North America is projected to lead the global life sciences BPO market due to increasing R&D in cell therapies

The growing cost of drug development is augmenting the growth of the global life sciences BPO market. For instance, according to a study by the Tufts Center for the Study of Drug Development published in the Journal of Health Economics in May 2019, the cost of drug development was US$ 2.6 billion, which included average out-of-pocket costs of US$ 1.4 billion and time costs of US$ 1.2 billion. Also, patent expiration is another key factor propelling the growth of the life sciences BPO market. For instance, the patent for YAZ (drospirenone/ethinylestradiol), which provides an oral contraceptive regimen, is set to expire in 2021. Furthermore, the rising prevalence of chronic disease around the globe is further anticipated to accelerate the growth of the market.

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In May 2020, Catalent, Inc. announced a deal to acquire a clinical packaging facility in Minakuchi, Japan, from Teva-Takeda Pharmaceuticals in order to establish a new clinical GMP manufacturing and distribution hub to support clinical studies

In March 2020, Charles River Laboratories International, Inc. partnered with Deciphex, a preclinical digital pathology software-as-a-service provider, to enhance drug discovery & development with digital pathology.

North America is projected to lead the global life sciences BPO market due to increasing R&D in cell therapies by key players in the region. For instance, in February 2020, Caribou Biosciences, Inc., a CRISPR genome editing company, signed a sale and assignment agreement with ProMab Biotechnologies, Inc., a biotechnology CRO/CDMO specializing in antibody engineering and CAR-T development, under which Caribou gains access to a ProMab humanized single-chain variable fragment (scFv) targeting the B-cell maturation antigen for use in allogeneic engineered cell therapies.

BPO refers to Business Process Outsourcing or simply Business Point of Sale. It is a growing area of outsourcing services that are providing excellent cost-effective solutions to global companies that are looking for better and faster ways to develop new products and services. Life sciences BPO outsourcing is one of the most important outsourcing options for companies involved in the pharmaceutical vertical. A company involved in the pharmaceutical field needs to conduct several types of research in order to come up with a new product or better treatment for their existing product. For this they need a huge database of all the required information regarding their target market, their target customers profile, the type of consumers who might be interested in using their product, and many more. They need to conduct this research on their own and this is why outsourcing is very important for any company involved in the life sciences

Global Life Sciences BPO Market: Competitive Landscape

Major players operating in the global Life Sciences BPO market include, Plc, Boehringer Ingelheim GmbH, Charles River Laboratories International, Inc., Cognizant Technology Solutions, Covance, Inc., DSM, Fareva, ICON, Plc, Infosys, Catalent, Inc., Genpact Limited, Health Decisions, Inc., and ProMab Biotechnologies, Inc.

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