Pharmaceutical Contract Sales Outsourcing [CSO] Market

CSO Significant in Generating Clients amid COVID-19 Pandemic

With the coronavirus outbreak dominating global news over several months, the pharmaceutical industry has come under spotlight to increase the production capabilities in vaccines and other effective treatment options. Stakeholders in the pharmaceutical contract sales outsourcing (CSO) market are taking advantage of these developments to meet the demand of consumers and healthcare facilities. The growing awareness about enhancing the immune system is another key driver generating revenue opportunities for stakeholders in the pharmaceutical contract sales outsourcing (CSO) market during the ongoing pandemic.

In order to adapt to changing market sentiments, an increasing number of pharmaceutical companies is looking to outsource contract manufacturing organizations (CMOs). Thus, CSO plays an important role in generating prospects, nurturing leads, and moving clients through the sales pipeline. Health-related product sales have been soaring as the virus started to take hold.

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Contract Intelligence Platforms Help Improve Supplier Relations, Clinical Trails

The pharmaceutical contract sales outsourcing (CSO) market is projected to expand at a favorable CAGR of ~7% during the assessment period. However, pharmaceutical firms are still warming up to the idea of outsourcing. Established companies who are witnessing an increased demand for products are opting for outsourcing to meet the needs of end users.

Pharmaceutical and biotech companies are presently grappling with complex drug trials, highly regulated promotional programs, and complex supply chains. Hence, companies in the pharmaceutical contract sales outsourcing (CSO) market are stepping in to provide unique platforms that streamline the operations. The Icertis Contract Intelligence (ICI) platform is being publicized for the same and has been preferred by Sanofi to accelerate drug trials whilst facilitating compliance in a tightly regulated environment. Such platforms are revolutionizing procurement contracting processes that result in improving supplier relations.

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Part-time Contract Sales Teams Hold Potential to Reduce Business Risk

The pharmaceutical contract sales outsourcing (CSO) market is expected to reach US$ 14.7 Bn by 2031. The growing expectations of pharmaceutical manufacturers from contract sales companies involve saving time and effort on recruitment, building the sales team quickly, and reducing the sales team overhead. Thus, to achieve this, sales companies are attracting qualified medical sales representatives, networking with different contacts, and using a part-time contract sales team.

There is a need for reducing business risk among pharmaceutical manufacturers. Companies in the pharmaceutical contract sales outsourcing (CSO) market are gaining awareness and establishing part-time contract sales teams that eliminate the need to invest in and maintain a permanent infrastructure. Pharma companies are willing to see the CSO’s experience in the medical sales industry before agreeing to the contract.

Leveraging Outsourced Sales Teams Facilitates in Meeting New Sales Target

Pharmaceutical companies are leveraging outsourced sales teams. Apart from time and money savings of using outsourced sales services, pharmaceutical manufacturers are turning to outsource their sales processes, simply to minimize their management burden. Such trends are translating into revenue opportunities for stakeholders in the pharmaceutical contract sales outsourcing (CSO) market. Advantages of leveraging outsourced sales teams such as instant access to a large talent pool, cost savings on staff management, and flexibility in operations are grabbing the attention of pharma companies.

Outsourced sales services provide access to exclusive sales and customer relationship management tools. Companies in the pharmaceutical contract sales outsourcing (CSO) market are providing fresh strategic insight to help pharma companies gain a competitive edge over other manufacturers. Onboarding fresh outside talent to manage sales processes can provide a pharma company new insights on meeting new sales goals.

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Analysts’ Viewpoint

Stakeholders in the pharmaceutical contract sales outsourcing (CSO) market are working with pharma customers who are in need of products more urgently than others during the COVID-19 outbreak. The growing number of biologics in development is driving the demand for high-tech development and manufacturing solutions. However, most biologics are complex and cannot be fully distinguished by science alone. Hence, companies are increasing their R&D to develop contract intelligence platforms, which help to accelerate drug trials in highly regulated promotional programs. These platforms help to reduce risk by improving visibility into compliance requirements and other obligations. The state-of-the-art technology can be a key differentiator in medical sales negotiations.