The pharmaceutical outsourcing manufacturing sector continues to grow and expand. New molecular entities have developed, and cell and gene therapies, which have been on trial for years, finally made it to the market. Contract development and manufacturing organizations (CDMOs) and contract research organizations (CROs) are good alternatives for the manufacturing units of in-house pharmaceutical organizations as they offer third-party pharmaceutical research services.
The recent increase in outsourcing trends in pharmaceutical manufacturing demonstrates the success of this industry. But, the process may not be entirely smooth. It comes with unprecedented challenges, like cost pressure, increased consolidation processes, and fierce competition, among others. With that in mind, here are eight trends in pharmaceutical manufacturing that explain the vast outsourcing expansion:
1. Main Dosage Development
Solid doses have been the most common, taking up the largest segment of the pharmaceutical industry for quite some time now. However, sterile liquids have risen above, now taking up a large portion of pharmaceutical development, with consistent growth.
Given the current trends in the pharmaceutical industry, outsourcing of non-sterile liquids, solids, and semi-solids will still grow, but not as much as the sterile liquids. You can look up these sterile liquids at any recommended site if you’re looking to outsource.
2. Blockchain Technology
Blockchain technology is a significant trend that helps you maintain accurate data and protect them from getting into the wrong hands. In addition, you can also explore it to keep counterfeit vaccines and medicines from entering the market.
Nonstop digital transformation lowers the cost of research and development, and enhances efficiency. Securing and tracking pharma transactions become easier and safer.
Here are some ways blockchain enhances pharmaceutical manufacturing processes:
- Improved patient engagement
- Advanced drugs R&D algorithms
- Real-time interaction with other researches
- Cost-effective trials and pharmacovigilance
3. Artificial Intelligence
Research and development (R&D) costs are of great challenge, and these will affect the net income of your pharmaceutical company. However, you can change the game by implementing robotic process automation (RPA) in your R&D procedures.
With the use of digital robots in performing extensive and recurring tasks, you can acquire more accurate reports faster. Another benefit you can derive from this is that you can implement RPA with or without technology resources, saving you a lot of money and time.
4. Service Bundling
You can derive a lot of benefits from service bundling. It’ll help you boost your efficiency with research organizations when outsourcing. Also, you can use bundled services to redefine your office operations and override the traditional sourcing frontier. As a result, your pharma firm will incur reduced operational costs and increased flexibility.
Most pharma companies anticipate incorporating service bundling in their operational services in the years to come. Ensure you’re not left out if you want to stand a chance in this industry.
Pharmacovigilance involves scientific procedures to reduce and prevent undesirable side effects of drugs and vaccines. The aim is to increase the benefits of Medicare products and, at the same time, minimize the risks of the same through transparency with patients and other medical professionals.
You can adopt these procedures in your company to ensure you’re at the top of the chain. With this procedure in place, you can only outsource medical products that are more beneficial to your patients with no or reduced side effects.
6. Relationship-Based Partnership
Another trend that’s boosted the success of pharma outsourcing is the shift from transactional to relationship-based partnership models. Whether a small or large company, you should decrease fee-for-service models and lean towards creating a long-term partnership that’ll add value to both parties. Such relationships will grow further in the coming years.
7. Mergers And Acquisitions (M&A) Activities
There’s been fragmentation in the CDMO industry in the past few years. However, there’ve been mergers and acquisitions lately. You may want to work with a few reliable suppliers to reduce costs and increase efficiency. M&A will help increase your competitiveness in the pharma industry and extend your dosage variants.
Through M&A, you’ll also reduce capability gaps, acquire products earlier, and increase sales, among other things. You should invest in pharmaceutical asset divestment as it’s a great acquisition opportunity. This is because the former pharma manufacturers are experienced and have high-quality facilities
8. Back Office And Sales Force Automation
The pharma industry has been characterized by recurring R&D cycles and speed for years. As a result, back office and sales force automation are the best money makers for your pharmaceutical outsourcing.
Future trends show that SFA and back office automation are digital solutions that may remain as the top earners and pharma motivation for many years. So, as the other pharmaceuticals plan on outsourcing these operations, don’t be left out and enjoy the benefits from these operations.
These outsourcing trends in pharmaceutical manufacturing have and will lead to the success and growth of the pharma industry. More viable medicines and vaccines with fewer side effects are manufactured and availed at favorable rates. In more ways than one, such trends are of benefit to both you and your patients.