personnel for some facet of Market Research.

"Market Research Efficiency Benchmark: Using External Personnel and Automation to Maximize Effectiveness," a brand-new pharma-focused benchmark study enables Market Research and Business Intelligence professionals to identify strategies, solutions, and key transition processes underway in the life science industry - and help organizations cut costs without sacrificing Market Research performance.

The study is based on research and data provided by 22 pharmaceutical and biotech executives from 19 different companies.

Sample key findings from this critical new research include:

  • External Personnel Hired One at a Time, Not En Masse:  For any particular Market Research function (secondary analytics, report preparation, etc.), benchmarked companies mainly contract just a single FTE or contractor.  At both Midcaps and Large Pharma organizations, many interviewed executives reported being short on bandwidth internally, and contract long-term external labor to fill this need.
  • Use of Automation in Market Research on the Rise: A majority (63%) of market research groups have succeeded in automating some facet of their function, usually in the outputting of secondary data and reports.
  • Loss of Strategic Insight Is a Common Outsourcing Worry:  The most commonly cited pitfall during increased outsourcing and automation is "loss of strategic insight."

To access the full report or to download a complimentary summary containing insights found in this report, click on the following link: http://www3.best-in-class.com/rr1166.htm.

For more information on this study and other recent primary research studies, contact us at 919.403.0251 or at bestpractices@best-in-class.com.

BEST PRACTICES, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies.

The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations.

Best Practices, LLC believes in the profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.

 


'/>"/>
SOURCE Best Practices, LLC
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Study Finds Utilizing Integrated Medical and Pharmacy Data Improves Ability to Forecast Use of High-cost Specialty Treatments
2. Report Presents a Framework for Successful New Oncology Product Launches in the Pharmaceutical Sector
3. WuXi PharmaTech Files 2011 Annual Report on Form 20-F
4. Savient Pharmaceuticals to Hold First Quarter 2012 Financial Results Conference Call on Wednesday, May 9, 2012
5. Pharmaceutical Industry Service Company Awarded The UKs Most Prestigious Business Accolade in Recognition of Outstanding Achievement in International Trade
6. Academy of Managed Care Pharmacy (AMCP) Installs 2012-2013 Board of Directors
7. Auxilium Pharmaceuticals to Present at the Deutsche Bank 37th Annual Healthcare Conference
8. Simcere Pharmaceutical Group to Announce First Quarter 2012 Financial Results on Wednesday, May 9, 2012
9. Nouveau Life Pharmaceuticals (HRID) Contracts with U.S. Manufacturer to Produce New Female Supplement
10. Thomson Reuters Launches New Mobile Oncology Decision Support Solution for R&D Pharmaceutical Leaders
11. Amgen to Acquire Mustafa Nevzat, a Leading Privately Held Turkish Pharmaceutical Company
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/1/2017)... BELL, Pa. , June 1, 2017 ... (PRN) and Veterinarian Recommended Solutions (VRS), and KD Pharma ... investment in Nutriceutical Holdings by KD Pharma Group. KD ... Holdings with the option to acquire the entire company. ... partner in KD. They are committed to growing the ...
(Date:5/29/2017)... 29, 2017  Cellect Biotechnology Ltd. (NASDAQ: ... enables the functional selection of stem cells, today provided ... first quarter ended March 31 st , 2017. ... in the first quarter of 2017," said Dr. Shai ... announced the treatment of the first blood cancer patient ...
(Date:5/23/2017)... Calif. , May 23, 2017  Leaf ... most innovative medical devices for pressure ulcer prevention, ... the American Association of Critical Care Nurses, National ... May 22-25. The Leaf Patient Monitoring ... specifically for the hospital environment.  The system seamlessly ...
Breaking Medicine Technology:
(Date:6/23/2017)... ... June 23, 2017 , ... American Farmer, will feature Chr. Hansen, Inc (CHR ... air fourth quarter 2017. American Farmer airs Tuesdays at 8:30aET on RFD-TV. Check your ... Chr. Hansen in Denmark in 1874 after a groundbreaking discovery of how to industrialize ...
(Date:6/23/2017)... ... June 23, 2017 , ... ... and related services to families and business owners in and around Lackawanna County, ... benefit senior citizens in the area. , Meals on Wheels of NEPA provides ...
(Date:6/23/2017)... ... ... All-Star Insurance, a family managed agency that offers insurance management assistance and personal ... of a new charity drive to benefit women in the area diagnosed with breast ... estimated 252, 710 new cases of invasive or high risk breast cancer will be ...
(Date:6/23/2017)... ... June 23, 2017 , ... ... in the Houston area with access to asset protection and financial planning services, ... event aimed at improving the lives of children with cancer and other chronic ...
(Date:6/22/2017)... ... June 22, 2017 , ... Plastic Surgery Associates is proud to report that ... Each year, research and information firm, Castle Connolly, releases their list of the most ... marks the 3rd time that Dr. Canales has been recognized by Castle ...
Breaking Medicine News(10 mins):