Top 50 Pharma Companies Increase Regulatory Affairs Budgets by 27%
Higher demand for regulatory affairs professionals is driving budget increases throughout the drug and device industries, according to Cutting Edge Information
RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--PA new study finds that top 50 pharmaceutical companies have increased their regulatory affairs budgets by an average 27% since 2010. Small drug manufacturers, as well as medical device companies, also increased their regulatory affairs budgets during the same timeframe, according to Cutting Edge Information.
The study, "Regulatory Affairs: Safeguarding Submission Success and Product Development Strategy," also states that regulatory affairs groups continue to grow in prominence within the pharmaceutical industry, garnering greater budget resources along the way. The largest drug companies – or Top 20 firms – have experienced the highest regulatory affairs budget increase among surveyed companies since 2010 – $5 million.
"Rising employee salaries have significantly contributed to the recent budget increases we've monitored among regulatory affairs teams," said Ryan McGuire, research team leader at Cutting Edge Information. "And the simple reason is that regulatory affairs professionals are in high demand right now, especially among large pharmaceutical companies."
One trend that Cutting Edge Information's report identifies is that large drug manufacturers are hiring experienced regulatory affairs personnel away from smaller organizations. Top 20 pharmaceutical companies manage portfolios so large that they simply cannot risk putting them in the hands of inexperienced executives. Instead, they offer higher salaries and benefits to entice regulatory affairs professionals with polished skill sets to join their organizations. Furthermore, the more experienced professionals can take on a greater workload, making the regulatory affairs team more efficient in the process.
"Regulatory Affairs: Safeguarding Submission Success and Product Development Strategy" (http://www.cuttingedgeinfo.com/research/regulatory/market-approval/) provides in-depth spending, staffing and timeline benchmarks, as well as case studies, to support and strengthen regulatory affairs teams. The report supports key goals identified by benchmark partners:
- Boost team productivity by attracting and retaining top talent.
- Stay competitive with year-over-year budget benchmarks and projections.
- Manage the impact of globalization by implementing processes and best practices to quickly adapt to changing regulations.
For more information about regulatory affairs, pharmaceutical compliance and effective submission processes and strategies, contact Elio Evangelista at 919-403-6583.
Contacts
Cutting Edge Information
Elio Evangelista, 919-403-6583