IDC Health Insights’ IDC MarketScape Examines Leading Vendors of Drug Safety Services for Life Science Companies
Direct cost savings, increased agility, shortened timelines and improved outcomes are among the near- and long-term benefits to externalization of core competencies
FRAMINGHAM, MA, February 6, 2013 – IDC Health Insights announced today the availability of a new report, “IDC MarketScape: Worldwide Life Science Drug Safety Services 2013 Vendor Assessment" (Document # HI239221). The new report assesses the capabilities and strategies of leading outsourcing providers of drug safety services (DSS) that support the clinical trial efforts of life science companies. Firms included in the assessment typically provide some or all of these services:
- Drug safety BPO
- Drug safety IT infrastructure and process support
- Management of strategic projects that provide insights into emerging drug safety and supporting regulatory compliance requirements
The goal of the report is to provide life science companies with a vendor assessment that can be used in support of DSS provider selection. Firms evaluated in the study include: Accenture, Cognizant Technology Solutions, The Foresight Group, HCL Technologies, iGate Patni, L&T Infotech, Mahindra Satyam, Syntel, TAKE Solutions, and Tata Consultancy Services. These companies were evaluated based on a comprehensive framework and a set of parameters that assesses providers relative to one another and to those factors expected to be most conducive to success in a given market over both the short and the long term.
Key findings of the report include:
- IDC estimates the addressable 2012 worldwide market for drug safety services currently exceeds $800 million
- There are several ways to succeed in the drug safety services market, with different service providers demonstrating success in delivering specific DSS to different customers
- Life science companies' outsourcing overall is rapidly increasing, in part due to continued globalization, and evolving regulatory requirements
- Life science companies remain reticent to outsource activities that carry significant risk to their organizations, but are beginning to expand their outsourcing as risk and anticipated outcomes become better defined
As life science companies continue to explore outsourcing as a way to reduce costs and improve operational efficiencies within and across their organizations, they are taking a close and detailed look at each and every individual process that could benefit from externalization. Direct cost savings, increased agility, shortened timelines and improved outcomes are among the near- and long-term benefits driving the externalization shift.
In this IDC MarketScape evaluation of drug safety service providers, key criteria were established in two category measures for success: strategies and capabilities. Within each of these criteria, IDC Health Insights weighted specific attributes that are particularly significant for life science companies, including:
- Service focus (i.e., BPO, IT services, or strategic consulting services)
- Breadth of service offerings
- Diversity of resources and infrastructure-supporting services delivery
- Amount and variety of project experience in the life science DSS outsourcing market
- Strength of project leaders and their teams
- Quality of work and customer satisfaction
It is clear from the number of vendors that successfully achieved a "Leader" ranking in this evaluation, that many companies have identified areas and/or niches where they can successfully differentiate themselves from their competitors. These leading companies are diverse and achieved excellence by building relationships based on trust and confidence in their ability to meet and exceed company DSS needs.
According to Alan S. Louie, Ph.D., research director, Clinical Development Strategy and Technology, IDC Health Insights, "As outsourcing of the life science industry grows, the vendor ecosystem is stepping up to deliver cost savings, agility, and operational excellence in areas once considered to be core to top companies. Demonstrated delivery experience, a deep understanding of drug safety processes and platforms, and strategic drug safety expertise are all paths to vendor success, helping many life science services organizations achieve sustainable growth."
Dr. Louie will host a complimentary web conference, "The Market Landscape in Worldwide Life Science Drug Safety Services Outsourcing," on Thursday, February 21st at 12:00 p.m., U.S. Eastern time. To register, please visit: http://bit.ly/IDCHI-DrugSafetyServicesMarketScape-Webcast.
The one-hour webcast will discuss the results of the IDC MarketScape evaluation, perspectives on the DSS market, and key factors that life science companies consider when selecting a drug safety outsourcing service provider.
For additional information about this study, or to arrange a one-on-one briefing with Dr. Alan Louie, please contact Sarah Murray at 781-378-2674 or email@example.com. Summary reports are available to qualified members of the media. For information on purchasing reports, contact firstname.lastname@example.org.
About IDC MarketScape
IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of IT, telecommunications, and industry-specific suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT, telecommunications, and industry-specific vendors can be meaningfully compared. The framework also provides technology buyers with a transparent foundation to allow companies to independently compare the strengths and weaknesses of current and prospective vendors.
About IDC Health Insights
IDC Health Insights assists health businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the payer, provider and life sciences industries. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a subsidiary of IDG, the world’s leading technology, media, research, and events company. For more information, please visit www.idc-hi.com/, email email@example.com, or call 508-935-4445. Visit the IDC Health Insights Community at http://idc-insights-community.com/health.
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