Visiongain has published a new report entitled Pharma Contract Sales Market Report 2023-2033: Forecasts by Type (Personal Promotion (Promotional Sales Team, Vacancy Management, Health Care Professional), Non-personal Promotion (Contact Centre, Tele-detailing, Medical Call Centres, Telesampling, Online Services), Co-promotion (Marketing Research and Consulting, Product Commercialisation, Territory Optimisation and Alignment, Brand Management, Mature Product Line Support, Rest All CSO Services)), by Therapeutics (Oncology, Immunology, Diabetes, Cardiovascular Disease, Respiratory, CNS, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global Pharma Contract Sales market is valued at US$7,678.6 million in 2023 and is projected to grow at a CAGR of 8.2% during the forecast period 2023-2033.
The pharmaceutical industry in the United States is projected to maintain its robust position in the foreseeable future. Such dominating position in the global market can be attributed to the rising demand for advanced treatments and therapies which fuels the demand for pharma contract sales market. Numerous key players in Pharma Contract Sales, including IQVIA Inc., Amplity Health, Syneos Health, Apodi, ONCALL, LLC, Sales Partnerships, Inc., Granard Pharmaceutical Sales & Marketing, and QFR Solution, are primarily based in the U.S. and derive a significant portion of their revenue from the domestic market. Moreover, the U.S. holds a substantial share, accounting for over one-third, of the global Pharma Contract Sales market. Additionally, within the U.S., the competitive landscape of pharmaceutical products is greatly influenced by consolidation and integration within healthcare providers. The merging of health plans and pharmacy benefit managers (PBMs) into larger entities has resulted in strengthened purchasing power, impacting the competitive dynamics of the market.
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How has COVID-19 had a Significant Impact on the Pharma Contract Sales Market?
The pharma contract sales sector experienced significant disruptions in development and research due to the COVID-19 pandemic. While the global healthcare focus shifted to combat the pandemic, research and commercialization in various medical domains, including Pharma Contract Sales, encountered challenges and delays. Clinical trials and investment initiatives were hindered as resources were redirected to address the pandemic and ensure the safety of trial participants.
Especially, individuals with compromised immune systems became more susceptible to COVID-19, prompting the prioritization of their safety over potential vaccine trials. Furthermore, disruptions in supply chains caused by the pandemic impacted the adoption of Pharma Contract Sales.
Despite these obstacles, the pandemic underscored the necessity for innovative solutions, driving increased investments in technology and research. Virtual clinical trials and telemedicine gained prominence, offering opportunities for remote patient monitoring and engagement in vaccine studies.
As the pandemic situation improves and healthcare systems stabilize, endeavours are underway to restore and progress Pharma Contract Sales research. Insights gained during the COVID-19 crisis are guiding future strategies, aiming to accelerate vaccine development and enhance preparedness for upcoming medical challenges.
How will this Report Benefit you?
Visiongain’s 304-page report provides 128 tables and 172 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the Pharma Contract Sales market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Pharma Contract Sales. Get financial analysis of the overall market and different segments including type, technology, indication, and end-users and capture higher market share. We believe that there are strong opportunities in this fast-growing Pharma Contract Sales market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Growing Significance of Data in Pharma to Drive the Market Demand
Data utilization and technological advancements have significantly transformed the Contract Sales Organization (CSO) and the broader pharmaceutical commercialization sector. Recent transactions in the industry underscore the paramount importance that the CSO market accords to acquiring data and technology, aiming to gain a competitive edge over industry peers. Quintiles' merger with IMS stands as a prominent illustration of this trend. Additionally, several recent technology-centric acquisitions, such as Syneos' purchase of Kinapse for a substantial sum of US$120 million and PPD's acquisition of Evidera, further emphasize this data and technology-oriented trajectory. Also, Syneos Health has recently revealed an enhanced collaboration with Datavant (US), a prominent player in facilitating secure health data connections for organizations. This deepening partnership aims to optimize the extensive features of Datavant Switchboard and their extensive data network. Its primary goal is to expedite the clinical progression and market introduction of novel therapies, ultimately benefiting patients.
This burgeoning reliance on data and technology within the pharmaceutical commercialization realm is poised to drive a heightened demand for contract sales services. Companies recognize the potential for leveraging data and technology to optimize their operations, enhance decision-making processes, and ultimately achieve a more significant market presence. As the industry continues to witness these transformative shifts, the need for specialized contract sales services that can effectively harness and capitalize on data-driven insights and technological capabilities is expected to soar.
Transforming Pharma Sales: Technology and Outsourcing in the Pharmaceutical Services Industry
In today's rapidly evolving pharmaceutical services industry, technology and data play increasingly pivotal roles. Embracing innovative technologies early on has become a key differentiator among industry players. Pharmaceutical companies are actively divesting their production facilities to peer companies, Contract Development and Manufacturing Organizations (CDMOs), and private equity (PE) investors. These entities can operate the facilities independently as CDMOs, aiding the parent companies in reducing internal production footprints and costs through supply contracts. Recent instances have shown medications being outsourced and subsequently discontinued.
The modern business landscape encourages companies to focus on their core competencies while outsourcing non-essential services. This 'lean-and-mean' business model is highly advocated, enabling swift responses to market conditions during significant shifts. Moreover, it helps businesses navigate downturns without the complications associated with layoffs and terminations.
As the trend towards outsourcing gains traction across various industries, a multitude of outsourcing companies have emerged, covering a wide array of business services. Contract sales organizations (CSOs) are a prime example, handling diverse aspects of a company's sales programs, from comprehensive sales requirements to specific, unique components.
The transformation of contact promotions in the global pharma industry is significantly influenced by cutting-edge technologies and solutions. Customer Relationship Management (CRM) Systems, eDetailing and Digital Sales Aids, Data Analytics and Business Intelligence Tools, Mobile Applications, Remote Meeting and Web Conferencing Platforms, Closed-Loop Marketing (CLM) Systems, Artificial Intelligence (AI) and Machine Learning, Regulatory Compliance Software, Learning Management Systems (LMS), and Supply Chain Management Systems are instrumental in reshaping the landscape of pharmaceutical contract sales, empowering the industry to adapt to contemporary demands and remain competitive.
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Where are the Market Opportunities?
Rising Opportunities for Pharmaceutical Expansion in Asian Markets
Various factors are driving pharmaceutical companies to enhance their presence in Asia. Besides the growing significance of Asia as an end-user market, the expansion of manufacturing capabilities and the abundance of skilled human resources are compelling incentives for establishing direct or outsourced operations in the region. Given that Asia hosts over 60% of the global population, with approximately one-third residing in China and India alone, there exists a substantial base for clinical trials and drug promotions. This expansive population, characterized by its relatively low exposure to medical treatments, is expected to drive demand for promotional activities in the region, making Asia one of the most promising pharmaceutical markets worldwide.
Diversification Trends in the Pharma Industry: Increasing Inorganic and Organic Activities to Create Market Opportunities
Recent mergers and acquisitions (M&A) within the pharmaceutical sub-sector are primarily motivated by a dual objective of consolidation and diversification. Pharmaceutical companies aim to streamline operations by collaborating with a reduced number of outsourced service providers. While private equity (PE) plays a significant role in facilitating bolt-on M&A activities, trade acquirers are also actively pursuing diversification strategies through M&A. A notable example illustrating this trend is Ashfield (UDG), strategically acquiring various capabilities to construct a well-rounded network of services for its worldwide clientele. These strategic acquisitions include Publicis Groupe recently revealed their acquisition of Advertise BG, a prominent performance marketing agency in Bulgaria. This strategic move aims to enhance Publicis Groupe Bulgaria's capabilities in digital transformation, bolstering their services in digital strategy, data analytics, social media management, and digital content production in all the sectors including pharmaceuticals.
Competitive Landscape
The major players operating in the Pharma Contract Sales market are Syneos Health, Inizio Group Limited, IQVIA Inc., ICON plc, and Uniphar Group Plc. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- In July 2023, MARVECS (Germany), a prominent firm specializing in human resources management for the pharmaceutical and healthcare sectors, recently unveiled a collaboration with Cesra Arzneimittel GmbH & Co. KG. for brand commercialization.
- In June 2023, Publicis Groupe introduced a pioneering lineup of combined offerings that harness Profitero's data and technology, combined with the extensive reach and support capabilities of Publicis Media. The aim is to fuel rapid growth in commerce for various brands.
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To find more Visiongain research reports on the Pharma sector, click on the following links:
- Contract Research Organisations (CROs) Market Report 2023-2033
- Pharmaceutical Contract Manufacturing Market Report 2023-2033
- Contract Manufacturing Outsourcing (CMO) of Sterile Injectable Drugs Market Report 2022-2032
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