Comparator drugs play a pivotal role in determining the quality, efficacy, and safety of the generic drug. It acts as a standard drug that will be used to compare the generic copies. It is essential to source the right comparator drug from genuine manufacturers, as there are many challenges in this process. Comparator sourcing can be challenging as it requires spending a lot of money in different stages of sourcing.
In this blog, you will learn how to source comparator drugs at competitive prices using cost-effective strategies.
Challenges in Procuring Budget-Friendly Comparators:
1. High Purchase Costs
Comparator drugs are sold at retail prices as they are produced by different companies and remarketed. At times, the retail prices are quite high. This can lead to a heavy financial burden on pharmaceutical companies as comparators are required in huge quantities for clinical trials.
2. Worldwide Sourcing
Pharmaceutical companies source comparators from international markets to meet regulatory requirements. This can cause heavy financial strain as it involves expenses for currency exchange rates, international shipping and management, import duties and taxes, and compliance with cross-border pharmaceutical laws.
3. Costs of Credibility Verification
Verifying the credibility of the comparator drug is critical to avoid substandard products used in clinical trials. This can lead to rejection of the generic drug at later stages and can also waste time and money.
4. Regulatory Requirements and Documentation Costs
Regulators like the FDA or EMA require precise documentation for comparator sourcing, including proof of origin and quality assurance. To cater to these demands of regulators, pharmaceutical companies need to source the comparator drugs from reliable sources. It also involves a lot of administrative and documentation work, involving high administrative costs and legal fees.
5. Storage and Handling Costs
Comparators are required to be stored under specific conditions as recommended by the product manufacturer to maintain their integrity. This increases costs for specialized storage facilities and transportation with controlled environments.
6. Limited Supplier Options and Price Inflation
Increasing demand for comparators and a limited number of comparator suppliers lead to inflated prices and reduce the company’s ability to negotiate better rates.
The high costs associated with comparator sourcing stem from market exclusivity, global sourcing, regulatory requirements, and operational challenges. Addressing these issues often requires a well-planned approach to effectively ease the cost of comparator sourcing tasks.
Money-friendly Strategies for Sourcing Comparators for Generic Drugs:
Procurement Approaches
1. International Sourcing
Look for reference drugs from different countries to obtain comparators at lower prices.
2. Bulk Purchasing
Buy drugs in huge quantities at once to avail discounted prices.
3. Global Partnerships
Develop long-term relationships with manufacturers all over the globe to gain better pricing and favorable terms over time.
Sourcing Channels
1. Generic Drug Manufacturers
Consider buying directly from manufacturers making generic versions of the drugs as they are cheaper than branded versions
2. International Pharmaceutical Wholesalers
Buy drugs in bulk quantities directly from the wholesalers, helping in obtaining drugs at lower prices.
3. Contract Research Organizations
These organizations can assist in sourcing comparators. These can have the upper hand as they have established networks for acquiring drugs at competitive prices.
4. Government and Non-Profit Drug Repositories
Some governments or non-profits store drugs for public use and can provide comparators at lower costs.
Cost Reduction Techniques
1. Centralized Procurement Platforms
Use platforms that centralize procurement processes for better coordination and potentially lower costs.
2. Competitive Bidding
Allow multiple suppliers to bid for contracts, lowering prices as suppliers compete for your business.
3. Regional Price Variations
Avail advantage of differences in prices across regions. Some countries may offer comparators at lower costs.
4. Parallel Import Opportunities
Legally import drugs from other countries where prices are lower to save costs.
Guidelines Alert
Use reliable sources like the FDA, EMA, and WHO, as well as other media sources to stay updated and informed on sourcing comparators effectively.
Tools for Staying Up to Date with Information
1. Global Drug Database Platforms
These platforms can help track the availability and pricing of drugs worldwide.
2. Comparative Price Analysis Software
Use software that compares drug prices from different suppliers to find the most cost-effective options.
3. Regulatory Compliance Tracking Systems
Use systems to stay on top of compliance requirements across different regions.
In summary, sourcing comparators for generic drugs is one of the most significant steps; it determines the success of the clinical trial. Selecting precise comparators and their sourcing requires robust market research and analysis. To make comparator sourcing cost-effective, we first need to understand the requirements.
To be cost-effective, we need to have a clear idea of the expenses associated with all the steps involved in comparator sourcing. So, this blog is intended to present you with the best cost-effective strategies to implement in your comparator sourcing journey to simplify it for you.
To simplify these processes of comparator sourcing, Spring Bio Solution holds a prominent position in this industry and has more than a decade of experience.
Spring Bio Solution has supported more than 500 clinical trials globally by providing cost-effective support. We have rendered services across various streams, such as clinical research, pharmaceutical biotechnology, and pharmaceutical microbiology. We have strong worldwide connections across India, Europe, China, Malaysia, Indonesia, Bangladesh, Jordan, South Korea, Saudi Arabia, Iran, Iraq, Egypt, Brazil, etc., making us the best choice to source comparator drugs in any part of the world.
Rest assured, while you focus on conducting clinical trials and research, and Spring Bio Solution has your back for effortless and efficient comparator sourcing.