Digg It - Business

India - The Most Preferred and Promising Destination for Outsourcing !!

By outsourcing one implies the sharing of organizat

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

ional control and information with another organization.Outsourcing is regarded as the latest development in the business world since the 198

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

0’s. Offshore outsourcing facilitates the effective utilization of the skill set, capital, technology and resources globally at quantifiable

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

ost savings. Since 2001, between 400,000 and 600,000 service sector jobs have moved offshore, according to Goldman Sachs survey. That number

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

is expected to heighten in the near future. Forrester Research predicts 3.3 million white-collar jobs will move offshore by 2015.

Virtually

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

anyone can outsource be it a small, medium or big business house. Anything related to web designing, web development, B2B, B2C, manufacturing

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

units to name a few functions that can be outsourced. While outsourcing, we generally get a competitive edge without investing in infrastruct

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

ure. It evolves as the best logical option when we tend to loose focus on the main issues while getting tied down by the necessary minor busi

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

ness facts. Countries with a competitive advantage are the best outsourcing destinations such as China, India, Malaysia, Singapore, Czech Re

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

ublic, Philippines, Brazil, Canada, Chile, Poland, Argentina, and Kenya to name a few.

India is one of the promising destinations for today’

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

s offshore outsourcing centers. According to the Global Insight study, from 1998 through 2003 offshore IT software and services, India benefi

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

ted anywhere from $2.5 billion to $10 billion; the figure is expected to reach $31 billion by 2008. Information technology jobs have increas

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

d to 1 billion lately. India stands to have a competitive edge over others as:

English language skills are more proficient.

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

Information technical skills are at its prime.

Innovative high speed communicative mechanism has further encouraged offshore outsourc

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

ing.

More skilled work force at more competitive rates.

Enhances the overall productivity rate.

Encourages remarkable

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

benefits in terms of on time delivery,

Better rates of ROI at reasonably lower costs without having to plow in infrastructure as wel

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

Increases the over all efficiency of the business activities.

Flexibility in legal matters.

As competition amo

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

ng offshore destinations increases and opportunities propagate, the need arises for CEOs to reflect on issues ranging from geological risks o

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

compensation costs to quantity and quality of human resource expertise for maintaining goodwill in the long run. When outsourcing, time is t

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

he essence and discretion the flavor for mutual benefits for both the partners involved. However every coin has two sides.

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

Tags

Links

Digg It - Is India The Right Place For Outsourcing Today?

Related Articles: