CATEGORY
Professional Education
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The National Institutes of Health will fund the establishment of cancer-care telehealth research centers.
August 29, 2022UVI Unveils a Medical Simulation Facility
July 25, 2022The National Institutes of Health will fund the establishment of cancer-care telehealth research centers.
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Schedule a DemoProfessional Education Industry Benchmarks
Savings Achieved
(in %)
The average annual savings achieved in Professional Education category is 5.40%
Payment Terms
(in days)
The industry average payment terms in Professional Education category for the current quarter is 73.4 days
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Category Strategy and Flexibility
Engagement Model
Supply Assurance
Sourcing Process
Supplier Type
Pricing Model
Contract Length
SLAs/KPIs
Lead Time
Supplier Diversity
Targeted Savings
Risk Mitigation
Financial Risk
Sanctions
AMEs
Geopolitical Risk
Cost Optimization
Price per Unit Competitiveness
Specification Leanness
Minimum Order Quality
Payment Terms
Inventory Control
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Schedule a DemoProfessional Education market report transcript
Global Market Overview on Professional Education
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The global demand of professional education supply, such as model-based simulation, web-based simulation, and simulation training service, is expected to grow at approx. 14.6 percent CAGR through 2020–2024
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Majority of suppliers lease training space on need basis from external suppliers. Leasing is done through long standing partnerships to regulate demand and offer within quick timeframe
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Adoption of training approach is majorly dependent on therapeutic area. For example, rare disease health care providers showed inclination toward face-to-face meetings, given the presence of minority of experts and high need for exchange of information
Professional Education Market Trend
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HCP education service offering is primarily executed through partnerships with academia, maintaining a wide network through agencies and digital engagement platforms
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Training space is typically leased out by 60–70 percent of suppliers. Increased focus on maintaining in-house experts on diverse therapeutic areas has been one of the key service differentiators in the industry
Cost and Pricing Analysis : Professional Education
Sponsors can achieve cost saving by having direct collaboration with academia or long-term contracts (6 months to one year) with HCP education suppliers to support with meetings and education modules.
Price Impact Factors
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Skilled experts account for a major price impact factor, given the in-depth expertise mandated by regulatory bodies. Suppliers with in-house experts would be cost-effective in the long term and help in improving compliance.
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Given the increase in hybrid programs, technology impact remains the same, on an average, for face-to-face, as well as virtual trainings.
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Technology cost also accounts for data analysis services, which includes engagement strategies, traffic generation, and impact analysis in web-based modules.
Procurement-Centric Five Forces Analysis : Professional Education
Supplier Power
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The supply market for professional education is consolidated. 10–15 players hold greater than 70 percent of the market share. There is diversification among suppliers with each of them specializing in a different service category
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For example, CROs provide HCP training services at every trial phase in various therapeutic area
Barriers to New Entrants
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With an increase in the number of trials globally, the number of HCP training needed have surged
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This rise in demand has resulted in new suppliers in regional markets to expand globally and suppliers from other industries to penetrate into the market
Intensity of Rivalry
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Companies compete among each other for the market share by winning MSP deals with huge hiring across industries
Threat of Substitutes
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With temporary staffs and interns being recruited for trial sites and at home visits, training of these professionals to maintain standard procedure is a must
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Trials are conducted across multiple therapeutic areas, there is a need for clinical staff who are experts in that area
Buyer Power
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Pharmaceutical companies have various types of suppliers to choose from to outsource HCP training service ranging from HCP training providers, academia, and CROs
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