Do you remember when we go to the office, what is the expectation of our boss from us?
Quality work submitted on time. Maybe?
When we look back to our school and college time, isn’t the same thing that our teacher used to expect from our assignments?
Even today, is quality, not our topmost priority when we do some work or when somebody is doing something for us?
Henceforth, QUALITY IS IMPORTANT.
Just like for us, quality work is also important in the pharmaceutical industry whether it’s method validation, tech transfer, microbiological testing, or method development. In this regard, here what people working in this industry has to say:
“Quality results are what pharma wants; rarely do we hear complaints about cost.”
Michael Crowley, Ph.D., M.S., B.S., Vice President business development, PharmaForm
“The key to everything in our industry is quality. Not only does this refer to the quality of the data, but also the quality and reliability in delivery; the quality of the relationship as well as trust; quality associated with regulatory adherence; quality associated with the communication; quality of the science and people; and quality in working through problems and issues.”
Randall Guthrie, Vice President, Xcelience, LLC
“Price rarely comes up in conversation with clients.”
Frank Santillo, Ph.D., senior director of research services for Bilcare Global Clinical Services
Increasing R&D budgets and investments in drug discovery are among the critical sustainability strategies for pharmaceutical companies. Not all companies have an infrastructure that is conducive to all types of analytical testing. Hence, outsourcing these operations is the most suitable option, which also helps save time and cost.
Other factors, such as the increasing need for product safety & quality, along with changing regulations for in vivo and in vitro tests are also expected to propel the growth of the market. For instance, the government of China issued a notification to upgrade the quality of generic drugs, remove the backlog of drug applications, improve the quality and transparency of the review and approval process, and encourage new drug R&D in line with global development.
Some key points to note:
- As per the latest report by Grand View Research, the global pharmaceutical analytical testing outsourcing market size was valued at USD 6.54 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 8.3% over the forecast period.
- Innovation in the pharmaceutical industry, increasing focus on regulation, safety & quality, rising number of end-users, and pricing benefits of outsourcing are the key factors driving the market.
- In several nations, analytical laboratories are considered to be a part of the essential healthcare infrastructure, thus analytical studies were continued with minimal or no initial disruptions due to COVID-19.
- The Asia Pacific is expected to be the fastest-growing regional market from 2021 to 2028 as a lot of developed countries are investing in countries in this region.
- Some prominent players in the global pharmaceutical analytical testing outsourcing market include:
- SGS SA
- Toxikon, Inc.
- Eurofins Scientific
- Pace Analytical Services, Inc.
- Intertek Group Plc
- Pharmaceutical Product Development, LLC.
- WuXi AppTec, Inc.
- Boston Analytical
- Charles River Laboratories International, Inc.
- West Pharmaceutical Services Inc.
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