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By ES outlook | Tuesday, February 17, 2015
The outsourcing space has a new frontier – Monitoring Drug Safety. More and more Big Pharma companies in the US are turning to India, outsourcing the crucial responsibility of analysing and monitoring drug safety. The business is already worth upwards of $2bn. As the industry witnesses this boom, there are criticisms and concerns galore too.
From 200-300, in 2007, the number of Indian citizens working in the industry has gone up to round about 15,000. While this is understandably a smart business move, with a greater commercial viability, this deluge has been met with some concerns as well. Critics of this particular BPO (business process outsourcing) example are concerned that relatively inexperienced workers are being trusted with jobs for which they’re under-qualified. Any mistakes could have a drastic impact on the safety of numerous medical patients back in America. But these concerns and inhibition are not being taken too seriously by the Big Pharma companies just yet. Novartis AG, Bristol-Myers Squibb Co and AstraZeneca PLC are a few big names who already outsource their monitoring of drug safety. In case of a mistake, these companies will face multimillion dollar fines, and their drugs can even be pulled from the market.
For now though, the decision is being lauded more than being frowned upon. Big outsourcing companies like Cognizant and Accenture are already in the monitoring operations, and score heavily for having a specialized work force and they are meeting deadlines unlike ever seen before by the clients. Offshore business is almost always met with instant inhibition, but apart from a cost-cutting measure, this has also resulted in quicker business operations with higher rates of efficiency.
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