Pharmaceutical Sector's Growth in Global Marketplace Linked to Clinical Program Expansion in Emerging Markets, Best Practices, LLC Study Finds
CHAPEL HILL, N.C., Feb. 7, 2014 /PRNewswire/ -- China is expected to generate 27 percent of the world's pharmaceutical growth from 2011 to 2015. The world's largest country by population, China is also the key to the economic engine that's popularly referred to as emerging markets.
Like other industries, the pharmaceutical sector has seen emerging markets become a growing percentage of its annual sales. One top five pharmaceutical company recently reported emerging markets made up a third of its $44 billion in sales for 2013.
While emerging markets represent important future sales for pharmaceutical organizations, those sales come with a cost. Large countries like China and India are now requiring local clinical trials to win regulatory approvals to market products in those countries.
In short, pharma needs to maintain expansion of their clinical programs into emerging markets to continue top-line growth and to cut development costs.
A study from Best Practices, LLC, Clinical Affairs Excellence: Benchmarking Clinical Roles and Trends for Pharmaceutical Success in a Global Marketplace, presents difficult to find metrics associated with outsourcing clinical trial activities – including cost, staffing, and quality.
Best Practices®, LLC conducted this study to inform clinical affairs leaders at pharmaceutical companies on benchmarks around vendor selection, outsourcing attributes, desired competencies and outsourcing levels for key clinical functions, clinical affairs structure and outsourcing trends. In addition, the study presents qualitative insights from participants around outsourcing success factors and pitfalls.
Research participants included seven executives and managers from six pharma companies across a wide variety of therapeutic areas and product classes. In addition, four executive interviews were conducted to collect qualitative insights.
Specifically the study encompasses the following key topic areas:
- Vendor Selection and Outsourcing Attributes –-Presents benchmarks around selecting a vendor and the attributes of outsourcing.
- CRA, CRM, and CRD Competencies & Outsourcing Levels– Presents benchmarks on desired competencies for CRAs, CRMs and CRDs and participants' outsourcing levels for these functions.
- Clinical Affairs Organizational Fit –Highlights benchmarks around participants' organizational structure for Clinical Affairs.
- Outsourcing Success Factors and Pitfalls – Provides participants' qualitative insights around outsourcing success factors and pitfalls.
- Outsourcing Trends and Directions– Presents benchmarks on emerging trends for clinical activities in emerging areas of the world.
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/rr1266.htm.
ABOUT BEST PRACTICES, LLC
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.
SOURCE Best Practices, LLC