U.K. Biotechnology & Pharmaceutical Services Outsourcing Market Dynamics, Landscape And Latest Trends 2028
U.K. Biotechnology & Pharmaceutical Services Outsourcing Industry Overview
The U.K. biotechnology and pharmaceutical services outsourcing market was estimated at USD 2.3 billion in 2020 and is projected to expand at a compound annual growth rate (CAGR) of 6.9% from 2021 to 2028.
This is due to growing drug development costs coupled with high clinical development failure rates and increasing outsourcing of R&D activities. Patents of many drugs are expected to expire in the near future, which is anticipated to drive the biosimilars market. This, in turn, is anticipated to boost R&D activities of companies for commercializing a generic version of drugs. The launch of generics in the market in a feasible timeline and cost is anticipated to drive the demand for CROs.
Gather more insights about the market drivers, restrains and growth of the U.K. Biotechnology & Pharmaceutical Services Outsourcing Market
Outsourcing has evolved into a multibillion-dollar industry. The majority of spending is directed toward early development, with roughly two-thirds of yearly expenditures being outsourced. Small and midsized biopharmaceuticals companies spend approximately 90%, accounting for 75% of the new drugs pipeline. The benefits of outsourcing include costs which is a primary concern for many companies and advanced technologies that help to increase the quality of the preformulation process, resulting in a higher-quality final formulation.
Pharmaceutical and biotech companies recruit CROs to provide legal representation. Due to the complicated and fast-changing healthcare rules, there has been substantial growth in the demand for legal representation in recent years, particularly in Europe. For instance, clinical trials in Europe cannot be conducted by sponsors without a registered entity in the EU. There is a mandatory requirement of legal representation provided by companies based in Europe to conduct clinical trials in any of the EU member states. Therefore, legal representative services are provided by various small and large companies, including CROs, to assist non-EU sponsors in conducting clinical trials in Europe.
Regulatory business regulations have been more stringent in recent years. Due to government support for generics over branded drugs, demand for generics has significantly increased. This trend is driving a rising number of small and mid-sized biopharmaceutical and medical device companies to the U.K., leading to an increase in the demand for regulatory support services. As a result, these companies are unable to establish their own regulatory department due to a lack of expertise and financial support. Furthermore, Brexit is predicted to have a substantial influence on the UK’s regulatory environment, as it may result in the EMA’s headquarters being relocated to another nation.
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Market Share Insights
- April 2021: Paraxel International Corporation formed a strategic partnership with Veeva to accelerate clinical trials by leveraging technology and process innovation. The collaboration can help improve study efficiency and accelerate the delivery of new therapies to patients.
Key Companies profiled:
Some of the prominent players in the U.K. biotechnology & pharmaceutical services outsourcing market include:
- The Quantic Group
- IQVIA Holdings
- Parexel International Corporation
- Lachman Consultant Services
- GMP Pharmaceuticals
- Concept Heidelberg GMBH
- Covance Inc.
- PRA Health Sciences
- Charles River Laboratories
- Icon Plc
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