Global pharmaceutical contract sales revenues will reach $5.24bn in 2015, a new report predicts.
The World Pharma Contract Sales Organisation (CSO) Market 2011-2021 found that revenues will continue to grow over the next decade as pharma companies look to cut costs.
Richard Lang, pharmaceutical industry analyst, says pharmaceutical companies are turning to CSOs for “new approaches to sales, targeting doctors and healthcare payers”.
The report by Visiongain found that supplying sales teams was currently the largest source of revenue for outsourcing companies in 2010, accounting for 80% of the market.
Pharma companies based in the US, UK and Japan will continue reduce sales forces, the report predicts, in coming years, providing an opportunity for contract sales companies and sales teams.
An increased emphasis on speciality drugs will also require new procedures and expertise for CSO sales teams, the report says, with e-detailing, tele-detailing and medical science liaison having a greater prominence over the next ten years.
“Face-to-face detailing of healthcare professionals is still the most common pharmaceutical sales technique in many markets,” said Mr Lang. “However, with increasingly busy schedules, more and more doctors are implementing 'no-see' policies for sales reps.
“The drive to cut rising healthcare costs will increase the influence of payers in future prescribing decisions.”
The demand for contract sales services is also expected to continue to grow in emerging markets such as China and India, according to the report’s predictions, with companies seeking to enter or expand their sales field-force presence in these regions and rely increasingly on the local knowledge and expertise CSOs offer.