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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
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Global Life Sciences BPO Market Global Market Estimated to Perceive Accrued Value with a Staggering CAGR during Forecast Period 2018-2026 Global Life Sciences BPO Market, By Service Type (Medical Device Outsourcing and Pharmaceutical Outsourcing), End User (Healthcare Providers and Healthcare Payers) and by Geography - Trends and Forecast to 2024 Global Life Sciences BPO Market 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. The global life sciences BPO market is analyzed for various service types such as medical device outsourcing, pharmaceutical outsourcing, and regulatory information. The global life sciences BPO market was valued at US$ 180.4 billion in 2015 and is expected to expand at a CAGR of 12.2% during the forecast period considered (2016 – 2024). Download PDF Brochure of Market Research Report: https://www.coherentmarketinsights.com/insight/request-pdf/24 Uncertainty and differences in government regulations to increase demand for regulatory outsourcing services
Healthcare companies are subject to highly uncertain regulations that change according to country and changing government priorities. For instance, Section 3d of the Indian Pharma Act does not approve any new drug that is an altered form of a known molecule and not representing an improved efcacy over the existing molecule. While this drug is approved in the U.S., U.K, Australia and other countries. Dismissal of such patent applications discourages investment in countries with high growth potential. Also, mandatory licensing and patent ever-greening strategies further makes regulatory fling in a country more complex. Hence, healthcare companies hire regulatory experts of the respective countries to execute the regulatory process smoothly in that particular country. Import and distribution of drug or medical devices in several countries require regulatory clearance that is efciently 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) flings and growing interest in biosimilars. Browse more about the Deep Brain Stimulation Devices Market Study: https://www.coherentmarketinsights.com/insight/request-customization/24 About Coherent Market Insights: Coherent Market Insights is a prominent market research and consulting frm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity. Contact Us: Mr. Shah
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