If global Technology companies can reap huge benefit by outsourcing their works to India then why not pharmaceutical companies! Everyone wants to cut cost. Global pharmaceutical industry has at last realized that they could save millions of dollars by outsourcing to India. However, pharmaceutical companies are more interested to save time than save some million dollars (they have plenty of that). The Financial Express wrote:
“Analysts predict that it will be worth 380 million dollars by 2010 as American and European companies look to India to cut the cost of drug development.
With costs ranging between 800 million dollars to 1.2 billion dollars from patenting to approval, reducing the length of expensive research means more time to sell the drug before the patent expires and it can be copied by others.”
Clinical studies- that is the next big business. I have just one advice for international pharmaceutical companies. They should first ensure that everything will go smoothly in India. If later they face a similar PR nightmare like the call center industry data theft then pharmaceutical companies will regret their decision to save some money and time.
Yes, India is the best destination for outsourcing and it will remain so for the foreseeable future.
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