Optimising your outsourcing strategy
The European pharmaceutical market is currently the fifth largest market in the continent, enjoying steady growth and regulatory progression.
Outsourcing Effectively in Europe
The European pharmaceuticals market has grown from strength to strength over recent years. With a highly skilled workforce, trade surplus, and increasing investment in development, it is easy to see why Europe is one of the most attractive places for companies to do business.
The Western European pharma industry has seen substantial growth over the past decade. However, Eastern Europe is now also seen as a viable alternative, with a wide range of benefits being offered to businesses operating in Central and Eastern Europe (CEE).
Research, Development and Academia
One of the most promising and exciting places to do business is undoubtedly Slovakia. The government clearly understands the importance of investing in the industry, as its Ministry of Education, Science, Research, and Sport has commissioned multiple grants to companies hoping to develop their research programmes.
These programmes and initiatives have turned the country into a hub for development. Over 30,000 students are currently studying life sciences or medicine-related degrees at one of the many universities in and around Slovakia. This in turn is creating a skilled and capable workforce in the region that will take the industry to new heights.
The investment in such initiatives is clearly impressive, and it is being complemented by commercial opportunities that has seen many pharma companies start looking to the country because of the financial security it offers. As one of the few CEE countries to adopt the Euro, Slovakia has developed a stable economy, buoyed by low inflation rates. In addition to this, the nation’s flat tax rates, following a reduction in corporation tax to 21% in 2017, mean that foreign investors are increasingly attracted to the low operational costs.
High Quality Products
Understandably, many pharma companies have looked to Asia in the past where they have been able to make substantial cost savings and have seen a higher return on their investments. However, many companies have also felt that they have compromised on quality when operating in the region.
With competitive pricing, efficient transport routes and strict regulation procedures in place, many companies have found that if they operate in Slovakia and other CEE countries, they are better able to produce high quality products.
A Growing Market
Slovakia has also become increasingly popular thanks to its pedigree and excellent reputation, especially in the manufacturing industry. With a long history in manufacturing, a rapidly growing economy and a highly experienced workforce, it is quickly becoming one of the leading manufacturing giants in Europe.
Looking to the Future
Significant growth, financial investment, a reliable infrastructure and continued research means that Slovakia will become a central hub for the pharmaceutical industry going . As the country’s prominence and reputation grows, more investors are starting to see the benefits of working in such an exciting, innovative and pioneering country.
Find out more:
In this article with Pharmaceutical Manufacturing and Packing Sourcer, Markus Saal, CDMO sales director at Saneca Pharma, discusses the benefits of outsourcing to contract partners in central and eastern European (CEE) countries, particularly Slovakia.
“Slovakia’s economic stability and its skilled workforce enables its … CDMOs to offer a cost-effective, quality service.”
Read the full article here: https://bit.ly/2w5xK8C (pages 20-21)
And see our outsourcing services here.
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