Procurement Outlook
Medical writing involves creating structured scientific documents that include clinical research documents, content for healthcare websites, health magazines, journals, news, etc. Following are the major categories of medical writing:
- Regulatory: It involves writing and editing documents required by regulatory agencies like US FDA, in the approval process for drugs, biological agents, and medical devices.
- Clinical: Clinical writing deals with patient education, public health communication, website content, medical/health news, and public relations/communications.
- Scientific: In this type, medical writing professionals work with physicians and other researchers to write and edit manuscripts for peer-reviewed journals, posters, abstracts, and oral presentations for medical conferences.
- Educational: Educational writing involves creating the various documents needed to develop educational activities for physicians and other health care professionals.
- Promotional: This writing is used to promote a drug, intervention, or medical device.
- Grantsmanship: In this writing, medical writing professionals write and edit grant proposals for funding scientific research.
Demand Outlook
The global medical writing market was valued at ~USD 4 billion in 2020 and it is expected to grow at a CAGR of 10% from 2020 to 2027 due to growing research and development activities in the healthcare sector. Clinical writing dominated the global medical writing with more than 40% market share followed by regulatory writing and scientific writing. North America is the leading geographic segment of the global medical writing market with more than 30% market share due to the high-quality medical writing needed for any FDA submission. APAC is expected to witness the highest growth rate during the forecast period due to the emergence of CROs and increasing focus on regulatory aspects of medical submission.
Cost Drivers
The rate of medical writing professionals is the key cost driver of medical writing services. The rate depends on the combination of two parameters; project type and hour. Both parameters have similar weights and based on client requirements, medical writing professionals modify the weightage accordingly. The rate of medical writing is significantly lower in APAC countries like India. Hence, many global healthcare and pharmaceutical companies outsource their medical writing services to APAC to reduce cost and increase profitability.
Grab your copy, or request for a free sample of the “Medical Writing Market Procurement Intelligence Report, published by Grand View Research” for In-depth details regarding supplier ranking and selection, sourcing, and pricing criteria & strategies.
Add-on Services provided by Grand View Research Pipeline:
Should Cost Analysis
Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process
Rate Benchmarking
Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier
Salary Benchmarking
Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.
Supplier Newsletter
A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc.
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
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- pe, and identifies suppliers who are dominating, emerging, lounging, and specializing
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