The global pharmaceutical industry is currently experiencing dynamic changes. Due to the high pressure of containing fixed costs all drug companies are reducing their internal capacities in R&D, marketing, manufacturing etc… in order to increase their outsourcing.
Pharmaceutical companies big or small rely mainly on outsourcing service providers now more than ever to help solve problems, fulfil their tasks and improve efficiency and productivity. Thus it is crucial to create partnership opportunities to serve their individual needs.
Smaller pharmaceutical companies may struggle to find the correct service provider due to restrictions in resources, time and budget. Therefore, they do not broaden their selection and place several projects with one supplier.
There are many challenges in pharma outsourcing and partnership such as performance quality, regulatory requirements, logistics and distribution, supply chain and counterfeiting. As most companies prefer to outsource off shore as it is more cost effective time zones and language obstacles also pose a challenge. The different time zones can cause delays in data transfer and deadlines and language barriers can lead to misunderstandings.
Over the year’s strategic partnerships between pharma companies and CROs have been beneficial in reducing costs, driving flexibility and extending expertise. Smaller companies also benefit from entering into strategic partnerships with CROs. They gain cost saving benefits, increase efficiency and drive innovation.