Industry Trends

Industry Trends

3 Benefits of Outsourcing with Research and Development Marketplaces

Executives from across the pharmaceutical industry gathered in Washington D.C. at the American Association for Pharmaceutical Sciences (AAPS) PharmSci 360 conference last week, seeking to learn new ways to drive their respective businesses. 

Science Exchange’s CEO and Co-Founder, Elizabeth Iorns, PhD, joined leaders from Eli Lilly and iSpecimen in a panel discussion titled “Outsourcing Research through Online Research & Development Marketplaces (RDM) — Opportunities and Challenges.” 

PharmSci 360 2018 Panel Discussion
Science Exchange CEO and Co-Founder, Elizabeth Iorns, PhD, addresses pharmaceutical executives at the AAPS PharmSci 360 panel discussion.

Given that up to 50% of R&D budgets may be dedicated to outsourced projects by 2020, there was high interest in this invite-only session. The 60-minute panel discussion was followed by a closed networking reception, permitting a private space for open discussion.

Panelists and audience members discussed how adopting an RDM technology platform has helped organizations achieve better returns on R&D investments. With the technology, companies are able to quickly find global service providers, allowing for early collaboration, improved contract management, and compliance transparency. 

Some specific advantages conferred by technology-driven RDM included:

  • Online R&D marketplaces create standards across a range of processes and workflows, including a standardized approach to qualifying and contracting with service providers
  • An online R&D marketplace can generate network effects that are not possible for a single organization to achieve
  • Greater efficiency and accuracy through automation of approval workflows, company-specific governance, and guided buying from preferred providers
Learn how the Science Exchange RDM could benefit your organization by requesting a demo at www.scienceexchange.com/enterprise.
 
ABOUT THE AUTHOR
author

Chandreyee Das

Senior Content Manager

Chandreyee Das, Ph.D. (Chemical Biology, UCSF) is a Senior Content Manager at Science Exchange with 15 years of research experience and 10 years of life science content marketing experience. Chandreyee was a Fulbright Scholar and won fellowships from the U.S. NSF and NIH. Following postdoctoral research at Dana-Farber Cancer Institute, she worked at MilliporeSigma, delivering scientific content to life science tools customers. She has published in both peer-reviewed and industry news outlets.

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