Visiongain Publishes Pharma Contract Sales Market Report 2022-2032
31 October 2022
Visiongain has published a new report entitled Pharma Contract Sales Market Report 2022-2032: Forecasts by Type (Personal Promotion, Non-Personal Promotion, Co-Promotion), by Personal Promotion (Standard Field Force Roles, Sales Deployment, Vacancy Coverage, HCP Educational Programs, Key Account Management, Other), by Non-Personal Promotion (Contact Centre, Tele-detailing, Medical Call Centres, Tele-sampling, Online Services), by Therapeutics (Cardiovascular Disease, Metabolic Disorders, Oncology, Alzheimer's Disease, Diabetes, Other), by Marketing Research and Consulting (Product Commercialisation, Territory Optimisation & Alignment, Brand Management, Mature Product Line Support, Rest All CSO Services) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global pharma contract sales market was valued at US$5,303.0 million in 2021 and is projected to grow at a CAGR of 5.8% during the forecast period 2022-2032.
Pressure from the Pharmaceutical Industry Has Led To an Increase in Outsourcing
Pharmaceutical industries are under more pressure to cut costs as the market's rivalry heats up. Pharmaceutical businesses have been compelled to restructure because of the enormous growth in fields like gene therapy and biologics. the need to withdraw from certain markets due to excessive labour costs or expensive drug markets. Lack of technical talent and skill shortages in the pharmaceutical sector high demand for pharmaceuticals from tech giants. The industry is anticipated to continue growing under the medium-term challenges and significant headroom provided by the current outsourcing penetration.
How has COVID-19 had a significant negative impact on the Pharma Contract Sales Market?
Despite the fact that pharma contract sales are increasing as utilisation returns to normal, several intriguing patterns appeared as we combed through the data. As an illustration, the sector shown a remarkable capacity for sustaining therapeutic treatments for individuals with chronic diseases. The effects of lockdowns on these four areas are examined in more detail below, along with projections for when things will return to normal. It is comforting to observe that, based on overall sales, the majority of therapeutic areas only had a minimal disturbance during the epidemic. Sales should resume their typical growth trajectories as procedure backlogs continue to disappear. We also expect to see the sector capitalise on its success in providing patients with chronic diseases with care during a crisis.
How will this Report Benefit you?
Visiongain’s 365-page report provides 174 tables and 202 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global pharma contract sales market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Pharma Contract Sales. Get financial analysis of the overall market and different segments including personal promotion, non-personal promotion, co-promotion, therapeutics, and company size and market shares. We believe that there are strong opportunities in this fast-growing pharma contract sales market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
The Platform Expansion to Support the Pharma Players Improve their Customer Care
The pharma services sector is consolidating as businesses compete to outperform one another by growing in size, extending their geographic reach, and creating synergies. Pharma's desire to deal with fewer outsourced service providers, as well as a need to consolidate but also diversify service portfolios outside of traditional CSO services into complementary related disciplines, have driven recent M&A in the subsector.
Currently, pharmaceutical and biotech companies are facing difficulties due to complex supply chains, tightly controlled promotional activities, and advanced drug trials. The pharmaceutical contract sales outsourcing (CSO) business are introducing specialized platforms that will aid the pharmaceutical players to ease their internal and external operations. For the same reason, Sanofi selected the Icertis Contract Intelligence (ICI) platform, which facilitates compliance in a highly regulated environment while accelerating drug trials. These platforms are changing the way contracts are acquired, which strengthens supplier relationships.
Pharma Services Companies Are Expanding Their Service Offerings
Pharmaceutical companies' desire to use fewer outsourcers is motivating pharma services companies to expand their service portfolios either organically through mergers and acquisitions (M&A) or inorganically through acquisitions to become full-service suppliers, streamlining their clients' operations and capturing the majority of their outsourcing budgets. In order to guarantee a reliable delivery of drug research and manufacturing services, modern CDMOs must continuously expand their capabilities. These qualities include flexibility, collaboration, and innovation. Current CDMOs must be prepared to take on new challenges with a significant degree of experience and value-added benefits because clients demanding fully integrated services to standalone options. The CDMO industry must also act fast in response to these emerging issues, especially given how intricate drug development campaigns are getting. Complexity increases the requirement for CDMOs to offer all of these novel and advanced drug products with efficient process solutions and quick innovation.
Where are the Market Opportunities?
The Emphasis on Technology Change Needs To Be Increased
With the proliferation of social networks and digital communication channels, technological advancement has created more options than ever for business model innovation. The rise of wearable technology, which will give healthcare stakeholders much better insight into patients' actual outcomes and experiences, as well as seamless and practical communication between pharmaceutical companies and healthcare professionals, will all present opportunities for innovative engagement. Extension and expansion of data collection on healthcare services and outcomes driven by technology, much beyond the commercial norm.
Health Data Analytics Enhances Care Quality
Businesses from various sectors employ data analytics, which is the process of looking for value in massive amounts of data, to boost profits, cut expenses, improve operational efficiency, and enhance overall performance. In addition to all of the above, data analytics applied by hospitals, clinics, and other healthcare organisations can also contribute to lifesaving. Analytics used to analyse health care data can lead to better patient treatment and better patient outcomes. This is particularly valid when it's used to the analysis of patient data from electronic health records (EHRs) and other outside sources of healthcare, like disease registries and clinical trial research. The underlying health data, some of which may be susceptible to the same structural biases that plague other facets of society, is crucial to keep in mind because analytics are only as good as the data they are based on.
The major players operating in the pharma contract sales market are Amplity Health, Apodi Healthcare Limited, CMIC Holdings Co., Ltd, Granard Pharmaceuticals, GTS Solution, IQVIA Holdings Inc., MaBiCo, Marvecs GmbH, OnCall LLC, Publicis Groupe SA, QFR Solutions, Sales Partnerships Inc., Sofip SA, Syneos Health Inc., UDG Healthcare PLC, Vanguard Pharma. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• 24-May-2022, With a wealth of accomplishments in the medical industry, Orphan Pacific was founded by CMIC Holdings, and Medipal Holdings. Together, they are handling everything from drug discovery to sales. They have discovered that producing and selling orphan medications can be done at a minimal cost.
• 10-Feb-2022, New Research Nursing and Phlebotomy services are being offered by IQVIA. These innovative services give clinical trial participants access to a worldwide network of qualified specialists who deliver compassionate care in accordance with protocol inside their own homes.
Notes for Editors
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