By: Ramya Vijay -- Research Analyst
26 June, 2013
Laboratory equipment and consumables constitute a major role in all clinical trials. Emerging countries are currently the potential playground for pharmaceutical companies for clinical trials. This shift to emerging nations by pharmaceutical companies, are causing the equipment suppliers to move to these countries. Among the emerging markets, China and Latin America have the highest number of clinical trials being conducted which is expected to increase in next few years.
However, there are very few well established regional players in these regions. Furthermore, the regional suppliers have very limited product portfolio and service capabilities across countries. Hence, buyers claim to face major problems due to limited availability of equipment and services. Also, they face pressure in reducing cost in sourcing lab equipment due to pressure from the government to reduce cost of the drugs.
One of the most important roles of the procurement team of the pharmaceutical company is to identify the best fit supplier among the limited options available. Also, supplier consolidation and bundling of services are few of the options which might help in cost savings for the pharmaceutical investors. Latin America hosts highest number of clinical trials after China, among the emerging nations. The top global pharmaceutical companies are conducting clinical trials in all countries of Latin America. The number of clinical trials being conducted is expected to increase in next few years. The demand for laboratory equipment and consumables is increasing as they are extensively used in clinical trials.
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