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Streamlining Compliance: The Power of Outsourcing in Pharmacovigilance and Regulatory Affairs
Why 89% of companies plan to consolidate solution and technology vendors
Apr 10, 2024
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In the ever-changing world of pharmaceuticals and biotech, companies are continually seeking strategies to optimize their safety and regulatory compliance. One such strategy that has gained significant traction is outsourcing. A staggering 67% of biotech and pharma companies outsource their pharmacovigilance operations, and 54% outsource their regulatory activities. This trend is even more pronounced among emerging biopharma (EBP) companies, with 62% outsourcing regulatory activities. Outsourcing is not limited to services alone. Companies are increasingly recognizing the importance of technology in their operations. A majority of biotech and pharma companies are monitoring the development of the latest technologies affecting outsourcing regulatory activities. Furthermore, 59% of these companies consider technology when selecting an outsourcing vendor for regulatory activities. This trend is reflected in the fact that 79% of biopharma companies are either testing or using an established combination of AI agents and human experts in various configurations. |
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However, while outsourcing is a commonly accepted solution for many pharma companies, using more than one vendor can create significant challenges. Services and technology need to work in tandem, and handing these functions off to multiple vendors can result in confusion, inefficiency, and suboptimal results. Unfortunately, many pharmaceutical and biotech companies find themselves juggling multiple vendors, with 49% outsourcing pharmacovigilance services and technology to three to four vendors, and 11% outsourcing to five or more vendors.
Despite these challenges, most life sciences company leaders acknowledge that outsourcing to just one vendor could be a better way to go. Only 16% of biotech and pharma companies feel that relying on a single vendor is a concern when considering combined PV solutions. Moreover, 89% of these companies plan to outsource combined PV solutions in the future.
Using just one vendor can be an agile, efficient, and cost-effective option, mitigating many of the risks associated with using multiple partners. Conducting all operations via the same outsourcing company creates a comprehensive feedback loop, helping both the technology and service teams improve, thanks to the data gathered by each. With just one vendor, it’s easier to implement and follow standard operating procedures. Plus, one vendor can respond to customer needs and changing regulatory requirements with more agility than two independent vendors.
In conclusion, the power of a single, integrated vendor partner cannot be overstated. Companies can optimize their pharmacovigilance operations, increase efficiencies, and most importantly, enhance patient safety. A single-vendor approach in regulatory affairs not only promotes operational efficiency but also increases agility in responding to changing regulatory requirements.
To learn more about the benefits of outsourcing and the power of a single-vendor approach, download the full infographic here. Harness the power of integrated services and technology solutions with IQVIA, a leading global provider of safety and regulatory compliance solutions.