North America Is Projected To Lead The Global Life Sciences Bpo Market Due To Increasing R&D In Cell Therapies
The growing cost of drug development is augmenting the growth of the global life sciences BPO market. For instance, according to a study by the Tufts Center for the Study of Drug Development published in the Journal of Health Economics in May 2019, the cost of drug development was US$ 2.6 billion, which included average out-of-pocket costs of US$ 1.4 billion and time costs of US$ 1.2 billion. Also, patent expiration is another key factor propelling the growth of the life sciences BPO market . For instance, the patent for YAZ (drospirenone/ethinylestradiol), which provides an oral contraceptive regimen, is set to expire in 2021. Furthermore, the rising prevalence of chronic disease around the globe is further anticipated to accelerate the growth of the market. In May 2020, Catalent, Inc. announced a deal to acquire a clinical packaging facility in Minakuchi, Japan, from Teva-Takeda Pharmaceuticals in order to establish a new clinical GMP manufacturing and distribution hub to support cli...