By: Aswini Tripathi --
24 December, 2014
Offshoring has been in practice for ages. We cannot deny the fact that it passes cost benefits from the offshored destinations for the corporations operational through outsourcing or captive centers. In the past decade pharma industry is witnessing transformation in several aspects beginning from emphasis from pharmaceutical molecules to biologicals, diseases specific drug to personalized medicines, historical to real world data and the list continues. Amidst all these therapeutic and technical advances, the industry is facing augmented stress from regulators, investors and intense product competition on market by me too drugs and generics. In a nutshell, these constraints are swelling internal cost pressure on the pharma organizations. Spin off non-core functions; boosting efficiency by automating routine services, outsourcing non-core facilities and services involving variable cost to specialized suppliers. These are some of the methodologies the industry is implementing to subdue cost pressures. Outsourcing has developed into operational strategy for the large pharma, wherein it starts from tactical project based engagements to strategic long term contracts with suppliers with capabilities in offshored locations.
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