SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Pharmaceutical Drug Development Services Market - Procurement Intelligence Report.
The spend growth of the pharmaceutical drug development services market has the potential to touch a value of over USD 18 billion with a spend momentum at a CAGR that will exceed 6% through 2024. The pressing demand for novel drug therapies for oncology and the major financial boost received by orphan drug manufacturers from governments in the form of discounts on registration fees and quicker approval time will favor the spend growth of the pharmaceutical drug development services market. However, incidents such as the recent Johnson and Johnson opioid crisis have compelled the regulatory authorities to tighten their leash around the drug development processes. This will make it a cumbersome and costly task to secure a regulatory nod for drug testing and marketing. This will create complexities for pharmaceutical drug development services suppliers that will have a subsequent impact on the procurement scenario in this market.
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Among the market-specific recommendations made in this report, one such strategy advises buyers to partner with suppliers based on the quality measures undertaken for drug development owing to the strict enforcement of environmental regulations by governments in several countries. Pharmaceutical drug development services suppliers are expected to comply with regulations such as ICH and WHO guidelines, EMA regulations in Europe, among others to ensure minimum quality and minimum environmental damage.
What do the pharmaceutical drug development services price trends indicate?
- Factors such as delay in clinical trials, high costs associated with patient recruitment and retention, and dynamic regulatory frameworks will increase the cost of drug development, thereby impacting the overall pricing structure in the pharmaceutical drug development services market.
- The global political unrest is resulting in a surge in the prices of medical supplies that are used in clinical trials. This increases the project budget of suppliers. According to the pharmaceutical drug development services, this will have a significant impact on buyer’s procurement spend.
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What are the scopes of optimizing procurement spend in the pharmaceutical drug development services market?
The pharmaceutical drug development services price trends indicate a substantial hike in suppliers’ overall production costs which will be ultimately compensated by buyers in the form of excess procurement spend. Strategic selection of pharmaceutical drug development services suppliers will be the key to unlock avenues where buyers can compromise on their procurement spend.
Collaborate with local CROs for small projects :
Buyers with small-sized projects are advised to partner with local CROs which will provide the former the best resources of local CROs. Local CROs can offer services at a low cost and have a deeper understanding of the local regulatory environment compared with global CROs.
Transparency in pricing:
One of the major reasons behind the outsourcing of drug development services is the ability of CROs to carry out the drug development process at low costs. In the pharmaceutical drug development services market, buyers must take measures to ensure that the pricing being offered by service providers is transparent and there are no hidden costs in the SLA. Transparent pricing would allow service providers to reduce the costs of drug development and increase their profit margins.
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Some of the key topics covered in this report are:
- Pharmaceutical drug development services market spend segmentation by region
- Total cost of ownership analysis in the pharmaceutical drug development services market
- Regional spend opportunity for pharmaceutical drug development services suppliers
- Pharmaceutical drug development services suppliers cost structure
- Pharmaceutical drug development services suppliers selection criteria
- Pharmaceutical drug development services suppliers under coverage
- Procurement best practices
- Category management objectives
- Cost saving opportunities in the pharmaceutical drug development services market
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