Pharma Industry Stretching Every Dollar: New Study Finds Rise in Outsourcing of Key Support Functions
CHAPEL HILL, N.C., Sept. 9, 2012 /PRNewswire/ -- The pharmaceutical and biotech industries are reeling from the patent expirations of many blockbuster drugs and increased regulatory scrutiny. As a result, many of the "support functions" within drug manufacturing organizations – such as Market Research and Business Intelligence groups – are under mounting pressure to cut costs and demonstrate value.
Burdened with headcount constraints and new products to support, executives can potentially gain critical efficiencies through the shrewd use of outsourced personnel and system automation.
According to a brand-new study from Best Practices, LLC, 73% of companies are now using outsourced personnel for some facet of Market Research.
"Market Research Efficiency Benchmark: Using External Personnel and Automation to Maximize Effectiveness," a brand-new pharma-focused benchmark study enables Market Research and Business Intelligence professionals to identify strategies, solutions, and key transition processes underway in the life science industry - and help organizations cut costs without sacrificing Market Research performance.
The study is based on research and data provided by 22 pharmaceutical and biotech executives from 19 different companies.
Sample key findings from this critical new research include:
- External Personnel Hired One at a Time, Not En Masse: For any particular Market Research function (secondary analytics, report preparation, etc.), benchmarked companies mainly contract just a single FTE or contractor. At both Midcaps and Large Pharma organizations, many interviewed executives reported being short on bandwidth internally, and contract long-term external labor to fill this need.
- Use of Automation in Market Research on the Rise: A majority (63%) of market research groups have succeeded in automating some facet of their function, usually in the outputting of secondary data and reports.
- Loss of Strategic Insight Is a Common Outsourcing Worry: The most commonly cited pitfall during increased outsourcing and automation is "loss of strategic insight."
To access the full report or to download a complimentary summary containing insights found in this report, click on the following link: http://www3.best-in-class.com/rr1166.htm.
For more information on this study and other recent primary research studies, contact us at 919.403.0251 or at firstname.lastname@example.org.
BEST PRACTICES, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies.
The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations.
Best Practices, LLC believes in the profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.
SOURCE Best Practices, LLC