4 Services Life Science Companies Should Outsource
Human capital is the most valuable resource for life science organizations. However, ever-changing workforce requirements can be challenging, which the pharma industry can overcome by outsourcing services.
Outsourcing in life sciences has a typical project-based model, where projects can vary in size and complexity, from commercial assessment, content creation, routine auditing to large-scale clinical trials.
According to a white paper by Yvonne Campefens, pharma and biotech companies that outsource their services have seen continuous evolution. An article published in 2018 claims that the contract research organization (CRO) market will reach $44.4 billion by 2021. Another report forecasts that the global biotechnology services outsourcing market will reach $92.9 billion by 2025.
Here, we identify and share four services that a life science expert should outsource to gain a competitive advantage in the industry.
1- Pharmaceutical research and development
Globalization has driven R&D based life science companies to outsource their work to independent institutions called Contract Research Organizations (CRO). They play a crucial role every step of the way, from a drug’s initial discovery to its launch. Sponsoring companies hire CROs to manage clinical trials and other research tasks to help bring a drug or device to the market. It allows companies to focus on the drug and get it into the market quickly.
2 – Digital marketing/social media services
According to Insight Pharma Reports, 49% of life scientists use LinkedIn for work, and 84% prefer educational content on social media. Building an online brand reputation requires expertise in various skills such as content creation, graphic designing, pay-per-click, media planning, web development, and data analytics.
Hiring an in-house expert for each skill can be expensive. Another option is to hire freelancers, but you will need multiple freelancers to build a full digital marketing team. Therefore, the best solution is to outsource services to an integrated digital marketing agency with a specialization in the life sciences industry that can create and publish engaging content.
3 – Medical information
Healthcare professionals and patients are always looking for accurate and research-backed responses to their medical inquiries. By outsourcing medical information services, you will get a dedicated team of experts to answer questions. They will also help you in regulatory compliance and meeting legal requirements.
It will allow you to minimize delays and mistakes in responses when the volume of questions gets more extensive than an in-house staff can manage. It also lowers operational costs and increases productivity, as companies don’t have to find and train the staff.
4 – Patient engagement
The biotech and pharma industry is making a fundamental shift from product to patient-centric approach, with greater emphasis on patient engagement and outcomes. Supporting patients and finding solutions is the primary goal of most life science companies. It involves engaging, guiding, and helping patients, caregivers, and healthcare professionals.
The challenge is to bridge the communication gap and find a target audience before starting a dialogue and offering options. Educating the patients and asking for feedback through a survey or questionnaire can help.
About ARSENAL ADVISORS
At ARSENAL ADVISORS, we connect people with ideas to the right opportunities to maximize their potential. In our summits, we host discussions between ambitious medical, marketing, and sales executives and senior leaders and empower them with the best tools, techniques, and technology to solve significant challenges in the biopharma industry.
Our Reimagine Biopharma summit encourages companies to create productive think-tanks in their organizations that can deliver innovative solutions. We also offer SaaS products and marketing for agencies and executives. You can fill our contact form on our website to get in touch.