A Functional Service Provider (FSP) is a specialized outsourcing model used in clinical research where specific functions or services are contracted out to an external provider. This model allows pharmaceutical (pharma) and biotechnology (biotech) companies to leverage the expertise and resources of the FSP while maintaining control over their clinical trials. Contract research organizations (CROS) may offer FSP solutions along with other Strategic Resourcing Solutions.
Key Features of FSP:
- Targeted Expertise: FSPs provide specialized expertise in areas such as clinical monitoring, data management, biostatistics, medical writing, and regulatory affairs.
- Flexibility: Offers scalable and flexible solutions that can be adjusted based on project needs and timelines.
- Cost Efficiency: Helps reduce costs by outsourcing specific functions rather than managing them in-house.
- Focus on Core Activities: Allows sponsors to focus on their core competencies while relying on FSPs for specialized services.
- Quality and Compliance: Ensures that outsourced functions are performed according to regulatory standards and Good Clinical Practice (GCP) guidelines.