27 February 2020
Dominated by the contract sales detailing services, the Global Pharma Contract Sales Market is estimated to grow at a CAGR of 6.3%% from 2020 to 2030.
Outsourcing is a growing trend in the pharma industry, with contract providers now offering services from the drug discovery stage through to commercialisation, manufacturing and sales.
Both large and small pharma companies are becoming increasingly reliant upon contract service providers, as they look to focus on perceived core competencies in-house, although companies can now outsource almost any task. Significant changes have been made to pharma sales strategies, with many leading companies cutting sales forces. As pharmaceutical companies are restructuring and cutting operational cost, jobs are being cut especially in divisions that can be outsourced.
Leading companies such as CMIC, IQVIA, Marvecs, Oncall, UDG Healthcare and others are investing in the pharma contract sales market.
The lead analyst commented that "Visiongain believes that, in this 10-year forecast period, the largest CSOs will be the greatest beneficiaries of strategic partnerships with the pharma industry. These companies will gradually enter into more complex agreements with their pharma partners, including risk-sharing and licensing agreements."
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