Business process outsourcing (BPO) is when a company hires a third-party service to take care of business tasks that aren't its main job. Life sciences can help with study, discovery, development, drug registration, and product launch, among other things. The growth of the global market for life sciences BPO is anticipated to be fueled by the rising cost of drug development over the forecast period. Furthermore, patent expiration is anticipated to contribute to market expansion.
Between 2020 and 2027, the global life sciences BPO market is anticipated to grow at a CAGR of 14.7%.
Major Players in the Life Sciences BPO Industry:
1. Accenture, Plc
Accenture, Plc is an Irish-American professional services company, specializing in information technology (IT) services and consulting. It was founded in 1989 and headquartered in Dublin, Ireland. It operates in more than 120 countries.
2. Boehringer Ingelheim GmbH
Boehringer Ingelheim GmbH was founded in 1885 and headquartered in Ingelheim, Germany. It operates in 13 countries. In May 2023, Boehringer Ingelheim's offices in Ingelheim, Germany, will start building a new Chemical Innovation Plant. Starting in 2026, this factory will work on making processes for active pharmaceutical ingredients and make drugs for use in clinical trial phases. This step is important for Boehringer Ingelheim to quickly move new drug candidates from the company's long list of research projects to clinical studies and then to the market.
3. Cognizant Technology Solutions
Cognizant Technology Solutions is an American multinational information technology services and consulting company, was founded in 1994 and headquartered in New Jersey, U.S. It operates in 17 countries.
4. Infosys
Infosys is an Indian multinational information technology company that provides business consulting, information technology and outsourcing services. It was founded in 1981 and headquartered in Karnataka, India. It operates in more than 50 countries. In four IDC MarketScape vendor assessments for service lifecycle management and intelligence transformation, Infosys was identified as a leader in June 2023.
5. Genpact Limited
Genpact Limited was founded in 1997 and headquartered in New York, U.S. It operates in more than 30 countries.
6. ProMab Biotechnologies, Inc
ProMab Biotechnologies, Inc was founded in 2001 and headquartered in California, United States. It operates around the world.
7. Charles River Laboratories International, Inc
Charles River Laboratories International, Inc was founded in 1947 and headquartered in Massachusetts, U.S. It operates in 20 countries. Charles River CRO bought Cognate BioServices in February 2021 to improve its studies in cell and gene therapy.
8. Catalent, Inc.
Catalent, Inc. is a multinational corporation, was founded in 2007 and headquartered in Somerset, New Jersey. It operates in approximately 80 countries.
9. Covance, Inc.
Covance, Inc. was founded in 1996 and headquartered in Princeton, New Jersey. It operates in 17 countries. In Feb 2015, Laboratory Corporation of America® Holdings (LabCorp®) announced the completion of its acquisition of Covance Inc.
10. Fareva
Fareva is a French pharmaceutical company, was founded in 1985 and headquartered in Tournon-sur-Rhône, France. It operates in 11 countries. The Pierre-Fabre group and Fareva came to a deal in October 2020 for Fareva to buy two sterile pharmaceutical manufacturing sites, which they expect to be up and running by the end of the year.
*Definition: Life Sciences business process outsourcing (BPO) is the transfer of one or more IT-intensive business processes to a third party for management and administration in line with predetermined and quantifiable performance metrics.
