Key findings: Clinical research services
This clinical research services procurement research report offers a predictive analysis of the critical cost drivers and the current supply market trends that will facilitate a better understanding of the market from the cost perspective.
The offset of chronic ailments, increase in aging demography, and augmented spend potential are paving the way for the development of newer drugs and treatments. Consequently, the pharmaceutical industry is increasing their adoption of various clinical research services to develop new drugs while the healthcare industry is seeking services to make the treatments more affordable. The global clinical service providers are partnering with their regional counterparts to retain local clinical trial sites as such sites enable the local population to run clinical trials. This is functional in reducing the cost of acquiring patients. This practice is also creating the needs to adopt technological capabilities such as EDC, eTMF, CRF and RBM to enhance research processes, which, in turn, is driving the spend growth potential of the clinical research services.
This sourcing and procurement report on the clinical research services highlights the critical procurement and supply market challenges faced by buyers in terms of cost. However, instead of limiting its scope to just pointing out the challenges, this procurement market intelligence report also offers suitable recommendations to devise a risk-free and a profitable procurement strategy. Additional information includes an analysis of the suppliers’ cost structure, the total cost of ownership, pricing models observed in different geographies, supply chain margins, and much more.
Our portfolio of reports for the pharma and healthcare category help buyers understand:
- Understand the spend potential within the supply market
- Understand total cost of ownership
- Analyze supply side levers
- Analyze buyer side levers
- Understand risk management matrix
Analyze the global category spend for clinical research services
Several developing nations are exhibiting an incremental spend on research and development activities to cater to the requirement of new drugs and medical devices. Buyers from these countries typically prefer outsourcing clinical research services to CROs who possess the skills and knowledge required for clinical trials to invent drugs and devices. This is contributing to the global category spend growth rate in the coming years.
This market intelligence report on clinical research services offers additional information on:
- Regional spend dynamics
- Spend opportunity for suppliers
- Buyer and the supplier ecosystem
Optimize category spend for clinical research services
The advent of RBM as the new clinical monitoring approach, a centralized method of data collection and monitoring is fast replacing the traditional methods that involved on-site visits and source data verification techniques. It is recommended that the buyers engage with the service providers who leverage RBM to clearly define data that are critical to patient safety, identify the potential risks and create risk-mitigation strategies, and set benchmarks that will trigger an investigation and corrective actions.
This market intelligence report on clinical research services also offers coverage of:
- Strategic sustainability practices
- Supplier and the buyer KPIs
- Major category enablers
Assess category spend for the US region
The thriving pharmaceutical industry in the US is characterized by the presence of multinational companies that engage in significant clinical research activities, thereby; promoting the spend growth rate in the region. Also, the increasing expenditure on healthcare, which is exhibiting an upward-moving trend with every passing year, will continue supplementing the category growth in the US.
Additional information offered in this clinical research services sourcing and procurement report will help buyers analyze:
- Margins of suppliers in the US
- Category spend in the US
- Price outlook and forecasts until 2023
Build strategies for effective supplier selection
In the clinical research field, the quality of service is given paramount importance which also testifies the safety for components such as medical devices, drugs, treatment, and diagnoses that are used in research. In line with this, a buyer must engage with a supplier that conducts clinical quality assurance programs adhering to quality standards as per protocols and international regulations. These programs aid buyers to evaluate the integrity of scientific data, clinical research, and clinical trials.
This supply market intelligence report identifies the major procurement costs incurred and provides additional information on:
- Supplier relationship management
- Supplier operational capability
- Supplier ecosystem outlook
Devise effective category management strategies for clinical research services
The field of clinical research services is highly subjective to a range of regional and global regulations, and failing to adhere to the same has invited approval issues for developed drugs. These issues ramify to sunk cost for category stakeholders and incurring litigation costs. Therefore, it is advised that the category managers pledge absolute adherence to all the regulations and norms to avoid costly litigations.
Key insights offered in this market intelligence report will help the buyers identify:
- Supply assurance objectives
- Strategies for reduction of TCO
- Supplier selection criteria
Determine the spend dynamics for key geographies
Currently, North America claims the largest market share because of the factors like the growth of biosimilar and biologics markets and rising demand for outsourcing of clinical research services to CROs by pharmaceutical and biopharmaceutical companies. Pharmaceutical companies in Europe are conducting research related to gene therapy studies for rare diseases which is accelerating the category spend momentum. Favorable government policies and outsourcing of services done by the pharmaceutical companies are offering the necessary stimulus to the service providers in APAC to improve their service portfolio and adopt advanced technologies to cater to the diverse needs of the buyers.
Key geographies analyzed in this sourcing and procurement report include the following:
- North America
- South America
Actionable supply market intelligence including information on the top suppliers of clinical research services, and risks faced while procuring clinical research services are offered in this report. Download a free sample to understand the complete scope of coverage.
Key Features of Report
Procurement Best Practices
Cost Saving Opportunities
Supplier Capability Matrix
Clinical Research Services - Category Spend Analysis
According to SpendEdge analysts, one of the major drivers of growth for the global clinical research services market stems from the increasing adoption of electronic health records. The clinical research industry comes with massive storage of paper records related to drug application and clinical trials. Therefore, buyers prefer maintaining electronic records for the convenience of searching and analyzing of data.
Clinical Research Services - Procurement Best Practices
Buyers prefer to engage with service providers that possess analytical testing capabilities for a wide array of diagnostic disciplines such as chemistry, flow cytometry, hematology, and microbiology. Service providers must be equipped with the latest technology to ensure accuracy in analysis and precise delivery of medicines and devices to the buyers in a time-efficient manner.
Clinical Research Services - Procurement Challenges
Based on the analysis in this report, the increased cost of clinical research or trial is a major procurement pain point experienced by the buyers. SpendEdge’s procurement specialists predict that the buyers must engage with service providers must possess the necessary skills and infrastructure to deliver customized solutions.