Life Sciences BPO Services Market – Helping healthcare companies improve ROI and upscale their business: Accenture plc. Cognizant Technology Solutions, Catalent, Inc., Covance, Inc

The healthcare industry is characterized by high competition, increased cost pressure, and decreasing research and development (R&D) productivity, which is compelling pharmaceutical and biotech companies to make strategic collaborations and outsource their non-core activities. Pharmaceutical, biotech, and medical device players alike are outsourcing processes related to manufacturing, product research, and regulatory process services, among others to contract manufacturing and contract research organizations. This helps them to focus on their core strengths and in turn improve productivity.

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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.

Import and distribution of drug or medical devices in several countries require regulatory clearance that is efficiently managed by life science BPO companies. This enables pharmaceutical, biotech and medical device companies to focus on their core activities such as research, marketing, distribution agreements, and increasing product availability. The regulatory information segment is expected to grow swiftly to reach US$ 35 billion by 2024, on account of increasing abbreviated new drug application (ANDA) filings and growing interest in biosimilars.

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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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