Life Sciences BPO Market Trends

Introduction

In 2022, the life sciences BPO market is experiencing a major transformation, prompted by a confluence of macro-factors. These macro-factors include rapid technological advancements, regulatory changes and changing consumer preferences. Artificial intelligence and data analytics are driving operational efficiencies and enabling a more personalised approach to patient care. Meanwhile, regulatory changes are causing companies to adopt more stringent compliance measures, thereby driving up the demand for specialised BPO services. Lastly, as patient expectations for greater transparency and engagement in the healthcare system grow, life sciences companies are looking for BPO solutions that can align better with these expectations. In the face of these trends, it is important for stakeholders to understand the complex nature of the market and to leverage the opportunities for strategic growth.

Top Trends

1. Increased Adoption of AI and Automation
   In life sciences BPO, the integration of automation and artificial intelligence is transforming operational efficiency. Cognizant, for instance, has been able to slash the time taken to complete clinical trials by up to 30 percent. This trend is being driven by the need to develop new drugs at lower cost. Similarly, as the application of AI matures, there will be further improvements in the use of data and patient engagement strategies.
2. Focus on Patient-Centric Services
   BPOs in the life sciences sector are increasingly adopting patient-centric approaches and delivering services accordingly. Parexel, for example, has introduced patient engagement platforms that facilitate recruitment and retention in clinical trials. A 2021 survey reveals that 75% of patients prefer a personalised experience. In the future, we may see more specialised therapies and better patient outcomes.
3. Regulatory Compliance and Data Security
   IT BPOs have to comply with regulations such as the General Data Protection Regulation (GDPR) and HIPAA. Companies like Genpact are investing in robust data security to protect sensitive information. According to a study, 60 percent of organizations will face compliance challenges in 2021. Adapting to the evolving regulations is critical to maintain trust and avoid penalties.
4. Expansion of Telehealth Services
   The pandemic has accelerated the growth of telemedicine and has led BPOs to offer related services. Health Decisions has expanded its telehealth capabilities to include remote patient monitoring and consultations. In 2020, telehealth use will increase by 154%. And BPOs will have to respond to rising demand.
5. Outsourcing of Clinical Trials
   Outsourcing of clinical trials to specialized business process outsourcers is becoming increasingly common. The reasons for this are cost efficiency and the need for expertise. Quintiles has reported a significant increase in the number of clients opting for outsourced clinical trials. Outsourcing has now reached 40 per cent of all trials. This trend may lead to more and more close co-operation between pharmaceutical companies and business process outsourcers.
6. Integration of Blockchain Technology
   The Blockchain technology is emerging as a solution to increase transparency and traceability in the life sciences BPO. Lonza and other companies are looking at using the technology to ensure data integrity across the supply chain. A recent survey showed that more than a third of organizations are looking at using the technology to manage clinical data. In the future, the technology could be used to increase trust among stakeholders and reduce fraud.
7. Rise of Personalized Medicine
   The trend towards individualized medicine is reflected in the development of BPO services, with the focus on individual therapies. ProMab Biotech develops tailor-made antibodies for the specific needs of patients. A study has shown that individual treatment can improve patient outcomes by up to 20 percent. This trend will continue, and BPOs will have to adapt their services accordingly.
8. Emphasis on Sustainability Practices
   Among the key concerns of life sciences BPOs are environment and safety, and they are increasingly adopting eco-friendly practices. Catalent, for instance, has implemented programs to reduce its waste and energy consumption. The company also invests in sustainable products and solutions. According to a survey, consumers are increasingly preferring sustainable products. This trend is expected to result in a shift towards greener practices and regulations.
9. Growth of Real-World Evidence (RWE) Studies
   The increasing demand for real-world evidence has forced BPOs to include RWE in their services. Companies like Anthelio Health Care Solution are utilizing RWE to support drug development and regulatory filings. According to a study, 80% of decision-makers consider RWE critical for gaining market access. This trend could lead to a more data-driven approach to pharma decision-making.
10. Enhanced Data Analytics Capabilities
    Data analytics is a must for life sciences BPOs to derive insights from large volumes of data. Infosys has invested in data analytics to help clients manage clinical trials more effectively. A recent survey found that 65% of companies are prioritising data analytics. As the industry’s data analytics capabilities develop, BPOs will be in a stronger position to support data-driven decision-making in healthcare.

Conclusion: Navigating the Life Sciences BPO Landscape

The life sciences BPO market in 2022 is characterized by intense competition and significant fragmentation. The players, both established and newcomers, are competing for market share. The main regional trends are characterized by a growing demand for bespoke solutions, especially in North America and Europe, where the complexities of the regulatory framework are resulting in an increased demand for specialized services. Strategically, suppliers are focusing on advanced capabilities such as artificial intelligence, automation, and sustainability, in order to meet evolving client expectations. The main competitive advantage will be flexibility in services, as companies are looking for partners who can adapt to their individual needs. The leaders of the future will have to put these capabilities at the forefront of their strategies if they are to ensure long-term success in the life sciences BPO market.