Win The Small And Emerging Sponsors' Service Contracts

By Laura McWhinney, Market Research Manager, Industry Standard Research (ISR)

Requests for proposals (RFPs) are a well-established method for sponsors to evaluate service providers, but they require significant effort and evaluation to determine who is the best option. In addition, deciding which sponsor to pursue bids from requires a heavy investment of resources. Noted to be a two-way street by author Laura McWhinney, the sponsor and service provider will compete for the best business contract overall.

In this article, McWhinney describes what affects small and emerging sponsors' final decision to engage with a service provider and how preferred provider agreements (PPAs) play a role in attracting sponsors, with data from Q4 2022 showing varying percentages of companies with PPAs based on their R&D annual spend.