The global medical writing category is anticipated to grow at a CAGR of 10.46% from 2023 to 2030. Growth of the category can be attributed to rising demand for regulatory writing services, increased focus on drug safety and pharmacovigilance, growing use of outside contractors for medical writing, rising emphasis on clinical research and evidence-based medicine, and shortage of proficient medical writers. With the proliferation of healthcare services, there’s an increased need for medical writers who can produce high-quality documents that satisfy regulatory standards and aid in the development and approval of novel medications and therapies. This covers protocols, reports from clinical studies, and various kind of papers required for regulatory filings. However, continuous changes in the regulatory framework for healthcare products may pose a challenge for medical writers in keeping up with the latest developments, which may hinder the growth of global category.
Technologies that drive the global category include AI (artificial intelligence), collaboration tools, and data visualization.Automating the development of regulatory papers with natural language processing (NLP) is one of the most promising uses of AI in medical writing. NLP algorithms can create new documents by evaluating regulatory regulations and rules that already exist, which will save writers a great deal of time and work. In addition, collaboration technologies have become necessary for medical writers to collaborate with one another efficiently with the advent of remote work and virtual teams. Project management software and online conference platforms are few of the many tools available to help team members collaborate and communicate with one another. Furthermore,the capability to explain complicated scientific material effectively is crucial in an era where decision-making is driven by data. Medical writers can communicate complex information succinctly and understandably by using data visualization tools like graphs, charts, and infographics.
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The category for medical writing is moderately fragmented and witnesses large number of global market players, turning the category to be competitive. Players in the category set themselves apart with their level of experience, knowledge, and services offered. The ones that are well-versed in scientific and regulatory norms, have medical writers with advanced training, and possess subject matter experts are at a distinct edge over their competitors. Gaining and retaining clients depends heavily on the capacity to produce excellent, factually correct, and organized documents on time. Leading business in the biotechnology, medical device, and pharmaceutical manufacturing are investing heavily in research & development activities which acts as an opportunity for the players to showcase their potential by offering their services to support the research. Buyers in the category possess high negotiating capability owing to extensive supply base and presence of freelancers as well.
Remuneration paid to the writers, cost of publishing (includes editing, proofreading, and plagiarism check), cost of printing, and energy costs are the key components of this category. It is important to acknowledge the role of a medical writer as a scientific expert who works with project teams, providing significant input to research planning and regulatory strategy. The hourly prices for medical writing might range from USD 29.5 to USD 179.5 depending on the client, nature of the work, and length of the project. A large pharmaceutical business would pay more for each project than a smaller business. In addition, certain medical writers bill more for writing than for proofreading. The logic behind this is that a project should cost more if it involves technical writing and research because it is more complex. Furthermore, discounted prices might be offered for lengthy projects that will occupy a writer’s time for weeks, rather short tasks that requires finding new clients in a matter of hours.
North America region dominates the global medical writing category, holding 35.4% of global market share. The region witnesses substantial need for scientific publications, clinical trial reports, and regulatory documents due to the presence of key clinical research organizations, research institutions, and pharmaceutical businesses. In addition, pharmaceutical approval process in the region is governed by strict criteria and well-established regulatory frameworks that necessitate substantial documentation and medical writing expertise. Furthermore, rising focus on evidence-based medicine fuels the demand for comprehensive and accurate writing services in the region. Requesting samples of papers published by a supplier in order to assess their content quality and depth, checking the experience level of a service provider, ensuring that the service provider has subscription to top scientific & medical journals for reference, and comparing the fee charged by various service providers are some of the best sourcing practices considered in this category.
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Medical Writing Procurement Intelligence Report Scope
• Medical Writing Category Growth Rate: CAGR of 10.46% from 2023 to 2030
• Pricing Growth Outlook: 5% – 10% increase (Annually)
• Pricing Models: Hourly pricing, Per-Article pricing, and Per-Project pricing
• Supplier Selection Scope: Cost and pricing, Past engagements, Productivity, Geographical presence
• Supplier Selection Criteria: Years in service, geographic service provision, revenue generated, employee strength, type of service, types of content, and others
• Report Coverage: Revenue forecast, supplier ranking, supplier matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model
Key Companies
• Cardinal Health, Inc.
• EMTEX BV
• Freyr Inc.
• ICON plc
• IQVIA Inc.
• Laboratory Corporation of America Holdings
• Parexel International Corporation
• PPD Global Limited
• ProPharma Group Holdings, LLC
• Syneos Health, Inc.
• TransPerfect Global, Inc.
• Trilogy Writing & Consulting GmbH
Brief about Pipeline by Grand View Research:
A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.
Our services include (not limited to):
• Market Intelligence involving – market size and forecast, growth factors, and driving trends
• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions
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