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Biotechnology specialists have advanced many essential processes, particularly in the healthcare, agriculture, and environmental sectors. However, they often experience fatigue from time-consuming administrative tasks. Such activities divert their attention from what they do best: research and development (R&D).
Business process outsourcing (BPO) is a viable solution to these non-core functions. Service providers leverage specialized skills and advanced technologies to streamline back-office work, giving biotech companies more freedom.
Keep reading to understand BPO’s role in boosting biotechnology efforts.
BPO Meets Biotechnology
Imagine this: millions of people can eat because biotech companies prioritize crop improvement and assign related paperwork to third parties. They employ a few well-trained admin workers without spending extra on onboarding and back-office equipment. They use the money they save to hire more in-house biotechnologists to accelerate their food production projects.
This scenario is possible because of outsourcing. According to Grand View Research, the biotechnology segment accounted for over 44% of the global biotech and pharmaceutical BPO market’s combined $70.48 billion in revenue in 2022.
Inadequate internal capabilities, expanding regulatory frameworks, and low-cost third-party services drive this market’s growth. Biotech companies hire service providers to free their in-house staff from the following repetitive tasks:
- Labor services include sample testing, assay development, and DNA sequencing.
- Clinical trial support involves patient recruitment, data management, and reporting.
- Regulatory affairs services cover drafting and submission of compliance documents.
- Intellectual property (IP) management comprises patent research and application support.
- Bioinformatics support consists of data processing and analysis.
- Manufacturing assistance includes biotech production and supply chain management.
- Administrative functions involve information technology (IT) support, accounting, and human resources (HR) management.
How BPO Helps Biotech Companies Accelerate Innovation
Outsourcing brings numerous benefits to biotech companies and their projects. These include back-office support, cost savings, and a broader market reach. Let us further explore what BPO’s position is in streamlining biotechnology initiatives.
Reduce Resource Costs
Biotech firms cut costs on non-core processes when working with service providers. Strategic outsourcing lets them access skilled and trained professionals at affordable hourly or monthly rates.
Companies can save more on labor expenses when hiring from offshore countries such as the Philippines due to their low cost of living and income. For example, Philippine-based provider Unity Communications helped its client gain up to 65% labor cost savings through offshore outsourcing services.
Apart from low service fees, third-party vendors enable biotech organizations to reduce expenses on employee training, benefits packages, and other HR expenditures. BPO companies also cover office equipment and space, offering even more savings.
Clients can then redirect their money toward their R&D projects. Hiring more biotech specialists than admin employees helps accelerate innovation and time-to-market.
Provide Specialized and Scalable Professionals
BPO companies bring specialized expertise to the table. In fact, 34% of organizations said that outsourcing helps address their in-house skills gap. Third-party vendors give biotech companies access to professionals with in-depth knowledge and training in simple laboratory services and admin tasks.
Moreover, these third-party experts are scalable and flexible. They can easily familiarize themselves with new and changing work strategies and rules. Hence, biotech firms can quickly deploy them based on their project needs.
Deliver Up-to-date Support Tools
Providing modern technologies is a crucial advantage of contracting with a BPO organization. Biotech companies benefit from the vendor’s tools to improve front-office and back-office processes. Providers use the following solutions to meet clients’ daily operational needs:
- Cloud computing tools for safe data storage and management
- Data analytics software for faster data collection, processing, and analysis
- Laboratory information management systems for accelerated lab activity tracking
- Robotic process automation (RPA) for automated, rule-based task completion
- Artificial intelligence (AI) solutions for automatic data interpretation and analysis
- Omnichannel platforms for seamless, integrated collaboration
- Cybersecurity tools for information security and cyber threat mitigation
Streamline Research Efforts
BPO vendors assist biotechnology organizations in streamlining research using advanced systems. Emerging solutions such as AI and RPA allow providers to automate and accelerate data gathering, organization, and analysis.
The resulting insights guide biotech firms in making informed decisions regarding their projects. In addition to data management and interpretation, here are other ways contractors help improve R&D:
- Seek and compile research articles and scientific publications.
- Conduct comprehensive literature reviews.
- Summarize relevant study findings.
- Process bioinformatics and high-throughput data.
- Search for scientific literature and patents.
- Source and enroll research trial volunteers and interviewees.
- Facilitate collaborative research projects.
Speed Up Back-office Tasks
BPO companies employ well-defined workflows and standardized procedures to complete back-office tasks quickly and efficiently. They optimize automation technology to expedite functions such as data collection, verification, and reporting.
Monitor Important Trends and Breakthroughs
Given their scalable workforce and equipment, BPO vendors help clients stay updated on the latest trends, regulatory changes, and breakthroughs in the biotechnology sector. Service providers monitor scientific literature, attend conferences, and track relevant news to deliver innovative insights and recommendations.
Expand Global Reach
Organizations seeking to expand global reach tap BPO providers because of their international presence and in-depth knowledge of various markets. They understand the local regulations, cultural nuances, and market dynamics needed to expand into new regions.
Additionally, service vendors help biotech companies identify potential partners and manage collaborations in different sectors. BPO teams conduct partner searches, facilitate introductions, and support contract negotiations. These actions ensure biotech firms establish strategic partnerships to drive their expansion worldwide.
BPO’s Current and Future Standing in Biotechnology
Biotech companies often hire BPO firms to support their early R&D phases. From participant sourcing activities to outcome assessments, biotech organizations outsource functions to prioritize core tasks relevant to the following:
- Combat infectious and rare diseases
- Minimize environmental footprints
- Address food scarcity and malnutrition issues
- Utilize cleaner energy resources
- Foster more efficient industrial manufacturing processes
Due to the biotech BPO’s many benefits, Precedence Research expects the industry to expand at a compound annual growth rate (CAGR) of nearly 6% by 2030. Reduced capital and payroll costs and enhanced competitiveness will continue to drive market expansion.
The research firm also projects that Asia-Pacific will become the center of the biotech BPO industry’s growth. The availability of an experienced labor force and the low cost of R&D support will fuel the expansion.
The Bottom Line
BPO plays a crucial role in advancing biotechnology initiatives. By handling non-core functions, service vendors allow biotech firms to concentrate on quickly and effectively developing their innovative products and solutions.
Gaining affordable access to third-party skilled workers and upgraded technologies lets biotech organizations streamline R&D and admin tasks. Such resources also enable them to expand their reach and network globally without overspending. These advantages will continue to steer the biotech outsourcing market’s growth.
Let’s connect and negotiate a service-level contract if you want to reap similar benefits. Our team at Unity Communications undergoes regular training for cost-efficient support services. Our proficiency in automation and analytics helps your biotech firm produce insights that expedite innovation.
