Global procurement intelligence advisory firm, SpendEdge, has announced the release of their 'Pharmaceutical Drug Development Services Market Procurement Research Report.' The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the pharma and healthcare industry. This report breaks down the data and analysis behind the procurement of pharmaceutical drug development services and acts as an all-inclusive guide for making smart purchasing decisions.
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Global Pharmaceutical Drug Development Services Procurement Market Intelligence Report (Graphic: Business Wire)
"The demand for the pharmaceutical drug development services is being driven by the increasing stringency of the regulatory framework, costs of drug development, and focus of pharmaceutical companies on developing treatments," says SpendEdge procurement analyst A Kowshik. "Also, the buyers in the pharmaceutical drug development services market are increasingly seeking collaboration with suppliers that can offer end-to-end solutions and have strong expertise in region-specific laws and regulations," added Kowshik.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Pharmaceutical Drug Development Services Market:
- The rise in adoption of eClinical solutions.
- The increase in the use of interactive response technology in adaptive clinical trials.
- Growing use of modeling and simulation in drug development.
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The rise in adoption of eClinical solutions:
The growth of the pharmaceutical formulations market can be attributed to the increase in adoption of approaches using nanotechnology which help in improving formulations. The incorporation of innovative technologies helps in cutting down costs as well as reduces the time to market. Also, the use of injectors assists in improving patient acceptance by providing a simple method of product preparation.
The increase in the use of interactive response technology in adaptive clinical trials:
Adaptive trials help in easy identification of potential drug substances; they also lead to rapid changes in dosing and the logistics of drug supplies. To overcome the issues related to the slow adaptive trial process and the rise in the go-to-market time of the drug CROs are increasingly using innovative solutions such as Interactive Response Technology platforms. Also, the real-time analysis of data helps in better management of clinical supplies.
Growing use of modeling and simulation in drug development:
The demand for the use of modeling and simulation techniques have increased due to the possibility of testing the parameters on a computer by creating virtual simulations of the drug's environment. Adopting these methods not only help in speeding up the drug development process but also facilitate a comprehensive decision-making process. Also, the reduced time to market benefits pharmaceutical companies to sell the drug quickly.
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