Bowne Global Solutions cites the results of a study it commisioned through Capgemini that finds translation demand booming in the life sciences industry. The ever-expanding European Union is driving this demand, as all medical devices and pharmaceuticals must be translated into the language of each member country.
Here are the most interesting findings from the study:
Ninety percent of life sciences companies believe their need for translation services will increase during the next five years, and 23% of those companies expect their need to increase drastically, according to a new report produced by Capgemini, one of the world’s largest providers of consulting, technology and outsourcing services.
Among survey respondents, 80% indicated that international markets comprise at least 25% of their total company revenue. This statistic reflects the foreign market growth that has exploded in recent years, driving demand for translation and localization service companies. However, despite the existence of translation firms, 77% of life sciences companies prefer to handle translation duties in-house, citing a desire to retain control of the process.
Naturally, Bowne wants more life sciences companies to outsource their translation work. And based on anecdotal feedback, Bowne has done an excellent job of winning over this industry. There are a number of smaller translation firms that specialze almost exclusively in the life sciences industry, but Bowne is bringing its massive scale to bear, and winning a growing number of accounts.