Pharma KPO outsourcing involves hiring consultants in foreign countries to conduct research and build databases for pharmaceutical companies, saving on operational costs. Services include analyzing market share, drug sales trends, and brand identification. Data mining and text extractors are also provided to access new patent information and scientific literature.
Pharmaceutical knowledge process (KPO) outsourcing involves contracting with consultants for research and development information in the pharmaceutical industry at a lower cost. Outsourcing often occurs to a foreign country, where educated professionals conduct research and build databases that pharmaceutical companies use to sell products or create new drugs. Pharma KPO could also involve research in areas of legal, patent, information technology, clinical research and brand studies for pharmaceutical companies.
Outsourcing these services could save drug manufacturers money by reducing operational costs. Pharma KPO typically means savings in wages in countries where the average wage is lower. It may also face a shortage of qualified and skilled researchers in the country where the pharmaceutical company is based. Teams of biologists, chemists, and information technology experts typically carry out the research needed by drug companies.
Pharma KPO could provide these companies with insights to reduce costs when developing new drugs using industry statistics. The databases could also reveal consumers’ shopping habits and recommend ways to sell more additional products by analyzing how people shop. The software used in the pharmaceutical KPO applies specifically to the pharmaceutical industry.
Services typically provided by outsourcing companies include analyzing the market share of the pharmaceutical company and its competitors. Using special software, a KPO consultant could explore drug sales trends to help the client increase sales. The company could use the data to develop action plans or determine if more research is needed.
Pharma KPO can be broken down into certain geographic areas or specific types of drugs. This could help a drugmaker identify target areas where certain medicines sell well. It could also show the need to increase marketing among a certain segment of the population or a particular region. Brand identification in each region and the specific drugs that doctors tend to prescribe are other common services sought through Pharmaceutical KPO.
As part of research and development, a pharmaceutical company could outsource the task of developing databases in specific areas. These could include the ability to research a particular disease or current breakthroughs in medicine. Through data mining, a pharmaceutical company could access new patent information to stay ahead of competitors.
Text Extractors are another service provided by KPO Pharmaceutical. Custom search engines could allow companies to use keywords to extract specific information about clinical research, including chemical and biological advances in medicine. They typically provide access to published studies and scientific literature posted on the Internet.
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