Tougher regulations put in place to tackle counterfeit drugs could indicate a positive future for umbrella and limited company contractors.
A recent report published by Interim Partners has brought to light new tougher regulations within the pharmaceutical industry, designed to tighten up industry standards in the hopes of confronting the war on counterfeit drugs. The World Health Organisation has estimated that 10 per cent of drugs distributed globally are currently counterfeit.
According to The Recruiter, pharmaceutical companies operating within Europe will have the pressure to comply with the newly appointed regulations, which will in turn cause their packaging, distribution systems and tracking to come under speculation.
Stricter regulations are also being put in place within international markets such as the US and China, which in turn means that any UK pharmaceutical companies selling to these markets will have to ensure they are operating on a compliant level. Alongside this, any companies that are selling to the US will have to ensure they meet FDA serialisation regulations at the start of 2015.
By 2017 all pharmaceuticals sold within the EU must meet the EU Falsified Medicines Directive.
So what does this mean for umbrella and limited company contractors? According to Interim Partners, companies will have a greater need for compliance specialists to help them meet these higher standards. Contractors seeking serialisations roles can earn £500 to £1000 per day, with these figures set to continue rising as demand increases.
The Pharmaceutical companies' race against time to meet these new standards, coupled with the growing demand for compliance specialists, will give contractors with these skills sets greater leverage to demand more attractive pay rates, highlighting greater opportunities for contractors operating in this industry.