Globally, many regional and international companies are taking help of pharmaceutical contract sales organizations (CSOs) to varying extents and the trend is likely to increase in the coming years. The global pharmaceutical industry, especially with the revival of the world economy from the great recession, is following a notable growth trajectory. In order to keep up with the rapid growth of the industry, companies operating in the sector are realizing the need to expand their geographical outreach. This is likely to escalate the growth of the global pharmaceutical contract sales market.
Pharmaceutical players are banking on CSOs as a means to improve and innovate their offerings and boost sales of old products in their portfolio. Approval of novel drugs in the near future is anticipated to unfold tremendous growth opportunities for the pharmaceutical contract sales market.
The majority of CSOs offer services, including personal promotion, non-personal promotion, field management, recruiting, and sales training. The global market for pharmaceutical contract sales is highly consolidated and competitive in nature. While developed regions will be the major revenue contributors to the global market, developing regions will emerge as new destinations for market participants. International players are looking to take advantage of the expanding middle-class population and high unmet medical needs. Foreign companies with no base in emerging countries will seek to outsource to domestic manufacturing companies and sales organizations.
A contract sales organization performs variety of services ranging from hiring and training sales representatives, call center setup, managing sales territory alignments, thereby providing assistance to other companies in sales and marketing of their products and services. On a contractual basis, pharmaceutical companies outsource their sales and related tasks to another specialized company, making them liable to manage and grow product sales, client pitching and gaining contract manufacturing orders among other tasks, on a case to case basis.
Due to increased global healthcare expenditures, pharmaceutical industry has grown over the years, becoming dynamic in nature. Continued demand for new drugs to cover unmet clinical needs has given a boost to the industry. Whereas, the declining profits due to expiration of patents, high cost associated with research and development and drug approval process are a few factors that have forced leading pharmaceutical players to reconsider outsourcing some of their processes such as manufacturing and selling to the third party. In such a way, the companies can focus on their core and confidential parts such as research and development, patent filing and others.
Pharmaceutical industries are considered to be strictly regulated industries across the world. And, when it comes to pharmacovigilance, new regulations call for greater transparency and better internal firewalls. To penetrate the industry with given background, and expand the business, pharmaceutical contract sales market help in streamlining the business, reduces overall cost, raise the productivity, and cut short the time to market drugs or vaccines.
There are various regional regulatory issues that add extra burden on pharmaceutical manufacturers to reduce overall cost for customers, here pharmaceutical contract sales organizations come as a savior. Numerous pharmaceutical companies outsource some of the processes to in order to curb additional or unwanted expenses to pharmaceutical contract sales organizations Also, cloud computing, tele-detailing and e-commerce will bring in positive change to the healthcare industry, thereby increasing the pharmaceutical contract sales market in the forthcoming years.
The U.S. and Europe account for more than 70-75% share of the overall revenues generated in the pharmaceutical contract sales industry globally. The regulatory and governing bodies monitor overall cost and quality of drugs, which increases the demand and acceptance of contract sales culture in these regions.
The global pharmaceutical companies are increasing manifold, and they are expected to raise the demand for local or regional contract sales organizations, thereby increasing the demand for the pharmaceutical contract sales market in the near future.
Increase in disposable income, large patient population, and government intervention to improve healthcare and infrastructure in the emerging market of Asia Pacific and Rest of the World will lead to the growth of the market in the next seven years.
InVentiv Health, Interpace BioPharma, LLC, United Drug Plc., Pharmexx UK are a few of the prominent market players of the pharmaceutical contract sales market.
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