The latest procurement market intelligence study by SpendEdge on the supply market of legal services providers helps companies in the biopharmaceutical industry to gain comprehensive insights on the supply landscape for legal services and amend their ability to benchmark current services and pricing.
Legal services – market at a glance
Legal services firms are offering advisory and technical assistance or representational services pertaining for all legal disciplines in the healthcare industry. The stringency of new healthcare regulations, reimbursement policies, and shift towards value-based systems is fueling the requirement for regular legal services. Technological advances, patent registration or renewals, and mergers and acquisitions are few areas in the healthcare industry that requires legal services. The continuous development of new products and changes in the legal framework will boost the demand for expertise in the field. Pharma and drug companies, start-ups, and universities are the primary end-users of legal services in the global market. Supply market intelligence offered by SpendEdge helps pharmaceutical giants to identify key suppliers of legal services in the targeted region, insights on procurement best practices, and category management.
The increasing popularity of legal process outsourcing (LPO), also called legal outsourcing is helping companies source talented resources from various regions. LPO models are gaining predominance across many industries as these are viable options for cost reduction. These organizations offer legal services of lawyers, attorneys, and counsels from offshore locations. These systems provide access to talented employees at reduced cost and require a minimal focus on tactical work.
Emergence of e-health and new biosimilars
The growth of e-health and access to clinical data has given rise to regulatory and cybersecurity challenges, instigating pharmaceutical companies to tighten their legal services. The clinical development and market authorization of biosimilars require more approvals by different regulatory bodies. Licensing is the most requested legal service in the global market, and the continuous development of new age products will boost the growth of this service.
Big Data analytics in legal services
Big Data analytics helps companies assess visibility on legal spend, offers insight-based support for decision making, and provides effective demand forecasting and management. Many suppliers in the market are adopting Big Data analytics tools to streamline operations and improve the decision-making process. By using data analytics, law firms are optimizing their spend, identifying cost saving opportunities, and enhancing the efficacy of demand forecasting.
What solutions SpendEdge offer
The supply market intelligence experts at SpendEdge helped a leading pharmaceutical company gain insights on the key suppliers of legal services in North America and many other solutions, some of which are listed below:
- Identify and acquire information from various reliable sources who have expertise in the legal services category
- Develop category-specific insights that helped the client’s procurement teams with category planning and category management
- Analyze information on the various aspects of the major suppliers in the industry including their positioning matrix, operational capabilities, financials, and their major customers
- Assess the industry trends and market drivers, and enhance their ability to benchmark current services and pricing
- Offer overview of the various pricing models and their benefits and assess the merits of the various pricing models
Read our complete case study titled – Assessment of the Supply Market of Legal Services Providers for a Leading Biopharmaceutical Company
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