Brussels, Belgium, May 10, 2022 (GLOBE NEWSWIRE) --
Description:
The life science industry is rapidly evolving and is witnessing rising complexity, stringent regulations, the need for faster innovation, and the trend towards digitalization. This in turn drives the demand for pharma and biotech consulting services including drug development, regulatory affairs, scientific writing, economic affairs, quality assurance and compliance, real-world evidence (RWE), and pharmacovigilance (PV).
Surging Demand for Advanced Therapies Consulting
Advanced therapies, such as cell and gene therapies and personalized vaccines require specialized expertise throughout the development, manufacturing, and regulatory process. Due to the rapidly evolving Advanced Therapy Medicinal Products (ATMP) landscape, it’s crucial to have up-to-date knowledge and expertise to successfully develop a product and gain a centralized market authorization (MA) in Europe and/or a Biologic License Authorization (BLA) in the US. With rapidly expanding research on cell and gene therapies, there is robust demand for ATMP consulting as it requires experts with specific experience in regulatory strategy, CMC, medical communications, and clinical development.
Product Commercialization/Market Access – Key Element for the Success of a New Drug
Earlier, market access for a drug depended almost exclusively on efficacy and safety. However, pharmaceutical companies are now increasingly required to demonstrate how a new drug improves patient outcomes, reduces the burden of the healthcare system as a whole, and is worth its price. To support these criteria, pharmaceutical companies are looking at a more holistic view of patient treatment, providing better RWE and therefore a stronger value proposition for decision-makers. Moreover, complex regulatory and reimbursement pathways, varied evidence requirements, and long procedural timelines pose risk to successful access and launch. All these factors are boosting the demand for market access services including Health Economics and Outcomes Research (HEOR), PV, and RWE strategy and consulting across the globe.
Demand for Technology/IT Consulting Services Picking Up Fast
Pharma and biotech industry is increasingly seeking technology/IT consulting services to digitize their operations, migrate to the cloud, make use of advanced technologies like AI/ML, and modernize existing IT infrastructures.
North America Leads the Adoption of Life Sciences Consulting Services Market
North America has a major market share of global life sciences consulting services revenues. This is mainly attributed to the growing biopharmaceutical industry, significant R&D spending in the US, the presence of several big pharma companies like J&J and Pfizer in this region, rapid adoption of digital and IT, strict FDA regulations, and a greater focus on advanced therapies.
Competitive Landscape Analysis: Life Sciences Consulting Services Market
The global life sciences consulting services market is highly competitive and fragmented. Some of the key/promising players in the life sciences consulting services market include IQVIA, Parexel, Certara, Huntsworth, PharmaLex, Halloran Consulting, Ashfield, Fishawack, Envision Pharma, Science Group, Indegene, Fingerpaint, Eversana, Lumanity, ClearView, ProPharma, ProductLife Group, Deallus, RTI, Evidera (PPD), Target RWE, OPEN Health, Genesis Research, and QbD Group.
Companies Adopting Inorganic Growth Strategies to Increase their Market Share
As a key growth strategy, companies in this market are focusing on adding/expanding their portfolio with services like RWE, HEOR, PV, medical communications, and analytics. This is evident in some of the recent M&As in these areas. For instance,
- In Jan 2022, TriNetX, the global network of healthcare organizations driving real-world research acquired Advera Health Analytics, the leader in pharmacovigilance software, analytics, and data.
- In July 2020, imc group, a London headquartered medical communications agency acquired Porterhouse Medical Group.
To leverage growth opportunities in the global life sciences consulting services market, private equities are also making investments in this space. Ex. Lumanity (Arsenal Capital Partners, 2022), Clearview Healthcare Partners (GHO Capital, 2021), and ProPharma (Odyssey Investment Partners, 2020).
Explore Detailed Insights on Life Sciences Consulting Services Market @ https://meditechinsights.com/life-sciences-consulting-services-market/
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