Medical Writing Industry Procurement Intelligence, Supplier Intelligence, Supplier Ranking, Pricing & Cost Structure Intelligence, Best Practices, Engagement Model, Low & Best Cost Country, Day One Report

Medical Writing Industry Procurement Intelligence, Supplier Intelligence, Supplier Ranking, Pricing & Cost Structure Intelligence, Best Practices, Engagement Model, Low & Best Cost Country, Day One Analysis Report, 2020 - 2027

  • Published Date: ---
  • Base Year for Estimate: 2020
  • Report ID: GVR-P-UC-066
  • Format: Electronic (PDF)
  • Historical Data: 2018-2019
  • Number of Pages: 0

Procurement Outlook

Medical writing involves creating structured scientific documents that include clinical research documents, content for healthcare websites, health magazines, journals, news, etc. Following are the major categories of medical writing:

  • Regulatory: It involves writing and editing documents required by regulatory agencies like US FDA, in the approval process for drugs, biological agents, and medical devices.

  • Clinical: Clinical writing deals with patient education, public health communication, website content, medical/health news, and public relations/communications.

  • Scientific: In this type, medical writing professionals work with physicians and other researchers to write and edit manuscripts for peer-reviewed journals, posters, abstracts, and oral presentations for medical conferences.

  • Educational: Educational writing involves creating the various documents needed to develop educational activities for physicians and other health care professionals.

  • Promotional: This writing is used to promote a drug, intervention, or medical device.

  • Grantsmanship: In this writing, medical writing professionals write and edit grant proposals for funding scientific research.

Demand Outlook

The global medical writing market was valued at ~USD 4 billion in 2020 and it is expected to grow at a CAGR of 10% from 2020 to 2027 due to growing research and development activities in the healthcare sector. Clinical writing dominated the global medical writing with more than 40% market share followed by regulatory writing and scientific writing. North America is the leading geographic segment of the global medical writing market with more than 30% market share due to the high-quality medical writing needed for any FDA submission. APAC is expected to witness the highest growth rate during the forecast period due to the emergence of CROs and increasing focus on regulatory aspects of medical submission.

Cost Drivers

The rate of medical writing professionals is the key cost driver of medical writing services. The rate depends on the combination of two parameters; project type and hour. Both parameters have similar weights and based on client requirements, medical writing professionals modify the weightage accordingly. The rate of medical writing is significantly lower in APAC countries like India. Hence, many global healthcare and pharmaceutical companies outsource their medical writing services to APAC to reduce cost and increase profitability.

Constraints

The lack of skilled professionals with specific domain knowledge is the major concern in the global medical writing. The rise of Covid-19 also stretched this challenge as the demand for medical writing is increased without a sustainable supply of medical writing professionals. More than 50% of professionals in medical writing services do not have disease-specific domain knowledge. Hence, it took more time to complete a medical writing project and thus increased the cost of service.

Supply Chain

QVIA, Parexel, Covance, OMICS International, Freyr Solutions, Cactus Communications, InClin Inc, SIRO Clinpharm Private Limited, Quanticate, Icon Plc, Cardinal Health, Intertek Group plc, Syneos Health, Indegene are some of the key medical writing service providers. The global medical writing industry features a highly fragmented landscape as the industry leaders contribute less than 20% of the overall market share. Leading suppliers are strengthening their presence through multiple mergers and acquisitions. Grand View Research will help our client identify the best-suited suppliers by mapping their core capabilities and operational efficiency.

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Add-on Services

Should Cost Analysis

Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process

Rate Benchmarking

Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier

Salary Benchmarking

Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.

Supplier Newsletter

A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc.

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