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The industry will grow strongly as testing of new drugs continues. For this reason, industry research firm IBISWorld has added a report on the Contract Pharmaceutical Research Services industry to its growing industry report collection.
New York, NY (PRWEB) April 16, 2014
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The industry provides a breadth of research and development (R&D) services to manufacturers in the pharmaceutical industries. In the past five years, brand-name drug producers have faced increasing threats from generic brands due to patent expirations. Additionally, increased regulation and emergent health economics and outcomes research have pressured pharmaceutical companies to control costs and increase research efficiency. Since industry operators offer expanded research capabilities not found in-house, they accelerate the clinical trial stages of drug development and shift manufacturers' fixed costs to variable costs. As such, drug manufacturers are increasingly outsourcing R&D functions to industry operators. According to IBISWorld Industry Analyst Darryle Ullama, “In the five years to 2014, industry revenue is expected to increase at an annualized 10.6% to $8.0 billion.”
The changing landscape of drug development has spurred the industry's burgeoning growth; in 2014, industry revenue is expected to increase an additional 7.1%. The industry is also experiencing a surge of merger and acquisition activity in the hands of large, multinational operators. The rationale behind this is to expand the operator's service capabilities in an effort to secure contracts with major pharmaceutical manufacturers that demand wider service offerings. Still, the emergent industry has enticed niche operators that serve smaller and more specialized drug manufacturers. New entrants have offset the industry's major merger and acquisition activity; in the five years to 2014, the number of industry enterprises is expected to increase at an annualized 2.1% to 219.
The Contract Pharmaceutical Research Services industry is poised for continued growth in the five years to 2019. “During this time, healthcare reform will expand the pharmaceutical industry's total market and increased approvals for generic brands will continue to pressure branded drug manufacturers,” says Ullama. As such, cost control and research productivity will continue to be essential objectives of drug production, increasing demand for industry services. The industry will also face rising competition from international operators based in Asia, which houses maturing pharmaceutical industries. In the five years to 2019, industry revenue is projected to increase.
For more information, visit IBISWorld's Contract Pharmaceutical Research Services in the US industry report page.
Follow IBISWorld on Twitter: https://twitter.com/#!/IBISWorld.
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IBISWorld industry Report Key Topics
The industry provides a range of research and development services to pharmaceutical manufacturers, including laboratory testing, preclinical and clinical trials, commercialization and post-market surveillance.
Industry Performance
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
Products & Markets
Supply Chain
Products & Services
Major Markets
Globalization & Trade
Business Locations
Competitive Landscape
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
Major Companies
Operating Conditions
Capital Intensity
Key Statistics
Industry Data
Annual Change
Key Ratios
About IBISWorld Inc.
Recognized as the nation's most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.
For the original version on PRWeb visit: http://www.prweb.com/releases/2014/04/prweb11767348.htm
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.