Biotechnology And Pharmaceutical Companies Are Embracing Regulatory Technology Outsourcing

Staying abreast of the ever-changing regulatory demands in the biotech and pharmaceutical industries is consistently arduous, given the inherent risks and the substantial investments of time, effort, and finances involved. In a recent survey of biotechnology and pharmaceutical companies conducted by Citeline on behalf of IQVIA, 45% of respondents shared that they were watching the development of technologies for regulatory outsourcing.

Participants cited reasons such as corporate focus, obligations of their role, efficiency and cost-efficiency, compliance, staying competitive, and avoiding problems. A further 32% of respondents were “somewhat” monitoring the situation. “In our business strategy high-tech progress is crucial to stay up to date with novel regulations,” one respondent commented. Another underlined the need to “stay ahead of the game and above the current, in order to stay relevant in our current field.”

The advantages of outsourcing regulatory services in the biopharmaceutical sector can be applied to various stages and aspects of the regulatory process. However, the specific application depends on the company's size and the stage of product development. Regardless of company type, access to cutting-edge technology plays a crucial role in driving the decision to outsource regulatory functions, in addition to having support, guidance, and assurance that will yield tangible benefits in enhancing regulatory capabilities.

Learn how blending human regulatory expertise with technology can increase efficiencies while reducing risks by accessing the full article.