U.K. Biotechnology & Pharmaceutical Services Outsourcing Market Worth $4.1 Billion By 2028
U.K. Biotechnology & Pharmaceutical Services Outsourcing Industry Overview The U.K. biotechnology and pharmaceutical services outsourcing market size is expected to reach USD 4.1 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.9% from 2021 to 2028. This is due to the change in the regulatory landscape and increased outsourcing of R&D activities. Pharma and biotech companies are outsourcing regulatory affairs services to CROs, which helps them focus on core competencies. Outsourcing helps in reducing variable costs, which in turn enables geographic expansion. Regulatory support activities include regulatory intelligence, product labeling, regulatory document submissions, liaison with regulatory authorities, and planning regulatory strategies. Increasing requirements of the complex regulatory documentation processes and the high cost related to clinical trials have led to the shift from in-house ...