The pharma sector is at a crossroads, with major challenges for small and medium-sized businesses driving clinical research. However, there are also opportunities.
A recent GlobalData survey offers a snapshot of the pressures facing these companies and how they are poised to navigate the next 12 months. The results reveal a complex picture where optimism persists despite significant operational and external hurdles.
Among the findings is the consensus that the upcoming year will bring greater difficulties. A majority of 58% anticipate more challenging conditions. However, this concern is balanced by cautious optimism, with 52% of respondents expressing confidence that the situation for SMEs may improve.
What are the key challenges that SMEs are facing in pharma?
Internally, patient recruitment and retention remain a continuous challenge. These issues narrowly edged out resource management and timeline pressures as the top operational concerns for clinical development organizations. Yet the staffing problem looms even larger when aggregated. Challenges around skilled staff availability and broader workforce issues combine to affect 29% of respondents.
This demand for talent points to a growing recognition of specialist expertise as a linchpin for success in clinical research. Skilled professionals are increasingly vital in an industry where precision and compliance are non-negotiable. As companies navigate these hurdles, strategic workforce planning and partnerships with academic and professional training organizations may emerge as key solutions.
According to the survey, funding issues are the top external factor negatively impacting SMEs, alongside inflation, price pressures, and energy costs. Competitive pressures also feature prominently, with 53% of respondents citing skills and competence concerns as critical in outsourcing decisions.
The survey also highlights the role of technology as both a solution and a work in progress for SMEs. A decisive majority is already leveraging technological tools to address their business challenges, with only 17% reporting no use of technology in their operations. While adoption rates are promising, effectiveness can vary significantly.
Just 22% of respondents found their technology solutions to be “very effective”. While the majority, 52%, rated them as “somewhat effective”, suggesting that there is untapped potential in refining and customizing technological tools to better meet industry needs.
Furthermore, 19% of respondents found their technology neither effective nor ineffective – suggesting that for some businesses, current solutions fail to make a meaningful difference. This may point to a reliance on off-the-shelf software rather than systems tailored to the specific demands of clinical research.
The targeted survey ran on GlobalData’s network of pharma and healthcare industry websites from 1 August 2024 to 31 October 2024, with 148 respondents in total. The majority of respondents were from the pharma industry with 53%, followed by 22% from medical device professionals. Within, 40% of respondents were from management roles, with operations next with 12%.
Turning challenges into opportunities with tech in clinical research
For companies seeking to optimize their operations amid these challenging times, technology remains a critical enabler. Solutions that streamline patient recruitment, improve resource management, and address workforce inefficiencies can deliver substantial gains. Crucially, these tools must be adaptable and responsive to the specific contexts of SMEs.
This is where Viedoc offers vital solutions. The company’s innovative tech empowers SMEs in clinical research to overcome operational hurdles and thrive in a competitive landscape. Viedoc’s cloud-based clinical data management system is designed for flexibility and scalability, enabling SMEs to streamline their processes without the burden of excessive costs.
One of Viedoc’s standout features is its user-friendly platform, which simplifies training and complex clinical trial workflows, from patient recruitment to data reporting. By integrating advanced tools such as eConsent and real-time analytics, the platform addresses challenges that include patient retention and resource optimization. These capabilities reduce inefficiencies, enabling teams to focus on trial success rather than administrative burdens.
In addition, Viedoc champions transparency by eliminating hidden charges. This offers predictable pricing models tailored to the needs of growing businesses. The company’s commitment to customer support ensures that SMEs can customize the system to align with their specific requirements, achieving greater effectiveness compared with off-the-shelf solutions.
By adopting Viedoc, SMEs gain a trusted partner not only with a track record of improving operational efficiencies but also one that helps future-proof clinical development strategies in an ever-evolving industry.
To learn more about Viedoc’s services and solutions, download the document below.
