Tags |
|
|
Links |
|
|
Advice You - Legal Outsourcing: Another Billion Dollar Industry
Surging business
Virtually unheard 10 years ago, the term “outsourcing” has emerged as a phenomenon in the business of the present day world. It has become the backbone of Indian service sectors. In the l
Virtually unheard 10 years ago, the term “outsourcing” has emerged as a phenomenon in the business of the present day world. It has become the backbone of Indian service sectors. In the l
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
ast fiscal India earned $6.7 billion by providing services in software, technology and manufacturing outsourcing.
Now the BPO companies have turned their eyes on legal outsourcing. According to a study by the US
Now the BPO companies have turned their eyes on legal outsourcing. According to a study by the US
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
-based Forester Research, the current annual value of legal outsourcing which is worth $80 million can rise up to $4 billion and can produce 79,000 jobs in India by 2015. National Association of Software and Serv
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ce Companies (NASSCOM) also projected that Legal Processing Outsourcing providers (LPOs) in India will soon rise up to $3-4 billion. This heralds the opening of new vistas for law professionals whose number is in
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
creasing incessantly.
According to Forrester Research report, “The benefit of the outsourcing companies in the US would translate into a cost saving of about 10-12 per cent. The potential of the Indian resources
According to Forrester Research report, “The benefit of the outsourcing companies in the US would translate into a cost saving of about 10-12 per cent. The potential of the Indian resources
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
to absorb the increasing demand in legal outsourcing is because India enjoys the economic advantages of the wage difference and less perks and overheads.”
Nature of work
In the beginning the works which
Nature of work
In the beginning the works which
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
are being outsourced to India are “of secretarial nature and includes patent drafting, legal research, contract review and monitoring,” says Mr. Ravi Shankar S. of 21 st Century Law Firm. But it is set to expand
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
ith the enlarging knowledge of Indians regarding the foreign laws. Experts are hoping to receive high-end sophisticated contracts, which require a strong legal base of international standards.
Challenge ahead
Challenge ahead
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
The most important challenge to the newly-born sector is the need for Indian lawyers to pass US Bar exams, conflict of interest rules and data security. According to Mr. Ravi Shankar, “As far as qualificati
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
ns of Indian lawyers regarding handling of foreign legal jobs are concerned, it should be pointed out that the nature of jobs at the lower level is almost the same. So no special qualification is needed to handle
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
them.”
But notwithstanding the optimism prevalent in the legal business, there are a plenty of hurdles which can hamper the growth of this sector. For example the Indian Advocates Act, which deals with the prof
But notwithstanding the optimism prevalent in the legal business, there are a plenty of hurdles which can hamper the growth of this sector. For example the Indian Advocates Act, which deals with the prof
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
essional conduct of lawyers, does not support work for other countries. Even, in specific laws governing companies and trade in securities, which hugely differ from one country to another, may constrain LPOs to p
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
ralegal and secretarial work.
But on the bright side, certain branches of law, which are of a global nature, like Intellectual Property laws (patents and trademarks) can give Legal Process Outsourcing Providers
But on the bright side, certain branches of law, which are of a global nature, like Intellectual Property laws (patents and trademarks) can give Legal Process Outsourcing Providers
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
(LPOs) a fillip in their endeavour.
An Indian lawyer can be as good as his American counterpart in US Federal laws if properly trained in US law. What is required of an attorney, either Indian or American, is no
An Indian lawyer can be as good as his American counterpart in US Federal laws if properly trained in US law. What is required of an attorney, either Indian or American, is no
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
that he should be aware of all laws and regulations but that he should be ready to acquire that knowledge.
Rush to grab the opportunity
It is the effect of this optimism that not only established BPO co
Rush to grab the opportunity
It is the effect of this optimism that not only established BPO co
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
mpanies but also several legal firms have thrown themselves open to this lucrative opportunity. In fact, American conglomerate, General Electric, was one of the first to set up its captive BPO Gecis in India, whi
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
h included LPO. Other technology companies, too, farmed out work to their Indian captive units.
Khaitan & Co, a leading law firm from Kolkata has already started an LPO by floating a new company 'Neoworth' and e
Khaitan & Co, a leading law firm from Kolkata has already started an LPO by floating a new company 'Neoworth' and e
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ngaged 10 US-enrolled lawyers.
There is a strong political opposition in the US against outsourcing as it may affect the livelihood of US attorneys and may also serve as a roadblock. Despite of that feeling, leg
There is a strong political opposition in the US against outsourcing as it may affect the livelihood of US attorneys and may also serve as a roadblock. Despite of that feeling, leg
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
l firms are more than willing to outsource their jobs to India. That's because like other BPO activities, Indian lawyers come cheap. An associate lawyer in the US comes with a $225 per hour tag in the first year.
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
By the eighth year, it goes up to $450 an hour. In India, the rates are barely 10 per cent to 15 per cent of that. Moreover, with the time lag between India and the US and the UK, the turnaround time is 24 hours
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.adviceyou.org.ua/article/32995/adviceyou-Legal-Outsourcing-Another-Billion-Dollar-Industry.html">Legal Outsourcing: Another Billion Dollar Industry</a>
BB link (for phorums):
[url=http://www.adviceyou.org.ua/article/32995/adviceyou-Legal-Outsourcing-Another-Billion-Dollar-Industry.html]Legal Outsourcing: Another Billion Dollar Industry[/url]
Related Articles:
So You are Thinking of Leaving Corporate America to Start Your Own Biz?
Creative Ideas for Rewarding Employees
Bookmark it:
|