Life Sciences BPO Market to Reflect Significant Incremental Opportunity During 2018-2026 By Top Players Accenture plc. Cognizant Technology Solutions, Catalent, Inc., Covance, Inc., Boehringer Ingelheim GmbH and Genpact Limited

Demand for life sciences BPO is high in Asia and Latin America due to large patient pool, easy availability of patients for clinical studies at a lower cost, and cost effective CMOs and CRO services. However, rising concerns over U.S. Food and Drug Administration (FDA) inspections in these regions is adversely impacting market growth to a certain extent. CMOs and CROs such as Divis Laboratories Ltd., Accenture pl., and PAREXEL International Corporation are investing to cater to demand for Good Manufacturing Practices (GMP) requirements and regain the trust and share for CMO and CRO market.

Increasing demand for low cost drugs, rising cost pressure from various governments, patent cliffs, and uncertain regulatory conditions are factors contributing to increasing revenue growth of the global life sciences BPO market. Globally, pharmaceutical, and medical device companies are entering into strategic agreements with contract research organizations to leverage their expertise. This is helping them introduce new products at reduced costs and in turn obtain a competitive advantage.

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In the current market scenario, outsourcing service is extended to medical coding, medical transcription, and clinical services. CMO and CROs provide products and services at much lower costs. Moreover, their regional regulatory expertise helps pharmaceutical and medical device companies to meet regulatory requirements in various countries.

Life science business process outsourcing (BPO) is one of the most lucrative industries in the healthcare sector. Constantly rising pricing pressure and increasing competition is compelling pharmaceutical and medical device companies to strategically reduce their operational costs and in turn benefit from higher profits. This has led to an increasing demand for contract manufacturing outsourcing (CMO) and contract research outsourcing (CRO) services. Asia and Latin America are the most attractive markets for CMO and CRO, owing to low costs of production and research activities performed here.

Market Dynamics

The global life sciences BPO market is driven by factors such as increasing cost of research and development (R&D), growing price pressures, and increase in investments by pharmaceutical and medical devices companies in emerging economies such as India, China, Brazil, and South Africa. Pharmaceutical and medical device companies are adopting inorganic growth strategies to expand their business and reduce their Capital Expenditure (CAPEX) and Operation Costs (OPEX). However, outsourcing certain services to different CMO and CRO companies located in other countries is a challenge for the outsourcing company to monitor and follow a particular set of guideline for product approval pertaining to regulatory filings, clinical trials and medical writing. Collaborative efforts among various stakeholders of the ecosystem is analyzed to benefit the life science BPO industry in the long run.

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Detailed Segmentation:

Global Life Sciences BPO Market, By Service Type:
Medical Device Outsourcing
Pharmaceutical Outsourcing
CMO
API Manufacturing
Final dosage form manufacturing
Packaging
CRO
Drug Discovery
Preclinical studies
Early Phase I - IIa
Phase IIa - III
Phase IIIb - IV
Medical coding and writing
Monitoring
Clinical Data Management
Bio-statistics
Site management
Protocol development
Regulatory Information
Global Life Sciences BPO Market, By End User:
Healthcare Providers
Healthcare Payers

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