MEDICAL AFFAIRS OUTSOURCING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Key Developments

• In March 2024, Celegence Holdings LLC, a life sciences company, invested in Soterius, Inc. through its Series A financing round. Soterius specializes in outsourced services, collaboration technologies, and data assets for drug safety and medical affairs. This partnership leverages the strengths of both organizations to enhance their reach and accelerate growth.
• In February 2024, Pfizer, a multinational pharmaceutical and biotechnology corporation, collaborated with NIPER Ahmedabad to foster and empower healthcare startups in India. This collaboration aims to nurture innovative ideas into market-ready solutions by supporting six selected innovators nationwide. These startups, chosen for their proof-of-concept aligned with the initiative's goals, will undergo a one-year accelerator program at NIPER Ahmedabad. The initiative, supported by the Department of Pharmaceuticals and Niti Aayog, is anchored by Social Alpha.
• In December 2021, RQM+, a global MedTech service provider, enhanced its regulatory expertise through the acquisition of AcKnowledge Regulatory Strategies. This addition integrates a highly skilled team into RQM+'s extensive network of FDA reviewers, engineers, scientists, and regulatory and quality specialists, bolstering the company's capabilities in FDA submission experience.
• In February 2021, ICON plc, a healthcare intelligence and clinical research organisation, completed the acquisition of PRA Health Sciences, Inc. for approximately USD 12 billion. This strategic move has significantly bolstered ICON's portfolio in medical affairs services, enhancing its service offerings in this critical sector.