The Rise of Functional Outsourcing
The prominent feature of outsourcing within the clinical space has been around for quite some time. Through outsourcing, pharma companies are able to reduce costs, risks, as well as improve efficiency. It is no wonder why many have opted to partner with Contract Research Organizations (CROs) to capitalize on these benefits.
Although this is the case, times are changing. In the past, the common method was to outsource the entire trial to a single firm. This Full-Service Outsourcing model has led to some life-changing drug discoveries. However, as the market continues to evolve, the traditional model has become less applicable. This has led to a new outsourcing model, also known as Functional Outsourcing.
What’s so good about Functional Outsourcing?
In contrast to its predecessor, Functional Outsourcing involves partnering with a single, specialized vendor, to deliver a particular service e.g. data management. Consequently, it allows sponsors to focus on its key competencies. It also improves the quality and efficacy of that function, as it is carried out by relevant experts who hold extensive knowledge in that particular field.
Besides, the new model does not involve the use of provider systems as it uses clients’ systems instead. Thus, no costs are duplicated by paying a partner to provide its proprietary technology. Moreover, once a project is complete, the hiring costs will also disappear, resulting in additional savings.
The Operational Considerations
Although this alteration may seem simple, effective functional outsourcing doesn’t happen overnight, and many factors contribute to a successful partnership:
· Cultural Fit
If you want to explore whether this option is for you, why not speak to experts at this year’s Outsourcing in Clinical Trials Midwest conference? Join leading clinical professionals in Chicago and engage in thought-provoking discussions! For more information, please visit: http://www.arena-international.com/octmidwest, alternatively, you can email us at: email@example.com.
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