Background of Life Sciences Industry
The life sciences industry includes pharmaceutical, biotechnology and medical device companies involved in research, development, manufacturing and distribution of healthcare products and services. Traditionally, Research and Development has been the core focus area for life sciences companies. However, over the last two decades, there has been a significant increase in operational activities like sales, marketing, customer service and back office support required to commercialize the products developed through R&D.
Emergence of Life Sciences BPO
To focus on their core competencies and benefit from economies of scale, life sciences companies started outsourcing several non-core business processes to specialized BPO service providers. This led to the emergence of the dedicated life sciences BPO industry in early 2000s. Initial BPO services included medical transcription, claims processing and other transactional processes. Gradually, the scope expanded to include clinical data management, medical coding, customer service, contact centers and regulatory consulting.
India as a Preferred Destination
India emerged as a preferred offshore destination for life sciences BPO due to availability of skilled workforce and cost advantages. Other benefits included time zone proximity to major markets, strong local skills in healthcare domains and established IT infrastructure. Specialized life sciences parks were set up in cities like Hyderabad, Mumbai, Delhi and Bangalore to attract global life sciences companies. The industry received further boost after regulatory reforms permitted setting up of medical transcription facilities and clinical research units in India.
Rapid Growth Phase
By the late 2000s, the Indian life sciences BPO industry entered a high growth phase. Major global pharmaceutical companies established large scale captive BPO units as well as partnered with specialist third party providers. This led to rapid scaling up of talent pools focused on life sciences processes. More niche areas like medical coding, e-detailing and clinical data management also gained traction. Technology became an important enabler as Cloud, analytics and AI started getting embedded into delivery models.
Continued Growth Ahead
Today, India has around 500 life sciences BPO companies employing over 200,000 people and generating annual revenues estimated at $4 billion. Majority of global big pharma and 95% of top medical device companies outsource some part of their value chain to India. Going forward, analytics-driven services, digital capabilities around patient engagement and move towards virtual/hybrid delivery models are expected to further propel the growth of the industry. India remains well-positioned to consolidate its leadership as the preferred life sciences BPO destination globally.
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