Life Sciences BPO Market 2018 by Currently, Key players Accenture plc. Cognizant Technology Solutions, Catalent, Inc., Covance, Inc., Boehringer Ingelheim GmbH

Global Life Sciences BPO Market, By Service Type, End User and by Geography - Trends and Forecast to 2024

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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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.

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.

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.

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Demand for contract manufacturing and contract research services in Asia is high, mainly due to large number of FDA approved drug manufacturing plants in this region. According to the UBM India Pharma Publication report of 2015, Indian accounts for 22% of the overall U.S. FDA approved drug manufacturing facilities globally. Moreover, dynamics such as wide availability of highly trained professionals, cheap labor, large patient pool, and easy availability of subjects for clinical trials are positioning Asia Pacific as a major life sciences BPO market. The life sciences BPO market in this region is expected to expand at a CAGR of 16.6% during the forecast period.

Currently, market players such as Accenture plc. Cognizant Technology Solutions, Catalent, Inc., Covance, Inc., Boehringer Ingelheim GmbH and Genpact Limited are offering a plethora of service as a one-stop solution to healthcare providers to outsource their processes.

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