Medical affairs are playing a vital role within current pharmaceutical, medical device and biotechnology companies. Moreover, these services are witnessing an expansion in both earlier (pre-production) as well as later stages (post-production) of medical products. Medical affairs outsourcing services helps the original equipment manufacturing (OEM) companies with flexible and scalable solutions that helps them to utilize strategic management, resource components and, healthcare personnel resources.
The growth of the medical affairs outsourcing market is mainly attributed to factors such as increasing number of clinical trials worldwide and rising adoption of outsourcing activities coupled with increasing R&D expenditures. However, the increasing costs of drug development and clinical trials hinder the market growth.
Syneos Health, and The Medical Affairs Company –are Notable Market Players in Medical Affairs Outsourcing Market
Market leaders operating in the market have undertaken various organic and inorganic growth strategies in the medical affairs outsourcing market. The medical affairs outsourcing market majorly consists of the players such as ICON PLC, IQVIA Inc, Syneos Health, WuXi AppTec, SGS SA, PPD Inc, PAREXEL INTERNATIONAL CORPORATION, Indegene, Excelya, UDG Healthcare plc.
Several in organic approaches, such as product launches, and expansion in the medical affairs outsourcing market, have resulted in the positive growth of the market. Likewise, inorganic strategies such as mergers & acquisitions, and collaboration have help the company to strengthen its revenue, which allows the company to hold a strong position in the market.
Below is the list of the growth strategies done by the players operating in the Medical affairs outsourcing market:
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Year |
News |
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Jan-2020 |
PPD, Inc. (PPD) has expanded its operations and leadership team in China to provide enhanced laboratory, regulatory, clinical development, patient access, site conduct, and post-approval services for international and China-based biopharmaceutical companies. |
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Feb-2020 |
ICON plc acquired MolecularMD, a molecular diagnostic specialty laboratory that enables the development and commercialization of precision medicines in oncology. The acquisition enhanced ICON’s laboratory offering in molecular diagnostic testing and brings to ICON expanded testing platforms, including immunohistochemistry (IHC), and next-generation sequencing. |
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Apr-2020 |
Accelerated Enrollment Solutions (AES), a business of PPD, Inc. has launched a new program to help biopharmaceutical companies maintain business continuity during the global COVID-19 pandemic by transferring clinical trial patients to AES’ dedicated research sites from other research facilities impacted by the coronavirus crisis. |
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Sep-2020 |
ICON plc, launched Accellacare a global clinical research network offering patients easier and faster access to creative treatments and offering customers the option to deploy decentralized trials. |
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Dec-2020 |
Almac Clinical Technologies and inVentiv Health entered strategic partnership. The partnership offered an opportunity for both organizations to provide customers and sites with streamlined access to best-in-class clinical trial Interactive Response Technology (IRT) solutions |
