|By Business Wire||
|June 25, 2014 03:40 PM EDT||
Research and Markets (http://www.researchandmarkets.com/research/h6lz23/global_randd) has announced the addition of the "Global R&D Outsourcing Market 2014-2018" report to their offering.
The Global R&D Outsourcing market will grow at a CAGR of 8.65 percent over the period 2013-2018.
The R&D activities which are outsourced comprise of Research, Idea, Design, Product, Prototyping, Testing, and Manufacturing and Aftersales.
Short shelf life, regulatory challenges, and increased cost pressure are the factors that are compelling the Pharmaceutical industry to outsource its R&D operations to third-party service providers. This is being done primarily to reduce expenditure, save time, and mitigate the risk involved in traditional R&D. The cost involved in introducing a new molecule into the market is US$800 million. According to EFPIA estimates, out of 10,000 molecules developed in the laboratory, only one or two will successfully complete the drug development stage. Therefore, pharmaceutical companies are looking for a way to reduce the cost.
The need to reduce costs is one of the major drivers. To survive in a competitive business environment, companies are looking for cost-effective product development cycles. R&D outsourcing services enable enterprises to outsource tasks to countries such as India and China where skilled labor is available at an economical rate.
Further, the report states that delay in communication is one of the major challenges. When a company outsources its R&D services to a third-party service provider, the process of communication is delayed not only within the organization, but also with clients, which can affect the organization's revenue generation.
- HCL Technologies Ltd.
- Infosys Ltd.
- Tata Consultancy Services Ltd.
- Wipro Ltd.
Other Prominent Vendors
- Aricent, Inc.
- Aspire Systems, Inc.
- Beyondsoft Corp.
- Blue Star Infotech, Ltd.
- Calsoft Labs, Inc.
- EPAM Systems, Inc.
- GlobalLogic, Inc.
- iGATE Corp.
- Cyient Ltd
- KPIT Technologies Ltd
- Larsen & Toubro Ltd
- MindTree Ltd
- Pactera Technology International Ltd
- QuEST Global Services Pte Ltd
- Sonata Software Ltd
- Symphony Teleca Corp.
- ata Elxsi Ltd
- Tata Technologies Ltd
- Tech Mahindra Ltd
For more information visit http://www.researchandmarkets.com/research/h6lz23/global_randd
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