Big Pharma Farms Out Safety Monitoring to $2B-and-growing Industry
Saturday, February 7, 2015
Source: Fierce Pharma
Big Pharma has been hiring out all sorts of functions companies once did in-house: sales, manufacturing, and IT services, to name a few. But according to The Wall Street Journal, one of the fastest-growing fields for pharma contractors isn't any of these. It's drug safety.
Drugmakers including AstraZeneca ($AZN), Bristol-Myers Squibb ($BMY) and Novartis ($NVS) are outsourcing safety monitoring, sending side effects reports out for analysis and processing. Major consulting firms such as Accenture are picking up the business, which is now worth some $2 billion. And it's only expected to grow, with market researchers forecasting a 100% increase within 5 years.