Freyr provides regulatory support in Supply chain regulatory compliance, Formulation review, Raw material compliance and Document management services in different levels of consumer product development.
Quality and compliance are the building blocks of safety and efficacy of drugs and devices. They are the pathways for life science organizations to provide a meticulous framework to their businesses. According to a recent survey, over the years, the Regulatory scrutiny has increased across various aspects of the business including clinical operations, data privacy, and sales and marketing. These keen observations are driving organizations to explore the hidden opportunities and potential of innovative compliance. However, the shift in the global compliance requirements is pushing companies to continuously adopt the evolving standards.
To better satisfy the global Regulatory compliance requirements, businesses should modernize their approach, to ensure the needs of both, business as well as end-users are met. Modernizing compliance approach can result in the development of a value-adding strategy in terms of efficiency and shaping the future of compliance landscape. But from a holistic view, there are a few challenges that should be addressed first, like:
1. Lack of innovation
Even though the pharma industry is investing in technology, the fact that only a little emphasis is given to compliance is alarming. The lack of automation in the process and
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Procurement Outsourcing Market Research Report: by Component (Solution, Service), by Deployment (On-Premise, Cloud), Organization Size, Vertical (Retail & Consumer Goods, BFSI, Healthcare, IT & Telecommunication, Manufacturing) — Global Forecast till 2023Market SynopsisThe global procurement outsourcing market is expected to register a CAGR of 15.5% during the forecast period to reach USD 4.19 billion by 2023.Procurement outsourcing is the transfer of specified key procurement activities relating to sourcing and supplier management to a third party.
This method is implemented to reduce overall costs and enable the company to focus on its core competencies.
The increasing need to drive efficiency and effectiveness in the supply chain is also aiding the market growth.
However, concerns regarding data privacy and integrity are expected to restrain market growth during the forecast period.
Along with this, increasing acceptance of procurement outsourcing across verticals offers lucrative opportunity to players in the global Procurement Outsourcing Market.SegmentationThe global Procurement Outsourcing Market has also been segmented based on component, deployment mode, organization size, and vertical.By component, the global procurement outsourcing market has been divided into solutions and services.
The retail and consumer products and goods segment is expected to be the largest, while the manufacturing segment is projected to register the highest CAGR during the forecast period.Key PlayersThe key players in the global procurement outsourcing market are identified based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise.