6 Pages
English
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Contract Manufacturing Organizations Can Reduce Vendor Switching with Informational Marketing Efforts

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6 Pages
English

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Contract Manufacturing OrganizationsContract Manufacturing Organizations Can Reduce Vendor Switching with Informational Marketing Efforts PR Newswire MOUNTAIN VIEW, California, Nov. 21, 2013 -- Frost & Sullivan: Companies opt for CMOs offering high-quality services, confidentiality and clean regulatory track records The global contract manufacturing market is growing steadily with firms allocating up to four percent of annual organization revenues for contract manufacturing organization (CMO) services, with a likely markup to 11 percent within the next three years. On average, firms partner with six CMOs, indicating high potential for business. However, the overall satisfaction and likelihood of contract renewal is fairly low – around 40 to 50 percent across all product types. To minimize vendor switching, CMOs would do well to invest in marketing their services through outlets such as tradeshows, conference booths and word-of-mouth recommendations from colleagues. Recent customer research from Frost & Sullivan's (http://www.lifesciences.frost.com) Competing in the Global Contract Manufacturing Market analysis, which surveyed 312 global decision makers from biotechnology and pharmaceutical firms, reveals that of all parameters used in CMO agreements and selection, volume commitments ranks as the most important, followed by manufacturing capacity and site transfer capabilities.

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Published 21 November 2013
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Language English

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Contract Manufacturing Organizations Can Reduce Vendor Switching with Informational Marketing Efforts

PR Newswire

-- Frost & Sullivan: Companies opt for CMOs offering high-quality services, confidentiality and clean regulatory track records