THANK YOU FOR SUBSCRIBING
Pharma Tech Outlook | Friday, October 07, 2022
The need to accelerate delivery times, boost flexibility and reduce costs is leading to the upturn of the pharmaceutical outsourcing industry. Latin American countries enjoy ideal conditions to fulfill demand and profit from this attractive market opportunity.
HIGHLIGHTS
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
• One of the objectives is to improve the time-to-market of new products
• The need for R&D and post-sales engineering support services for medical devices is anticipated to increase
Over recent years, pharmaceutical outsourcing has evolved from bottling basic processes to more value-added techniques such as medical device engineering or R&D (research and development). Based on research by Global Industry Analysts, the practice of outsourcing pharmaceutical bottling started to develop over a decade ago. Most of the largest companies worldwide use this method due to its proven benefits.
The positive process-outsourcing experience, the rise in patients subject to medical procedures, and the advancements in illness detection and diagnosis in developing countries are key factors that will propel the growth of this market over the coming years. Like in other industries, pharmaceutical companies are increasingly focusing their resources on their core business and are leaving other processes to specialized outsourcing firms.
Future Outlook
Recent years have observed a trend in outsourcing higher-value techniques. MedCity News affirms that crucial processes in the value chain are being outsourced, offering an excellent opportunity for companies interested in providing these services. For example, pharmaceutical and medical sector companies are beginning to outsource research, prototype design, validation, feasibility tests, regulatory compliance, post-sales engineering activities, and product maintenance and upgrades.
Pharmacovigilance
New lawmaking was passed in July 2012 regulating pharmacovigilance (drug safety), which applies to the entire European Union (EU). The goal is to have systematic procedures responding to quality standards to quickly detect possible risks associated with drugs already on the market.
As these regulations entered into effect, significant changes have occurred, ranging from health authorities and pharmaceutical companies to industry outsourcing providers. As a result, outsourced pharmacovigilance activities need high quality and compliance with health authority requirements, using experts with in-depth industry knowledge.
This element is crucial in developing new medicinal products since it requires following up on millions of data points to monitor possible secondary effects of the analyzed compounds. Therefore, this management area needs information systems engineers, chemists, pharmaceutical processes experts, and other value-added specializations.
These new regulations offer opportunities to the pharmaceutical outsourcing sector, manufacturing companies, and final consumers. For instance, a publication by Accenture indicates that the organization can collect and analyze data more efficiently by outsourcing analytics capability, leading to a considerable reduction in the approval cycle, identifying drugs with no marketplace potential, and getting approved drugs market faster.
More in News