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:4/20/2017)... DUBLIN , April 20, 2017 Research ... Delivery Technologies - Innovation Driven by Rapidly Expanding Injectables Market and ... to their offering. ... market for drug delivery technologies will rise from USD 20 Billion ... Global Drug Delivery Technologies - Innovation Driven by Rapidly ...
(Date:4/20/2017)... , April 20, 2017  AbbVie (NYSE: ... 99 percent (n=145/146) of chronic hepatitis C virus ... 5 or 6 and compensated cirrhosis (Child-Pugh A) ... (SVR 12 ) with its investigational, pan-genotypic regimen ... rates were seen following 12 weeks of G/P ...
(Date:4/20/2017)... 20, 2017 NeuroVive Pharmaceutical AB (Nasdaq ... positive preclinical results demonstrating anti-fibrotic effects with ... steatohepatitis (NASH), in an additional well-validated experimental ... has previously shown similar anti-fibrotic effects in ... scientists present novel data demonstrating anti-fibrotic effects ...
Breaking Medicine Technology:
(Date:4/27/2017)... GA (PRWEB) , ... April 27, 2017 , ... Are ... a tragic spike in water-related accidents and drownings during the summer. While most of ... is that these situations occur every day. Very few people are taking the time ...
(Date:4/26/2017)... ... 2017 , ... Journal of Oral Implantology – Tooth loss is ... dental health, including complications with speech, eating, and overcompensation of mouth due to the ... teeth. As the number of tooth replacements increase, it is imperative to design an ...
(Date:4/26/2017)... ... April 26, 2017 , ... Elisabete ... has been honored by Enterprising Women magazine as one of its 2017 Enterprising ... women business owners. Winners have demonstrated that they have fast-growth businesses, mentor or ...
(Date:4/26/2017)... ... April 26, 2017 , ... RawTrition now brings you BioEnergy which is a ... SUPERFOODS! , RawTrition is taking nutrients to the next level! The ... recognizes its raw form (unlike the synthetically made options that are on the market). ...
(Date:4/26/2017)... ... April 26, 2017 , ... ... is proud to announce that it has received 510(k) clearance from the U.S. ... Home and the MyoCycle Pro. , Both devices are stationary cycling systems that ...
Breaking Medicine News(10 mins):