Pharmaceutical Contract Sales Outsourcing [CSO] Market to reach US$ 14.7 Bn by 2031

CSO Significant in Generating Clients amid COVID-19 Pandemic

With the coronavirus outbreak dominating global news over several months, the pharmaceutical industry has come under spotlight to increase the production capabilities in vaccines and other effective treatment options. Stakeholders in the pharmaceutical contract sales outsourcing (CSO) market are taking advantage of these developments to meet the demand of consumers and healthcare facilities. The growing awareness about enhancing the immune system is another key driver generating revenue opportunities for stakeholders in the pharmaceutical contract sales outsourcing (CSO) market during the ongoing pandemic.

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In order to adapt to changing market sentiments, an increasing number of pharmaceutical companies is looking to outsource contract manufacturing organizations (CMOs). Thus, CSO plays an important role in generating prospects, nurturing leads, and moving clients through the sales pipeline. Health-related product sales have been soaring as the virus started to take hold.

Contract Intelligence Platforms Help Improve Supplier Relations, Clinical Trails

The pharmaceutical contract sales outsourcing (CSO) market is projected to expand at a favorable CAGR of ~7% during the assessment period. However, pharmaceutical firms are still warming up to the idea of outsourcing. Established companies who are witnessing an increased demand for products are opting for outsourcing to meet the needs of end users.

Pharmaceutical and biotech companies are presently grappling with complex drug trials, highly regulated promotional programs, and complex supply chains. Hence, companies in the pharmaceutical contract sales outsourcing (CSO) market are stepping in to provide unique platforms that streamline the operations. The Icertis Contract Intelligence (ICI) platform is being publicized for the same and has been preferred by Sanofi to accelerate drug trials whilst facilitating compliance in a tightly regulated environment. Such platforms are revolutionizing procurement contracting processes that result in improving supplier relations.

Part-time Contract Sales Teams Hold Potential to Reduce Business Risk

The pharmaceutical contract sales outsourcing (CSO) market is expected to reach US$ 14.7 Bn by 2031. The growing expectations of pharmaceutical manufacturers from contract sales companies involve saving time and effort on recruitment, building the sales team quickly, and reducing the sales team overhead. Thus, to achieve this, sales companies are attracting qualified medical sales representatives, networking with different contacts, and using a part-time contract sales team.

There is a need for reducing business risk among pharmaceutical manufacturers. Companies in the pharmaceutical contract sales outsourcing (CSO) market are gaining awareness and establishing part-time contract sales teams that eliminate the need to invest in and maintain a permanent infrastructure. Pharma companies are willing to see the CSO’s experience in the medical sales industry before agreeing to the contract.

Leveraging Outsourced Sales Teams Facilitates in Meeting New Sales Target

Pharmaceutical companies are leveraging outsourced sales teams. Apart from time and money savings of using outsourced sales services, pharmaceutical manufacturers are turning to outsource their sales processes, simply to minimize their management burden. Such trends are translating into revenue opportunities for stakeholders in the pharmaceutical contract sales outsourcing (CSO) market. Advantages of leveraging outsourced sales teams such as instant access to a large talent pool, cost savings on staff management, and flexibility in operations are grabbing the attention of pharma companies.

Outsourced sales services provide access to exclusive sales and customer relationship management tools. Companies in the pharmaceutical contract sales outsourcing (CSO) market are providing fresh strategic insight to help pharma companies gain a competitive edge over other manufacturers. Onboarding fresh outside talent to manage sales processes can provide a pharma company new insights on meeting new sales goals.

Analysts’ Viewpoint

Stakeholders in the pharmaceutical contract sales outsourcing (CSO) market are working with pharma customers who are in need of products more urgently than others during the COVID-19 outbreak. The growing number of biologics in development is driving the demand for high-tech development and manufacturing solutions. However, most biologics are complex and cannot be fully distinguished by science alone. Hence, companies are increasing their R&D to develop contract intelligence platforms, which help to accelerate drug trials in highly regulated promotional programs. These platforms help to reduce risk by improving visibility into compliance requirements and other obligations. The state-of-the-art technology can be a key differentiator in medical sales negotiations.

Pharmaceutical Contract Sales Outsourcing (CSO) Market: Overview

This report analyzes the current and future prospects of the global pharmaceutical contract sales outsourcing (CSO) market. Significant expenditure on research & development and surge in number of pharmaceutical companies are the key factors projected to fuel the growth of the global pharmaceutical contract sales outsourcing (CSO) market during the forecast period.

The report provides an elaborate executive summary, which comprises a snapshot of the various segments of the global pharmaceutical contract sales outsourcing (CSO) market. The report also provides information and data analysis of the global pharmaceutical contract sales outsourcing (CSO) market about segments based on service, therapeutic area, and region.

The overview section of the report provides detailed qualitative analysis of drivers and restraints affecting the global pharmaceutical contract sales outsourcing (CSO) market, along with opportunities in the global market

The global pharmaceutical contract sales outsourcing (CSO) market report includes company profiles and competitive matrix, which provide data about their businesses, product portfolios, and competitive landscape in the global pharmaceutical contract sales outsourcing (CSO) market

The report includes data analysis on the global pharmaceutical contract sales outsourcing (CSO) market attractiveness by region and segments

The last section of the report provides quantitative and qualitative analysis on market share of key players operating in the global pharmaceutical contract sales outsourcing (CSO) market. It elaborates on the key competitive strategies adopted by the major industry players, thereby presenting a thorough understanding of the competitive scenario in the global pharmaceutical contract sales outsourcing (CSO) market.

Pharmaceutical Contract Sales Outsourcing (CSO) Market: Key Segments

In terms of service, the global pharmaceutical contract sales outsourcing (CSO) market has been classified into personal promotion, non-personal promotion, and others

The personal promotion segment has been split into promotional sales team, key account management, and vacancy management

The non-personal promotion segment has been segregated into tele-detailing, interactive e-detailing, customer service, medical science liaisons, patient engagement services, and others

Based on therapeutic area, the global pharmaceutical contract sales outsourcing (CSO) market has been categorized into cardiovascular disorders, oncology, metabolic disorders, neurology, orthopedic diseases, infectious diseases, and others

The market size and forecast for each of these segments have been provided from 2017 to 2031. The CAGR of respective segment has also been provided for the forecast period from 2021 to 2031, considering 2020 as the base year.

Pharmaceutical Contract Sales Outsourcing (CSO) Market: Regional Outlook

In terms of region, the global pharmaceutical contract sales outsourcing (CSO) market has been segmented into North America (U.S. and Canada), Europe (U.K., Germany, Spain, Italy, France, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East & Africa (GCC Countries, South Africa, and Rest of Middle East & Africa)

The report provides market size and forecast for each region and country/sub-region from 2017 to 2031. Compound annual growth rate (CAGR) of each of these regions and countries have also been provided for the forecast period from 2021 to 2031, considering 2020 as the base year. The pharmaceutical contract sales outsourcing (CSO) market study also covers the competitive scenario in these regions.

Companies Mentioned in Report

Leading players in the global pharmaceutical contract sales outsourcing (CSO) market have been profiled based on key aspects such as company overview, product portfolio, financial overview, recent developments, and competitive business strategies

Major companies profiled in the global pharmaceutical contract sales outsourcing (CSO) market report are

• 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 Questions Answered in Pharmaceutical Contract Sales Outsourcing (CSO) Market Report

• How does the development of pharmaceutical contract sales outsourcing (CSO) provide scope of growth in the global pharmaceutical contract sales outsourcing (CSO) market?
• How alliances and partnerships between players are widening the scope of new line of opportunities for pharmaceutical contract sales outsourcing (CSO)?
• What are the revenue share projections of key segments under various criteria in the pharmaceutical contract sales outsourcing (CSO) market during the forecast period?
• Which segment is likely to register highest revenue by the end of the forecast period in 2031?
• How is the evolving health care system in developing countries in Asia Pacific making an impact on the overall pharmaceutical contract sales outsourcing (CSO) market?

Pharmaceutical Contract Sales Outsourcing (CSO) Market – Segmentation

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

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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