Pharmaceutical Contract Sales Outsourcing [CSO] Market is Predicted to Witness a Value of US$ 14.7 Billion by 2031: Transparency Market Research, Inc. 

Wilmington, Delaware, United States, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The pharmaceutical contract sales outsourcing [CSO] market was estimated to have acquired US$ 6.9 billion in 2020.  It is anticipated to register a 7.1% CAGR from 2021 to 2031 and by 2031, the market is likely to gain US$ 14.7 billion.  

The key element driving the market for pharmaceutical contract sales outsourcing [CSO] is the cost efficiency. Pharmaceutical companies are increasingly outsourcing their sales and marketing operations to CSOs as a cost-effective strategy. Outsourcing eliminates the need to hire and train an in-house sales team, reducing operational costs.

The demand for pharmaceutical contract sales outsourcing is also being driven by focus on core competencies. Outsourcing sales functions allows pharmaceutical companies to focus on their core competencies, such as research and development, while leaving sales and marketing to experts in the field.

CSOs often have a broader geographic reach and established networks, enabling pharmaceutical companies to expand their market presence internationally without significant upfront investments. Compliance with pharmaceutical regulations is crucial.

Outsourcing sales operations can accelerate time-to-market for new pharmaceutical products, helping companies capitalize on opportunities more quickly. Sharing responsibilities with a CSO can help pharmaceutical companies manage risks associated with market uncertainties, changing regulations, and other factors.

In a nutshell, the Transparency Market Research Report is essential reading for start-ups, individuals in the industry, investors, researchers, consultants, business strategists, and anyone seeking to gain insight into this particular sector. Take a brief look at it: https://www.transparencymarketresearch.com/pharmaceutical-contract-sales-outsourcing-market.html

Market Snapshot:

Key Findings of the Market Report  

• The ongoing adoption of remote engagement tools and virtual sales representatives can enhance cost-efficiency and reach in a post-pandemic world.
  
• CSOs with a presence in emerging markets help pharmaceutical companies access new and rapidly growing markets, such as those in Asia and Latin America.
  
• The shift toward a patient-centric approach in healthcare requires tailored marketing and engagement strategies, which CSOs can develop and execute.
• CSOs are increasingly leveraging data analytics and AI-driven insights to optimize sales strategies, target healthcare professionals more effectively, and measure performance.
  

Market Trends For Pharmaceutical Contract Sales Outsourcing [CSO]

• CSOs have a deep understanding of market trends, competitor landscapes, and customer behaviors, providing valuable insights to pharmaceutical companies. CSOs are motivated by performance-based compensation models, aligning their interests with those of pharmaceutical companies and driving sales success.
• The adoption of digital tools and technologies by CSOs, such as data analytics and customer relationship management systems, enhances sales strategies and decision-making. The CSOs offer an opportunity to effectively promote a diverse range of products, as pharmaceutical companies expand their product portfolios, ensuring maximum market penetration.
• The trend toward personalized medicine requires specialized sales teams with expertise in niche therapeutic areas, making CSOs a valuable resource. The rise of biopharmaceuticals and specialty drugs necessitates specialized sales and marketing strategies, which CSOs can provide.
  

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Pharmaceutical Contract Sales Outsourcing [CSO]: Regional Outlook 

Various reasons are propelling the growth of the pharmaceutical contract sales outsourcing [CSO] market in different countries. These are: 

• Growing pharmaceutical industry, and government support are the major factors that are anticipated to boost the market growth in India.
• In 2020, the government launched the National Pharmaceutical Pricing Policy (NPPP), which includes a provision for allowing pharmaceutical companies to outsource their sales and marketing activities to CSOs.
• The government has also set up a CSO Promotion Council to facilitate the growth of the CSO industry in India.
• The Chinese government has also taken a number of initiatives to promote CSO in the country. In 2019, the government issued a guideline on the development of the CSO industry.
• The guideline encourages pharmaceutical companies to outsource their sales and marketing activities to CSOs, and provides a number of tax and other incentives for CSOs.
• Availability of infrastructure, as well as growing demand for specialized services are the key factors augmenting the growth prospects in China.

Global Pharmaceutical Contract Sales Outsourcing [CSO] Market: Key Players  

A few number of dominant worldwide firms hold the majority of the market share in the pharmaceutical contract sales outsourcing [CSO] industry. The market's major companies are concentrating on diversifying their product lines. The big players' primary strategy includes mergers and acquisitions. In order to acquire a competitive edge in the industry, market competitors are concentrating on offering high-quality services.  

The following companies are well-known participants in the global pharmaceutical contract sales outsourcing [CSO] market: 

• Ashfield (UDG Healthcare plc)
• inVentiv Health, Inc. (Syneos Health)
• IQVIA
• Granard Pharmaceutical Sales & Marketing
• Vanguard Pharma, Inc.
• GTS Solution
• EVERSANA
• MaBiCo
• QFR Solutions
• Pharmaforce Ireland Ltd.
• Sales Focus, Inc.
• Amplity Health
• PharmaLex GmbH
  

Key developments in the global Pharmaceutical Contract Sales Outsourcing [CSO] market are: 

• In 2023, Innovent Biologics partnered with Syneos Health to outsource its commercialization activities in the United States.
• In 2023, Bristol Myers Squibb partnered with IQVIA to outsource its sales and marketing activities in Europe.
• In the same year, Novartis partnered with ICON plc. to outsource its clinical trials in the United States.
• In 2022, IQVIA acquired PRA Health Sciences for $5.9 billion. The acquisition will create a leading global CSO with a broader range of services and capabilities.
• In the same year, Syneos Health acquired INC Research for $2.6 billion. The acquisition will strengthen Syneos' position in the clinical research outsourcing market.
  

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Global Pharmaceutical Contract Sales Outsourcing [CSO] Market Segmentation   

By Service

• Personal Promotion
  • Promotional Sales Team
    • Dedicated Sales Team
    • Syndicated Sales Team
  • Key Account Management
  • Vacancy Management
• Non-personal Promotion
  • Tele-detailing
  • Interactive E-detailing
  • Customer Service
  • Medical Science Liaisons
  • Patient Engagement Services
  • Others
• Others

By Therapeutic Area

• Cardiovascular Disorders
• Oncology
• Metabolic Disorders
• Neurology
• Orthopedic Diseases
• Infectious Diseases
• Others
  

Region 

• North America 
• Europe 
• Asia Pacific 
• Latin America 
• Middle East & Africa
  

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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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