The Business Traveler's Corner

The Importance of Travel Management Companies In The Pharmaceutical Industry

Posted by Marwane El Mekaoui on Jun 18, 2018 2:32:13 PM
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Now more than ever, the pharmaceutical industry stands at the forefront of global business, determined to traverse across international borders in pursuit of prosperous and innovative business opportunities. 

Pharmaceutical companies rely on business travel as the primary means through which they can effectively tap into emerging markets. These same markets encompass developing, potentially prosperous economies where investment should result in higher revenue streams despite high associated risk.

As expiring drug patents lead to the up-sale of cheaper generic drugs and tighter regulations constrain mature markets, pharmaceutical companies are constantly searching for renewed growth opportunities abroad. As a result, corporate travel plays a pivotal role in the continued development and success of the pharmaceutical industry.

Proper oversight of travel management functions could make or break the success of your pharmaceutical company. Rather than add an additional administrative burden to the arduous responsibilities of pharmaceutical operations, best leave it to the travel experts to sort these issues out. 

This Is Where TMCs Step In

In this day and age, travel management agencies provide competitive, cost-effective business travel solutions in order to ensure that customers receive a maximum return on their corporate travel investment.

Within the pharmaceutical and healthcare sector, controlling costs and understanding their complexity dictate the effectiveness of adequate travel management efforts for travel-heavy companies.

Controlling Costs

Given the costliness of drug development, companies within the pharmaceutical industry must keep spending expenses under tight control. As such, business travel spending, categorized under indirect expenditures, comes under vehement scrutiny by financial management directors.

Business travel in the pharmaceutical sector, in particular, is as diversified as any, encompassing vast elements of the production process. Travel operations can range anywhere from scientific research efforts in the Central African rain forest to international sales conferences in China. As such, these same business travel costs can fluctuate concurrently, lending themselves to an unpredictable, potentially unmanageable pattern of spending abroad.

Simply so, pharmaceutical companies can expel the uncertainty of variant travel costs by relying on the experts.

Travel management agencies are essentially tasked with tailoring travel policies to the self-evident behaviors of each company. They are equipped to deal effectively with the volatile travel tendencies of pharmaceutical companies, committing effort and resources to curbing costs and allow these companies to flourish on the international stage.    

Complexity of Costs

When it comes to travel, the pharmaceutical industry must account for special regulatory requirements (PhRMA among others..). A single, generic, unchanging travel policy will simply not meet the ever-evolving demands of the pharmaceutical industry.  

Business Travel Agencies understand the importance of flexibility, especially in an industry as stringently regulated as the pharmaceutical one.

The experience of corporate travel agents ensures consolidated travel expertise. They understand the detailed intricacies of the industries they manage, knowledgeable in reducing business travel costs without compromising traveler liberty, discretion, and flexibility.

Even so, and perhaps more importantly, corporate travel agents possess the resources and technology to facilitate the travel experience for companies within the pharmaceutical and healthcare sectors. From direct contact with discount-inclined suppliers to simplifying the booking process with state-of-the-art travel technologies, travel management companies provide alternatives unbeknownst to many companies with global business aspirations.

The pharmaceutical and healthcare industry is as elaborate and nuanced as it has ever been. The breadth of their ambitions has risen to encompass numerous international operations, and effective travel management has evolved into a key component of a successful business plan. Collaborating with travel management agencies has become crucial and necessary, especially as the industry continues its rapid evolution.

At Brickell Travel Management, we understand the highly stringent requirements placed upon the pharmaceutical industry. Our specialized travel agents have the experience and tools to ensure that your business travel is simple, easier and compliant with industry rules and regulations. 

Talk to one of our agents and learn more about all the others benefits you get working with us.

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Topics: Business Travel, Travel Policy, Expense Reporting, Travel Management company, corporate travel agency, pharmaceutical travel

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