There are many drug manufacturing companies that choose to outsource pharmacovigilance services to a third party. By gaining access to the expertise, flexibility and systems of a reliable service provider, pharma companies can benefit to a great extent. When it comes to the scale of outsourcing partnership, the size and needs of the pharmaceutical or biotech manufacturers needs to be taken into consideration.
Many large pharmaceutical companies outsource pharmacovigilance services even though they have the money and resources. Here’s how they benefit from outsourcing:
- It helps them save money because instead of hiring staff and managing everything in-house, they get instant access to trained professionals of the pharmacovigilance service provider. It eliminates the need for hiring, training and retaining staff. Ultimately, this not only helps in saving money but also allows their internal team to stay focused on the core business functions.
- The vendor gets to access the systems and standard operating procedures (SOPs) of the pharma company. This allows quick initiation of the programs, as per the client’s specifications. In such a case, the vendor acts as an extension of the pharma team.
- Scalability is another benefit that pharma companies get to enjoy if they outsource pharmacovigilance. Since most large companies have some systems and staff in place for pharmacovigilance, the vendor can be leveraged for completing a subset of activities like, literature screening, safety writing, case processing.
- The company gets access to the service provider’s expertise and experience. Even they save money because they don’t have to hire, train and retain staff in-house. They get access to the SOPs and systems of the vendor.
