While 68% of scientists and researchers are very satisfied with their careers, there’s one major cause of burnout, dissatisfaction, and stagnation in the science community: the burden of administrative tasks. In fact, a Global Pharma Market survey found that 50% of in-house scientists’ time is spent on non-science admin duties.
What’s worse? This is causing high performers to leave in-house pharma and biotech companies in droves. According to our research, that’s costing companies an average loss of $90,000 per year per scientist.
It’s not just your talent pool that’s taking a hit: so is your company’s growth. After all, how can your research team develop a new drug or innovate when so much of their time is spent onboarding new suppliers, tracking down approvals, juggling spreadsheets or following up with finance about an overdue invoice?
Additionally, in our guide, Transform Your R&D Outsourcing with Science Exchange, we found that 73% of researchers report difficulties finding suppliers with expertise in their particular area of research. And, 79% are worried that working with them might expose intellectual property (IP).
As more biotech and pharma teams outsource parts of their research, what can you do to prevent adding even more non-science tasks to your team?
The good news is, there’s a better way to manage your outsourcing. In our guide, we discuss how you can get your R&D on track and tackle administrative issues for your team while saving your legal, finance, and procurement teams time and money. We also explore how:
- You can change the supplier onboarding process from taking months to hours.
- Research teams can send their projects to multiple CROs and run competitive bids without impacting timelines.
- You can access 3,500+ suppliers that meet the highest compliance, quality, and security standards without exposing your company’s IP.
- Integrating an R&D marketplace with your current systems gives your team one simple interface to manage projects, transfer data, and make payments quickly.
- Your team can leverage robust analytics and reporting to track and analyze R&D spend.
Want to learn how to eliminate administrative tasks for your team and save thousands of hours company-wide? Read more here.