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:6/24/2016)... 2016 Dublin ... addition of the " Global Markets for Spectroscopy ... This report focuses on the ... review, including its applications in various applications. The report ... includes three main industries: pharmaceutical and biotechnology, food and ...
(Date:6/24/2016)... 2016 The Academy of Managed Care Pharmacy ... that would allow biopharmaceutical companies to more easily share ... formulary and coverage decisions, a move that addresses the ... The recommendations address restrictions in the sharing ... drug label, a prohibition that hinders decision makers from ...
(Date:6/24/2016)... and SAN CLEMENTE, Calif. , June ... -based mobile pulmonary function testing company, is now able to ... devices developed by ndd Medical Technologies , Inc. ... done in hospital-based labs.  Thanks to ndd,s EasyOne PRO ® , ... , can get any needed testing done in the comfort of ...
Breaking Medicine Technology:
(Date:6/25/2016)... ... June 25, 2016 , ... ... and applications at AcademyHealth’s Annual Research Meeting June 26-28, 2016, at the Hynes ... important health care topics including advance care planning, healthcare costs and patient and ...
(Date:6/25/2016)... ... 2016 , ... As a lifelong Southern Californian, Dr. Omkar Marathe earned his ... David Geffen School of Medicine at UCLA. He trained in Internal Medicine at Scripps ... in hematology/oncology at the UCLA-Olive View-Cedars Sinai program where he had the opportunity to ...
(Date:6/24/2016)... (PRWEB) , ... June 24, 2016 , ... Those who ... with these feelings, many turn to unhealthy avenues, such as drug or alcohol abuse, ... Marne, Michigan, has released tools for healthy coping following a traumatic event. , Trauma ...
(Date:6/24/2016)... ... June 24, 2016 , ... Dr. ... accelerated orthodontic treatment. Dr. Cheng has extensive experience with all areas of orthodontics, ... and accelerated osteogenic orthodontics. , Micro-osteoperforation is a revolutionary adjunct to orthodontic ...
(Date:6/24/2016)... York, NY (PRWEB) , ... June 24, 2016 ... ... publication Haute Living, is proud to recognize Dr. Barry M. Weintraub as a ... that “the most beautiful women in the world, and the most handsome men, ...
Breaking Medicine News(10 mins):