In recent years, global pharmaceutical industry have been facing a number of financial challenges. This situation encourages drug companies to pursue a more efficient and cost-effective way to operate their business. Outsourcing is believed to be the solution for global pharma companies, and has become a trend in low-cost growing markets, such as India and China.
Most
emerging markets are attractive to global drug companies, since they possess a
large talent pool with competitive knowledge and skills, yet only cost a
reasonable wage compared to Western labor. Additionally, outsourcing to
developing countries helps to market the medicines and widen the companies’
target customers.
It
is a great challenge to successfully manage the outsourcing relationship and
create value. To achieve this goal, global drug companies are constantly
looking for partnership with desired local organizations in developing region,
where high-cost research and production can be done for a much lower cost. The
idea is to have global drug companies as technology and market providers, while
outsource partners create innovative products. Outsourcing solves the financial
challenges and allows pharma firms to exploit the potential of the latest
technologies.
Despite
outsourcing to developing countries, Pharma companies still need to fulfill
their home countries’ demands and standards. They are rapidly investing and
building their development facilities in those countries. Therefore, partner countries also benefit from this outsourcing
relationship and are gradually rising as potential competitors. For instance,
China and India have become prominent actors in global pharmaceutical
outsourcing area. The two countries
possess different features and characteristics, yet both provide high quality
service at low cost, which is extremely attractive to major Pharma
firms.
Outsourcing has proved to be a successful and
efficient way to operate research, production and marketing. Nowadays most big Pharma companies have been outsourcing to emerging markets, especially in Asia.
Therefore, it is proper to state that outsourcing is playing a significant role
to move the whole pharmaceutical industry forward.
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ReplyDeleteI read articles that global pharmaceutical industry have been facing a number of financial challenges. I believe pharmaceutical outsourcing can help them a lot.
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