LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Pharmaceutical Analytical Testing Services Market - Procurement Intelligence Report.
The spend growth in the pharmaceutical analytical testing services market will be mainly driven by the urgency of buyers to outsource their R&D functions to the experts. However, this outsourcing of services will not be bereft of challenges which, in turn, will hurt the growth prospects of the pharmaceutical analytical testing services suppliers.
The expenditure incurred on R&D activities is typically high in the developed economies which will compel buyers to outsource these activities to countries that promise cheap but skilled labour. Most of these countries lack the presence of a firm regulatory framework that can ensure quality and ethics during the trials. This results in the procurement of pharmaceutical products that fail to pass the scrutiny of the regulatory bodies of the country of the procurer, thereby resulting in severe financial losses. This is one of the imposing challenges in the pharmaceutical analytical testing services and will hamper its spend growth that has the potential to touch a value of over USD 5 billion at a CAGR of over 8%.
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Among the market-specific recommendations made in this report, one such strategy advises buyers to ensure that suppliers adhere to the regulations pertaining to the different types of drugs imposed by various regulatory bodies to deliver analytical testing services with high accuracy. For analytical testing, the ICH has issued guidance Q2(R1) that includes various validation parameters and characteristics that need to be considered during the submission of the results of analytical testing.
What do the pharmaceutical analytical testing services price trends indicate?
- The intensifying competition among pharmaceutical analytical testing services suppliers will restrict the chances of any drastic rise in the service charges. The frequency of mergers and acquisitions in the supply market is driving suppliers to offer competitive prices for the entire analytical testing package compared with the price of individual tests.
- The pharmaceutical analytical testing services price trends indicate a potential increase in buyer’s procurement spend owing to the increasing OPEX of suppliers. This increase is attributed to the increasing expense of hiring and retaining highly skilled employees who are indispensable in conducting highly complex analytical testing services.
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How to identify pharmaceutical analytical testing services suppliers who can cater to your procurement needs while adding value to your business?
Suppliers play prominent roles in aiding buyers to secure sustainable category management even in markets that are ruled by frequent dynamism. With their industry-specific knowledge, they are well-acquainted with the cost-saving avenues and the potential risks which they pass on to the buyers who seek cost-effective procurement in markets.
Engage in an FTE agreement with pharmaceutical analytical testing services suppliers
In contrast to the conventional contract in which pharmaceutical analytical testing services suppliers charge buyers on a per-test or per-sample basis, under an FTE agreement, suppliers are required to offer a dedicated team for the project and buyers are charged on an FTE basis. In the pharmaceutical analytical testing services market, the primary benefit of an FTE agreement is that buyers pay a fixed amount per FTE irrespective of the workload or the analytical procedure used. This helps buyers exercise better control over costs. An FTE agreement provides buyers with the flexibility to accommodate any change in priorities quickly as suppliers have allocated a dedicated team for the project.
Effectiveness of a quality assurance program
In the pharmaceutical analytical testing services market, it is imperative for buyers to ensure that suppliers execute a robust quality assurance program that provides a framework for the implementation of strong internal and external quality control procedures. These procedures ensure that all processes that can materially impact the quality of the test results are documented in a reliable manner. A quality assurance program also encompasses the steps that would be taken by suppliers for the detection and correction of any errors in the performance of analytical tests.
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Some of the key topics covered in this report are:
- Pharmaceutical analytical testing services market spend segmentation by region
- Total cost of ownership analysis in the pharmaceutical analytical testing services market
- Regional spend opportunity for pharmaceutical analytical testing services suppliers
- Pharmaceutical analytical testing services suppliers cost structure
- Pharmaceutical analytical testing services suppliers selection criteria
- Pharmaceutical analytical testing services suppliers under coverage
- Procurement best practices
- Category management objectives
- Cost saving opportunities in the pharmaceutical analytical testing services market
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