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Insight Brief
The Evolution of FSP: Not Just for Large Pharma
Dec 13, 2024
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  • The Evolution of FSP: Not Just for Large Pharma
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Overview of the FSP Market and Solutions
The Functional Service Provider (FSP) model has evolved to meet the diverse needs of pharmaceutical companies of all sizes. Initially favored by large firms, its benefits are now recognized by mid-sized companies, prompting a shift in outsourcing strategies. The FSP model offers flexibility, enabling companies to select optimal solutions for various functions, maintain control over portfolio priorities, and enhance site relationships and communication.

Current Market and Evolution of FSP Solutions
The drug development landscape is continuously changing, presenting new challenges and opportunities. Advanced drug modalities, such as gene therapy and RNA-based therapies, are on the rise, with approximately 4,000 clinical trials currently underway. The increasing use of clinical technologies, such as eConsent and connected devices, along with advances in AI and machine learning, are set to transform drug development. The FSP model provides the necessary resources and expertise to navigate this landscape.

Challenges and Cost Increases
Many companies face significant cost increases due to protocol amendments, missed enrollment targets, and patient enrollment issues. The pandemic has exacerbated these challenges, with increased site turnover reported. FSP solutions offer greater control and transparency around trial management, extending internal capabilities and achieving cost savings.

Outsourcing Trends
Pharmaceutical companies are reassessing their outsourcing strategies, reducing the number of CRO partners, and moving towards more flexible solutions. Enhanced support or capability models, FSP solutions, provide greater control over key decisions, extend internal capabilities, and offer cost savings.

Conclusion
The evolution of FSP models towards more flexible and tailored solutions opens new opportunities for mid-sized pharma companies. By leveraging the expertise and resources of an FSP provider, companies can navigate the complex drug development landscape and achieve their goals more effectively. For more information on how IQVIA can help you design and implement the optimal FSP solution for your organization, please contact us.

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