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CROs and biotech companies: Fine-tuning the partnership

Clinical-development outsourcing has seen it all in the past few decades. What initially started as a large-scale swing toward full-service outsourcing to contract research organizations (CROs) has given way to a return to more insourcing among biopharmaceutical companies, especially among larger pharma companies, and the pendulum will continue to swing. Our findings suggest that CROs should continue to focus on adapting their services to serve smaller biotechnology companies, which have emerged as leading stakeholders in the clinical development of new therapies, driving innovation and growth.

Over the past decade, large pharma companies’ share of the industry’s clinical pipeline has declined, with the share of pipeline for the top 15 pharma companies shrinking from around 40 percent to around 20 percent from 2011 to 2021. 1 Pharmaprojects and Citeline databases, Informa, January 2022. Looking ahead, biotech has a significant proportion of advanced molecules in development across areas including cell and gene therapy, monoclonal antibodies, and DNA and RNA therapeutics. While large pharma companies are expected to grow R&D spending at a rate of 4 percent annually—to $234 billion for the industry in 2025—R&D spending in biotech is forecast to grow twice as fast, at up to 8 percent per year. 2 EvaluatePharma database, Evaluate, May 2021.

While large pharma companies are expected to grow R&D spending at a rate of 4 percent annually, R&D spending in biotech is forecast to grow twice as fast, at up to 8 percent per year.

CRO revenues also are expected to grow, reaching $46 billion by 2025, up more than 40 percent from 2020 (Exhibit 1). This growth will be largely driven by growing product pipelines in biotech, coupled with a trend toward biotech companies retaining their assets longer. As established pharma customers bring more services back in house, the value that CROs bring to smaller biotech companies has become ever more apparent. This may be a good time for CROs to ask themselves if they are doing enough to serve this market—and to do everything they can to raise their game.

Biotech needs CROs

CROs offer a unique value proposition for biotech companies, which are inherently fast growing and resourceful, often taking the approach of building the plane while flying it. While established pharma companies have the option to build best-in-class capabilities in-house and outsource selectively, biotech companies—given their rapid growth and relative lack of development infrastructure—often must rely on others to provide the full offering of clinical services before they can consider building out their own development organizations.

In addition, biotech companies often have not yet established a reputation. When it comes to interactions with clinical-trial sites, investigators, patients, caregivers, and regulators across the world, biotech companies may have neither the relationships nor the name recognition of a large biopharma or global CRO that has feet on the ground and relationships with stakeholders across many countries.

In addition, innovation in clinical development today often means working with specialized vendors offering best-in-breed point solutions, from electronic clinical-outcome assessments to trial payments and decentralized or virtual trials. In addition to large players, such as Oracle and Veeva, that provide technology and data-enablement offerings across the spectrum of development activities, a slew of smaller companies (for example, Science37, Documentum) focus on one or more offerings in the clinical-trial life cycle. While contracting with several best-in-breed vendors individually may yield the most advanced clinical trials, it also requires large-scale vendor management capabilities and processes that are virtually impossible for most emerging biotech companies to manage on their own.

As a result, biotech companies may partner with a larger company, as BioNTech did with Pfizer and as Genmab did with Janssen and AbbVie, and they may turn to a CRO, which can act as both a general contractor for outside services and a source of operational innovation. CROs that understand where biotech companies feel underserved and align their services to fill in gaps should find, and are already finding, significant opportunities to support this fast-growing sector.

Biotech companies report feeling underserved by CROs

We surveyed 80 CRO customers from both large and small pharma, including biotech, about their satisfaction with the top global CROs. 3 From McKinsey Customer Survey conducted in May 2021, with 111 respondents, including 39 established pharma companies (more than $10 billion in annual sales), 30 midsize pharma companies ($2.5 billion to $10 billion in annual sales), and 41 biotech companies (less than $2.5 billion in annual sales). In all 14 service areas we measured—study design, project management, lab services, and supply logistics, to name a few—respondents at the small biopharma rated the CROs lower than those at large pharma companies did (Exhibit 2).

We also conducted qualitative interviews with the biotech companies surveyed, and their responses highlight several themes:

• Biotech companies feel that CROs today do not deliver enough on their need for strategic advice and the integration of technology point solution providers. Biotech teams typically have exceptional basic scientific expertise but fewer clinical resources than established pharma players, and the needs that biotech companies have in these dimensions are often fundamentally different from those of established pharma. CROs are well suited to the role of biotech “thought partner,” complementing biotech companies’ scientific expertise with their established relationships, their access to best-in-breed tools, and the sheer scale of their development engine.
• Biotech companies feel that CROs do not focus enough on the companies’ C-suites. As opposed to established pharma (where CROs are chosen and managed by midlevel executives in either clinical or clinical-contracting groups), in biotech companies, the choice and performance of the CRO and the clinical program is often the top priority for the CEO. Additional investment in cultivating relationships with biotech leaders can pay dividends when these players succeed in development and launch or get acquired by established pharma companies, bringing opportunities for additional clinical programs. The CRO that helped develop a biotech company’s first star asset can become a trusted partner for further development projects.
• Biotech companies feel that there is still misalignment of incentives between them and their CROs. The typical fee-for-service model of CRO compensation incentivizes CROs to focus on the time they spend, encouraging them to add services rather than aligning payment terms with how efficiently they manage clinical trials. The result can be delays in trial execution, inadequate cost controls, and a feeling among some biotech executives that CROs lack the appropriate commitment to the programs and teams they are supporting.
• Biotech companies quite commonly believe that they are not fully prioritized in terms of CRO team experience and expertise, with members lacking the ability to advise them strategically. They also report high turnover of key personnel, such as clinical-research associates. 4 Andy Studna, “Turnover for clinical monitoring remains high,” Applied Clinical Trials , April 2021, Volume 30, Issue 4.

A CRO that can position itself as a full-service “general contractor” of choice for biotech companies can become an invaluable development partner.

By serving biotech companies more effectively, large CROs could gain credibility with a quickly growing customer group in a, to some extent, undifferentiated competitive landscape. The biotech companies in our survey see limited differentiation among the large CROs, even those that have historically given more attention to biotech. A CRO that can position itself as a full-service “general contractor” of choice for biotech companies, bringing relationships, access to services, and strategic perspective, can become an invaluable development partner.

How CROs can raise their game today

The ecosystem of clinical services.

The healthcare clinical-service ecosystem has two main segments—full-service providers and point solution providers. Within each segment are additional options for generalizing or specializing:

• full-service providers:
• regional or local
• point solution providers:
• data integration
• decentralized or virtual trials
• risk-based monitoring
• electronic patient engagement
• clinical wearables
• digital patient recruitment
• electronic clinical-outcome assessments (and electronic patient reported outcome (ePRO)
• business process organizations

All the major CROs now have dedicated biotech teams and capabilities. Players offer a variety of tailored services to serve biotech’s specific needs, such as collaboration with technology players, focused support on asset strategy, Therapeutic Area-specific expertise, patient centricity in trial design, and implementation of virtual trials.

However, our findings suggest there continues to be significant opportunity for CROs to be better strategic partners for biotech companies. Based on our research and broader experience working with small and midsize pharma companies, including biotech companies, we can identify three things CROs should start doing today or, if their current CRO biotech divisions are already doing them, do more of:

• Further emphasize their role as an integrator of point solutions that drive speed, quality, and stakeholder experience in clinical development—and build the capabilities to orchestrate the use of point solutions flawlessly. In a world where dozens of companies provide solutions for crafting and executing better clinical trials, biotech companies may not be able to source the best services from across this fragmented landscape themselves (see sidebar, “The ecosystem of clinical services”). The CRO can act as a reliable integrator of the capabilities that biotech companies need and should continue to signal the importance of this role.
• Further position themselves as end-to-end strategic partners —that is, from asset strategy to launch, which is even earlier than CRO biotech divisions are currently offering. CROs should spend more time in the biotech ecosystem and venture capital world, engaging founders and CEOs at the inception of the business. Building these relationships early also provides a basis for determining later which companies to support through risk-sharing outcome-based arrangements.
• As with any service offering, focus on reliability and credibility by providing not only top-notch program management but also strategic input on a level with the scientific and clinical talent of the biotech company. A targeted white-glove service model, engaging with the C-suite where possible, can demonstrate this credibility and may unlock opportunities with companies that are looking for strong value from development partners, not just the lowest cost.

CROs should consider fundamental changes to effectively serve biotech companies in the long-term

For CROs to support the biotech segment effectively and enhance their reputation as great clinical partners with innovative scientific leadership teams, they could contemplate six fundamental changes.

Emphasize role as an integrator of best-of-breed capabilities

CROs can further acquire capabilities in key innovation areas within clinical development. They should consider expanding their capabilities in specialized skills with rising importance in clinical development, such as decentralized or hybrid trials. Developing capabilities in these areas can help CROs bolster their value as both general contractors and integrators of market-leading point solutions and strategic partners to biotech companies. For example, ICON’s 2021 acquisition of PRA Health Sciences allowed it to expand its offerings in decentralized and hybrid trials, while Syneos’s 2020 acquisition of Illingworth let them move into mobile and home nursing. These added capabilities make partnerships with large CROs more appealing, as they can eliminate the need to contract with multiple solutions providers.

Continue to position themselves as the end-to-end partner of choice for biotech companies

CROs can offer more flexible and outcome-based contract arrangements. Those that formally tie their success to that of the clinical programs they are overseeing are better able to embrace an ownership mentality and improve their perception as an aligned partner. Although several CROs are starting to align their incentives with clients, they can do so at a larger scale, taking bolder steps and putting skin in the game as a rule, rather than by special agreement. This can go a long way toward convincing biotech clients of a CRO’s commitment to their success.

Eliminate incentives that reward prioritization of large pharma companies over smaller biotech companies

Even in CROs that have created dedicated biotech divisions of meaningful scale, company-wide incentives that favor larger pipelines may continue to influence trade-offs, particularly in the allocation of resources between biotech companies and established pharma clients. CROs should recognize and promote the value of building long-term relationships with biotech companies so that this value becomes engrained as a core belief shared by CRO program managers, CRAs, and account executives.

Focus on reliability and credibility through top-notch service

CROs can significantly increase the attention given to biotech companies’ CEOs and C-suites. Providing biotech leaders with top-tier service at all stages of the customer relationship—from the request for proposal, to program design, to final execution—shows the CRO’s commitment to building a relationship that is more than transactional and truly complements the scientific rigor of the biotech company. Besides focusing on project delivery, CROs should ensure strong communications—including digital solutions such as operational dashboards—that help the biotech company’s leadership monitor and understand the progress of its clinical programs, which are often the most valuable part of a biotech company and top of mind for its leadership.

Develop a flexible concierge-like model of clinical-development support

Biotech companies approach clinical development with a heterogeneous set of internal resources and capabilities. While some biotech companies require significant assistance with design considerations, others need CROs purely for operational support. To accommodate biotech companies’ needs, CROs can add significant value by developing a service model geared to the needs or gaps of individual biotech companies, rather than a one-size-fits-all service offering.

Hire and retain more high-caliber, biotech-specific clinical talent

CROs should focus on hiring top talent, including biopharma veterans, who can function as true strategic clinical-development partners to biotech CEOs and founders. A strategic approach to recruitment should position CROs as an attractive “exit” for late-career clinical-development talent—one that offers an opportunity for these seasoned professionals to influence important emerging clinical programs.

These fundamental changes won’t just affect the experience of biotech companies that work with CROs. They could also have a lasting impact on the way CROs are perceived within the industry and beyond, including with regulators, payers, and academic researchers. Perhaps a stronger partnership between CROs and biotech could lead to even safer and higher-quality drugs, as well as a richer biotech drug pipeline.

Even though biotech companies currently report a lower level of satisfaction with CROs, CROs have a chance to continue to up their game with biotech. By substantially strengthening their value proposition, they can position themselves more centrally in the future innovation of the industry, where biotech companies are a central driver. CROs that think big and focus on bringing their best to the customers that need them most have an opportunity to transform themselves from a somewhat undifferentiated but absolutely necessary service provider to an actively sought-out innovation partner.

Joachim Bleys is a senior partner in McKinsey’s New York office; Edd Fleming is a senior partner in the Silicon Valley office, where Lydia The is a partner; and Hannah Mirman is a consultant in the London office.

The authors wish to thank Jens Bongard, Ada Cierkowska, Aalap Dighe, Anuj Jindal, Harriet Keane, and Matt Wilson for their contributions to this article.

This article is dedicated to Szabolcs Kecskeméti and all those relying on the clinical trials supported by pharma, biotech, and CROs.

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An Overview of Clinical Trial Outsourcing Models — And How to Choose the Right One for Your Trial and Marketed Products

Learn the common types of clinical trial outsourcing models and how to select the best model for your needs — both today and in the future.

The COVID-19 pandemic rapidly accelerated the adoption of clinical research outsourcing models by biotechnology and biopharma companies. By leveraging outsourcing, these companies were able to fill a geographic gap or bolster a specific type of expertise to make possible a new class of vaccines, antivirals and antibody therapies.

Experts now predict that the global biotechnology and pharmaceutical services market will surpass $91.4 billion by the year 2028, growing at a rate of 5.2% annually.

Keep reading to learn more about outsourcing models the benefits of hybrid outsourcing.

What are the different types of outsourcing?

Outsourcing models in clinical research have evolved to accommodate the industry’s changing needs. Biotech companies are increasingly looking to outsource key capabilities to gain new functionality and expertise, while being able to spend more time in-house on core competencies. This translates to operational efficiencies and growth for biotech ventures, while bending the cost and time curve of drug development.

Contract research organizations (CROs) work in various outsourcing models that are customized to meet customers’ unique needs. These models range from contracting specific functional services to providing full-service outsourcing capabilities.

For example, some of the outsourcing models offered by the PPD™ clinical research business of Thermo Fisher Scientific include:

• Functional service provider (FSP): With FSPs, clients outsource all or some portion of one or multiple functions, such as data management or monitoring. FSP models provide resource flexibility and access to specific expertise not readily available in-house.
• Full-service outsourcing (FSOs): FSOs are the complete outsourcing of most — if not all — tasks for a clinical development project on a trial-by-trial basis. Because this model reduces the client’s management burden, the FSO approach is useful for sponsors who do not have any study-related task expertise or the resources or expertise to execute and manage the entire project.
• Hybrid studies: With hybrid studies, elements of FSP and FSO models are incorporated in a bespoke manner. This can drive flexibility and access to complementary expertise, as needed, for each client.

In recent years, our experts are seeing clients lean more toward functional service provider and hybrid models, as they contend with increasingly competitive talent markets for most roles, including senior positions.

Functional service provider and hybrid models enable drug developers to outsource individual functional services to gain flexibility and efficiency. Sponsors are freed to spend their time developing core competencies in-house and can turn to their partner CRO for specialized scientific and technical services.

Examples of in-demand outsourced capabilities include clinical monitoring, data management and pharmacovigilance, as well as specific therapeutic expertise in oncology and rare diseases.

How to choose the best outsourcing model for your needs

More and more, sponsors today are partnering with us to deploy a combination of these models.

The most appropriate outsourcing model depends on each client’s individual needs. These needs may change over time, necessitating different models. One way to streamline outsourcing operations is to choose one provider that can deliver value in many different domains.

The result is a customized solution, developed exclusively for each client, to meet specific needs. In addition, a full-scale provider of CRO services, like our clinical research team, can employ a mix of operating processes. For example, we can work in our own systems and standard operating procedures (SOPs), use clients’ systems and SOPs, or work in a hybrid mix.

When choosing the best outsourcing model, considerations include:

• Historical precedent — and future-forward needs. Clients tend to trust tried-and-true processes that have worked before. They may have previously relied on in-house expertise, insourced staff through FSP, or outsourced everything via FSO. But these days, outsourcing operations can be more flexible, relying on a mix of in-house and outsourced talent.
• Level of internal resources and expertise. The level of internal knowledge, experience and staffing often drives what outsourcing model to use. Some clients may opt for insourcing as an alternative to hiring more in-house resources. Others may need to add complementary expertise to their team and choose an FSP model to provide a specific function. Other clients may select a fully outsourced solution because they don’t have the resources or expertise to execute and manage the entire clinical development project.
• Metrics and data. Comparative data is the backbone for selecting the optimal outsourcing model for a project. Metrics enable an outsourcing partner to measure markers that may have the greatest impact on deliverables to help clients identify the model that delivers improved turnaround times, better data management, enhanced compliance processes or any other objective being measured.
• How you want your model deployed. There is no one-size-fits-all approach to successful outsourcing. Clients benefit by choosing an outsourcing partner that can help determine project-specific needs and deliver appropriate solutions — whether that includes outsourcing by geographic region, function, phase of clinical trials or post-approval, by therapeutic area or by asset.

How a customized outsourcing model drives client success

With each passing year, more of our clients, from large pharma to biotech, are choosing hybrid models across their portfolio of drugs or devices in development. Why? A hybrid approach allows the client to get the best from each outsourcing model to maximize their internal strengths and core competency. Some examples for consideration include:

• A biotech company may need to insource a few full-time employees to support study setup until it is ready to completely outsource a whole project or projects.
• A client has recently developed its first oncology compound in-house but does not have deep internal expertise in running an oncology trial. Therefore, they may start off with an FSO model before moving to FSP as internal expertise grows.

Another benefit of choosing a hybrid model from a CRO that provides both FSO and FSP services is that the metrics are centralized — and that process improvements driven by those metrics can be implemented seamlessly across the client and CRO. As a result, these key performance and quality indicators can be used to identify the right model for each project and uncover areas for improvement.

Benefits of PPD Functional Service Partnerships solutions

Outsourcing involves establishing strategic partnerships that can add new efficiencies. As an alternative to keeping everything “in-house,” outsourcing maximizes quality and operational success while adding new capabilities and flexibility not found in-house.

PPD clinical research services offer top-tier outsourcing models that are structured to meet sponsors’ needs, maximizing flexibility and providing more proactive customer service.

• With our hybrid outsourcing models, clients don’t have to commit to just one model. Operational data drives model decisions, proving that each client can have a model that best fits their needs — FSO, FSP or a hybrid — project by project.
• The same expert talent pool feeds all of our outsourcing models. This means that all employees receive the full force of our global training, professional development and infrastructure — whether working in a consultancy, FSP, FSO or hybrid outsourcing model.
• As a one-stop-shop, we provide extensive breadth and depth of specialists for clinical services and marketed products across all phases, therapeutic areas and experience levels in 160 countries.

PPD FSP solutions are an increasingly valued option for clients in how they enable biotech and biopharmaceutical companies to overcome resource challenges.

Our PPD FSP solutions provide clients with hard-to-find, top-tier clinical experts that, compared to other providers, provide best-in-class support, expertise, knowledge and experience. This is because all talent comes from the same highly trained talent pool. Whether a large-scale program or a small gap in services, we deliver unrivaled resource flexibility, reliability and continuity. Our experts partner hand-in-hand with clients and lean on data-driven insights to guide process improvements and provide high-quality service that can unleash drug developers’ ability to innovate and scale.

We enable pharmaceutical and biotechnology companies to gain key expertise, experience and talent needed to drive innovation.

Download our 2022 Drug Development Outsourcing Trends report to learn what’s driving the shift to FSP services and when sponsors should consider an FSP outsourcing model.

Discover how our scalable fsp solutions can meet your clinical resource needs.

Developing transformative therapies with small & mid-sized biopharma companies requires a flexible approach

Helping biotech meet critical milestones.

Biotechnology companies are at the epicenter of innovative drug development, with discoveries spanning from genomic medicines to first-in-class immunotherapies. Typically focused on a small portfolio of compounds, or just a single compound, in a particular therapeutic indication, many biotechs lack the full spectrum of resources or infrastructure required to bring these novel therapies to market.

Our empowered structure enables flexibility and quick decision-making within the global reach one of the world’s biggest and most innovative CROs. Our biotech division of 8,000+ people operates with a mindset aligned to small and mid-sized biopharma. Our tailored teams and management understand the different pressures that are faced by biotechs and will engage, collaborate and share ownership in the delivery of your clinical trials.

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ICON helps biotechs to meet their critical milestones and deliver data and evidence-based results to investors, large pharma partners, regulatory authorities, and other stakeholders with responsiveness, accessibility, and true collaboration.

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Exploring partnership culture and its impact on outsourcing and operational strategy

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Procedural and regulatory know-how for China biotechs in the EU

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Biotech insights and media contributions

Media article: Biotech sector survey: From investment confidence to strategic collaborations

In this article from International Biopharmaceutical Industry, Chris Smyth, President of ICON Biotech outlines the findings of the recent ICON biotech sector survey, and explores the role of partnerships and the increasing trend of pharma collaboration, even at the pre-clinical stage.

Media article: Insights and projections shaping the biotech industry

This article summarises the main findings from the biotech sector survey and outlines the key implications for biotech including strategic collaboration, innovation and cost optimisation.

Media article: Shaping the future of novel therapy development

In this article from Citeline, we discuss how drug innovation has the potential to benefit everyone, but it cannot exist in a vacuum. Today’s novel therapies are conceived and developed in a payer-patient- and value-oriented environment, one in which the gap between ambition and uptake is wider than ever.

Blog: Crafting a competitive biotech funding pitch

Biotechs can hone their pitch with the guidelines provided in this blog and through early engagement opportunities with strategic partners. 

Blog: Optimising biotech trial designs to stretch your cash runway

Read this blog to learn a few key considerations to help optimise and de-risk your trial design.

Blog: The importance of developing rTPP to build biotech asset value

Discover how Biotechs can build value into their asset by developing a reimbursable Target Product Profile (rTPP).

Blog: Uncertainty to opportunity - Recent trends in the biotech funding environment

In this blog, discover more about how the biotech sector is transforming uncertainty into opportunity.

Blog: Exploring the benefits of biotech partnerships

The biotechnology sector is leading the way in developing innovative therapies that will address the unmet needs of many challenging diseases. 

Media article: Moving Beyond a Buzzword

How small- to mid-sized biotechs can adopt patient centricity in their oncology trias.

Media article: Due diligence and beyond

Dr. Sandra Eagle outlines how due diligence has evolved from a discrete standalone technical assessment, to now being an integrated part of the holistic development continuum of an asset. 

Media article: Europe’s emerging biotechs

John Macdonald, Vice President, Venture & Financial Alliances, examines the European biotech sector – its expertise and opportunities, and potential for growth.

Media article: Biotech funding

ICON plc has partnered with  ALSA Ventures I SCSp, a Europe focused therapeutic venture capital fund, to accelerate early clinical development within the UK and the EU. 

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Adcs: surmountable challenges ahead of a brighter future, oncology drug development, biotech in 2024: opportunities, trends & challenges, a new chapter for biotech: confidence returns to the market, capitalising on collaboration and confidence: survey insights and expectations for biotech in 2024, emerging biotech funding, externalised development for biotechnology companies, pushing boundaries in idiopathic pulmonary fibrosis clinical research, biotech services at icon, virtual development model, externalised development, pharmacovigilance, market access, asset development.

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One of the best equity research firms, SGA provides comprehensive research on public and private companies, including detailed financial modeling with valuation, initiation, and event-based reports. Our support includes the ongoing maintenance of coverage through model updates, earnings previews, and review notes and periodicals on covered companies. 

• As a part of our equity research services, we conduct detailed fundamental research on companies, including developing driver-based financial forecasts, industry-specific valuation, and scenario and sensitivity analyses
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Our technology-driven automation provides significant efficiency gains to our clients. As an early adopter of technology, we have been at the forefront of transforming regular manual tasks into automation-powered activity and have been able to harness alternative data.

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As a part of our end-to-end offerings, we provide desktop publication support that leverages our expert skills combined with innovative tools that help in realizing our clients’ vision for research outputs. We also provide our clients in the US, elegant and effective dashboards and visualizations that facilitate decision-making.

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The future of outsourcing—and how to outsource the right way.

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Stephen King serves as President & CEO of GrowthForce , a leading outsourced accounting and bookkeeping service provider for businesses.

As a business leader, you know how important it is to identify your unique value proposition and focus on maintaining the quality of services you offer while being the absolute best you can be in your own corner of your industry. One of the most powerful business tools and operations strategies that can help leaders focus their time, resources and manpower on the valuable tasks that hold up the core of the business and drive profits is outsourcing.

Outsourcing is the practice of hiring a third party to provide, manage or handle a business function that could otherwise be performed internally. For example, outsourcing includes contracting outside accounting firms, attorneys or marketing companies to handle a business's bookkeeping and accounting, legal department or marketing.

The Current State Of Outsourcing

I've found that two sub-industries dominate outsourcing: IT outsourcing (cybersecurity, cloud computing, etc.) and business process outsourcing (HR, bookkeeping and accounting, payroll, etc.). Many businesses that use outsourcing say that it increases focus on core functions, and about two-thirds of businesses cite cost savings as a primary advantage of outsourcing. Outsourcing HR through professional employer organizations was found to save businesses an average of 27.2% in 2019.

In 2019, Clutch found that 37% of small businesses already outsourced at least one business function, and Statista reported the total market value of the global outsourcing market to be worth $92.5 billion . More recently, Deloitte found that around 90% of companies see cloud computing as a vital aspect of outsourcing.

According to Syntax's 2021 IT Trends Report, 91% of IT leaders have their own security operations center (SOC) team or in-house security talent, but 83% of those leaders are actively considering or seeking outside cybersecurity solutions.

The Future Of Outsourcing: What's Next?

As the “great resignation” surges on, remote and hybrid workplaces become increasingly popular, and automation with improving technologies takes increasing hold, I think the outsourcing industry is likely to continue expanding.

Globally, outsourcing spending is predicted to reach $731 billion in 2023 . IT outsourcing spend could increase 22% over 2019's numbers to reach $519 billion in 2023. The global business process outsourcing spend could increase 19% over 2019's numbers to reach $212 billion in 2023. Grandview Research predicts that the business process outsourcing industry will reach $525 billion by 2030.

Outsourcing Pros And Cons

Outsourcing can have both benefits and drawbacks, depending on a variety of factors. The primary benefits include improved productivity, cost savings, time savings and better use of resources. Outsourcing non-core business functions can also allow companies to tap into vast wells of expertise outside of their industry. Additionally, outsourcing reduces the number of positions needed to fill in-house, helping to ease the hiring burden.

Problems with outsourcing can occur when businesses outsource with partners that are not high-quality choices. Disadvantages of outsourcing can include problems like a lack of continuity in communications, quality, security concerns and hidden fees or costs. Additionally, if you don't receive the quality of service you expected, the business can suffer overall.

How To Outsource The Right Way

1. Choose the right outsourced services.

Don't outsource parts of your business willy-nilly. Instead, think carefully about the non-core business functions that slow you down and drain the largest portion of your resources. To get the most bang for your outsourcing buck, begin with outsourcing these areas.

2. Define, set and measure goals.

In addition to choosing the right parts of your business to outsource, it's also important to define and set goals early so you clearly understand the reasons why you're choosing to outsource. Do you want to improve productivity, save money, increase security, reduce labor costs, increase ROI on labor or increase profit margins?

Set goals, measure your starting metrics and make sure you have systems in place that enable you to measure the impact outsourcing has on your business.

3. Choose the right partners.

When outsourcing, the quality of the partner you choose is paramount to a successful relationship and outsourcing experience. Be sure to choose an outsourcing partner that has expertise (education, certification and/or other credentials), experience (a long track record of doing business and positive customer reviews), and good security (sound IT security and employee vetting practices).

4. Understand your responsibilities and those of your outsourcing partners.

When working with an outsourced partner, it's important to understand everyone's responsibilities and the role they play in the relationship. This helps ensure that the relationship goes smoothly and that the outsourcing partnership is successful. For example, it's essential that you understand how the system works, have a clear plan for communication and understand what your business needs to do to ensure outsourcing success.

5. Read the fine print.

Before signing a contract with an outsourced service provider, be sure you read all the fine print. You should understand exactly what services you are purchasing, the nature and rules of your subscription or contract, and also the pricing structure. Ask whether there are any limitations with your outsourcing plan and if there are ever any surcharges or fees that you could encounter.

6. Manage your employees through the change.

Outsourcing not only impacts operations, costs and productivity, but it also affects your employees. Outsourcing can be a great resource for helping to avoid employee burnout, but the way you plan to use outsourcing needs to be communicated clearly. Outsourcing can lead employees to worry about their job security.

Be sure you communicate the plan to your employees, provide them with training for new roles (if their job duties will be redefined) and ensure they understand the new processes and procedures for minimal disruption when the workflow shifts.

Whether you're still operating 100% in-house or have already outsourced portions of your business, you can show strong leadership by identifying aspects of your company that outsourcing could benefit. By creating an outsourcing strategy now and pairing it with a human capital management plan to see your employees through the changes, you'll be well prepared to super-charge your profits and productivity.

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15 biggest outsourcing companies in the world.

In this article, we are going to list the 15 biggest outsourcing companies in the world . Click to skip ahead and jump to the 5 Biggest Outsourcing Companies In The World .

Outsourcing was first discovered as a business strategy in the late 1980s and became a key component of business development in the 1990s. Outsourcing means contracting out business processes to third-party service providers usually to avoid certain costs such as labor and taxes. Outsourcing of business activities enables companies to improve operational efficiency and enhance their business activities, thereby reducing operating costs. Thus, the cost-cutting is a key factor that is anticipated to drive the growth of the company. Also, several companies consider outsourcing as a solution to meet their back-office requirements due to benefits such as increased productivity and workload management.

The largest players in the business process outsourcing (BPO) service help fill gaps in different industries such as retail and e-commerce , healthcare , pharmaceuticals, business services, telecom, utility, and energy, banking, and asset management companies. The continuous growth in the outsourcing sector resulted in the emergence of subspecialties including IT-enabled services, knowledge process outsourcing, legal or professional outsourcing, research process, and travel. The IT outsourcing sector is responsible for the biggest market share of 44.6% in 2018, growing at a 9.4% compound annual growth rate (CAGR) during the forecast period 2019 to 2024. Read on the 15 largest IT service companies in the world in our separate article for the best companies to invest in.

In 2019, India was the leading outsource country according to Tholons Top 50 Digital Nations and A. T. Kearney's Global Services Location Index, with employees mostly specialized in IT and software development. On the other hand, North America accounted for the largest share of the global outsourcing market due to emerging IT and telecommunication companies in the US. Also in 2019, the global outsourcing sector was valued at $92.5 billion and it is projected to reach $405.6 billion by 2027.

Iakov Filimonov/Shutterstock.com

During the campaign period, now President Joe Biden released his administration's plans to solidify the outsourcing policies in the US. This includes "Biden Offshoring Tax Penalty" which states that:

Biden will establish a 28% corporate tax rate, plus a 10% Offshoring Penalty surtax, on profits of any production by a United States company overseas for sales back to the United States. Companies will pay a 30.8% tax rate on any such profits. Biden’s offshoring penalty surtax will also apply to call centers or services by an American company located overseas but serving the United States, where jobs could have been located in the United States.

Moreover, Biden promises to close the Trump Offshoring Loopholes by:

End the Trump Loophole of allowing U.S companies to pay ZERO taxes on the first 10% of their profits when they locate manufacturing and service jobs in foreign nations. Require a true minimum tax on ALL foreign earnings of United States companies located overseas so that we do our part to put an end to the global race to the bottom that rewards global tax-havens. This will be 21% -- TWICE the rate of the Trump offshoring tax rate and will apply to all income. End the Use of Tax Haven Strategies to Allow US Companies to Offshoring Jobs and Avoid US Taxes: Biden will close this loophole by ensuring that the minimum tax applies to earnings in each foreign country separately to prevent this form of tax avoidance by US multinational companies.

While the traditional outsourcing industry was greatly impacted by COVID-19, the pandemic had delivered surprisingly positive results (pun intended, in a good way)! During the pandemic, the outsourcing industry got busier. While lockdowns shut down cities around the world, the business had to go on, and outsourced professionals were more on-demand than ever before. For example, when the Philippines entered a very long and strict lockdown in mid-March, BPO employees kept their jobs and were able to continue working remotely. Outsourcing and remote employment are perfect for building safer workplaces, and many companies are now considering outsourcing to make their offices mostly remote.

To give you the most accurate ranking, we reviewed each company's financial statement including revenue, market cap, assets, and the number of employees. In this article, you will see the largest outsourcing companies ranked by their revenue from lowest to highest. And with that, let's look at the biggest outsourcing companies in the world starting at number 15:

15. Genpact (NYSE: G )

Revenue: $2.64 billion

Market cap: $7.75 billion

Assets: $4.804 billion

Total number of employees: 96,500

Headquarters: New York, NY

Genpact is a global outsourcing company providing finance and accounting services, core business services, purchasing and supply chain services, and IT services. The company serves the banking, wealth management, insurance, consumer goods, retail, life sciences, healthcare and technology, manufacturing, and service industries.

14. Teleperformance

Revenue: $6 billion

Market cap: $13.2 billion

Assets: $7.7 billion

Total number of employees: 331,065

Headquarters: Paris, France

Teleperformance ranks 14th in our list of the biggest outsourcing companies in the world. Teleperformance offers services through customer experience, back-office, and digital transformation. The company provides customer acquisition, customer support, technical support, debt collection, social media, content moderation, HR services, market research, and other solutions.

S_L/Shutterstock.com

13. Wipro Limited (NYSE: WIT )

Revenue: $8.6 billion

Market cap: $14.4 billion

Assets: $10.8 billion

Total number of employees: 175,690

Headquarters: Bengaluru, India

Wipro Limited, also known as Western India Products Limited, is an Indian IT outsourcing company founded by Mohamed Hashem Premji in 1945. It primarily offers, retail, transport, manufacturing, healthcare, energy and utilities, technology, telecommunications, and media services. The company also provides enterprise applications, infrastructure management, testing, product engineering, engineering, and product support services.

Alliance/Shutterstock.com

12. HCL Technologies

Revenue: $9.7 billion

Market cap: $19.6 billion

Assets: $10.6 billion

Total number of employees: 137,000

Headquarters: Noida, India

HCL Technologies uses high-tech innovations from the Internet of Things services, cloud automation, cybersecurity, infrastructure management, to engineering services to solve business problems for clients. The company is primarily engaged in the development of a range of software services, outsourcing of business processes, and infrastructure services.

Production Perig/Shutterstock.com

11. CGI (NYSE: GIB )

Revenue: $9.8 billion

Market cap: $5.78 billion

Assets: $7.6 billion

Total number of employees: 77,500

Headquarters: Montreal, Canada

CGI ranks 11th in our list of the biggest outsourcing companies in the world. CGI is a global IT consulting firm focused primarily on providing business solutions to various industries such as financial services, healthcare and government, telecommunications and utilities, manufacturing, and retail and distribution. Its clients include 45 of the top 50 banks in the Americas and Europe, 7 of the top 10 global telecommunications carriers, and major global aerospace, metals and mining, chemicals, and oil and gas companies.

Copyright: fotomaximum / 123RF Stock Photo

10. Telus Corporation (NYSE: TU )

Revenue: $11 billion

Market cap: $20.7 billion

Assets: $29.3 billion

Total number of employees: 65,600

Headquarters: Vancouver, Canada

Telus is a Canadian outsourcing company specializing in telecommunications services and products primarily for wireless and wireless voice and data services. It is involved in the provision of communications products and services, including data, Internet protocol, voice, entertainment, and video. In addition to outsourcing, Telus offers hosting, managed IT and cloud-based services, certain healthcare solutions as well as voice and other telecommunications services and equipment sales.

9. Infosys (NYSE: INFY )

Revenue: $12.8 billion

Market cap: $40.6 billion

Assets: $12.3 billion

Total number of employees: 204,107

Headquarters: Bangalore, India

INFY ranks 9th in our list of the biggest outsourcing companies in the world. Based in Bangalore, the Infosys services firm leverages its offshore outsourcing model to generate 60% of its revenue from North America. The company offers traditional IT services including consulting, managed services and cloud infrastructure services, and outsourcing of business processes as a service.

8. NTT Data

Revenue: $15 billion

Market cap: $20.27 billion

Total number of employees: 123,884

Headquarters: Tokyo, Japan

One of the biggest outsourcing companies in the world is Tokyo-based NTT DATA specializing in business consulting, design, implementation, and support for operation and maintenance. NTT DATA provides a wide range of IT services and solutions, including consulting, system integration, and IT outsourcing, to major financial, public administration, and business sectors.

Wright Studio/Shutterstock.com

7. Capgemini

Revenue: $15.8 billion

Market cap: $15.9 billion

Assets: $20.4 billion

Total number of employees: 219,314

With over 200,000 employees spread across 44 countries, Capgemini is one of the world's leading providers of technology, consulting, and outsourcing services. Capgemini's primary business revolved around its software and services tailored to help clients identify issues and provide end-to-end solutions to them.

6. Cognizant (NASDAQ: CTSH )

Revenue: $16.8 billion

Market cap: $42.79 billion

Assets: $16.2 billion

Total number of employees: 292,500

Headquarters: Teaneck, NJ

Cognizant is an international, US-based company known for its innovative consulting and IT solutions. The company also provides digital engineering and security services. The company has accommodated well-known global organizations such as Wells Fargo and JPMorgan Chase. Cognizant is also well known for its IoT, AI, and cloud solutions.

Click to continue reading and see the 5 biggest outsourcing companies in the world .

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Disclosure: None. 15 biggest outsourcing companies in the world is originally published at Insider Monkey.

Outsourcing human resource management: A comparison of Russian and U.S. practices

• Published: December 2006
• Volume 27 , pages 305–321, ( 2006 )

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• P. C. Smith 1 ,
• George S. Vozikis 1 &
• Lyudmila Varaksina 1  

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Our objective is to determine the current state of outsourcing of HRM functions at companies operating in Russia, both Russian and Russian-based foreign com-panies, and compare and contrast the results with the findings of the Society for Human Research Management (SHRM) study of outsourcing practices at American companies in the United States. The comparison reveals the differences and similarities in terms of reasons for outsourcing as well as the obstacles and problems in implementing HRM outsourcing decisions to a foreign setting.

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Smith, P.C., Vozikis, G.S. & Varaksina, L. Outsourcing human resource management: A comparison of Russian and U.S. practices. J Labor Res 27 , 305–321 (2006). https://doi.org/10.1007/s12122-006-1025-9

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Modest Now, Russian Outsourcing Has Big Hopes

By Erin E. Arvedlund

• Dec. 15, 2004

MOSCOW, Dec. 14 - Off a snowy path winding through the campus of Moscow State University, the godfather of Russian outsourcing, Alexis G. Sukharev, is packing his boxes and moving to bigger offices in the city, hoping to help create what could soon be Russia's version of Silicon Valley.

Mr. Sukharev, 58, is well known to American information technology executives. He was the first to create a commercially successful Russian outsourcing company on the eve of the fall of the Soviet Union in 1991.

His original client was Hewlett-Packard. His latest client is I.B.M.

Mr. Sukharev has tracked the Russian outsourcing boom of the last two years, one he hopes will mirror the success of India's technology parks and outsourcing. He has little fear of the backlash in the United States against offshoring.

"Republicans have never had a problem" with outsourcing, Mr. Sukharev said, and with the party still holding the majority in Congress, he does not foresee any legislation barring it.

"I had a meeting recently with the U.S. deputy secretary of commerce, and he said offshoring is good for the United States," he said. "I think it's bad for small groups of people who suffer a lot, particularly outsourcing of white-collar jobs. But the Democrats made it a major campaign pillar, which was simply populist. The world is too simply about globalization now. Outsourcing is unstoppable."

Moreover, he says some Western companies he has visited, like Bechtel, which has 200 different proprietary programs, "are not cutting people because of outsourcing." Instead, he argues, companies are farming out new business to companies like his, or to Indian or Chinese companies.

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