Pharmaceutical contract sales market to reach $3.91 billion in 2013, predicts Visiongain

Pharmaceutical contract sales will be worth $3,912 million in 2013, according to a new report from Visiongain, which notes that, between 2011 and 2017, the worldwide market will expand with a compound annual growth rate (CAGR) of over 8%. Demand for outsourced sales teams will drive growth during this decade.

Personal promotion will account for the largest proportion of pharma contract sales organization (CSO) revenues throughout the 10-year forecast period. However, faster growth will come from other sectors of the contract sales market. Outsourcing of non-personal promotion will increase from 2012 to 2023, driven in the early years by greater use of tele-detailing. Innovation and improvements to current technology will provide greater opportunities for virtual detailing. In 2023, outsourced edetailing will account for close to $200 million in CSO revenues, the report shows.

Richard Lang, a pharmaceutical industry analyst for Visiongain, said: "Pharmaceutical sales models are changing rapidly. Health care payers have greater influence in prescribing decisions, complicating market access strategies for pharmaceutical companies. CSOs are expanding beyond traditional sales services to meet demand for market access expertise from pharmaceutical partners. Add-on services, such as medical education and patient compliance, will offer new sources of revenue for CSOs in the period 2013-2023.