A new report predicts the world market for contract sales of medicines will expand by 7% in 2014. That trend follows growth of 5% in 2013. The study forecasts high single-digit growth for that overall market until 2017.
Those predictions and others appear in World Pharma Contract Sales Industry and Market: Predictions 2014-2024, published in February 2014.
That new data finds contract detailing - face-to-face promotion services - accounted for the largest proportion of pharma contract service organisation (CSO) revenues in 2012 and 2013. That market will grow with a CAGR of more than 7% between 2012 and 2024. However, faster growth will come from other marketing channels and services. CSOs report rapidly rising demand for inside sales teams and contact centre services. All major pharma companies now use edetailing for drug promotion in certain markets, and CSOs invest in online platforms. Revenues achieved by CSOs for edetailing services will rise by more than 15% in 2014.
Richard Lang, a pharma market analyst, said: “Limited access to doctors, the rising influence of healthcare payers and challenges in market access are driving significant changes to pharma sales models worldwide. CSOs offering multichannel marketing, market access and patient support services will benefit most in this decade.
“Analysis of new services provided by CSOs offers insight into where the pharma contract sales market is heading. Investment in patient adherence and support and market access services is rising rapidly. The costs of non-adherence are putting increasing strain on healthcare budgets worldwide. For small drug developers, as well as Big Pharma companies, CSOs can help navigate the challenging requirements for acceptance on national, regional and hospital-level formularies.”
The new report predicts revenues of the world pharma contract sales market to 2024, as well as providing forecasts and other analyses for its submarkets:
Contract detailing services