It used to be that medical device and pharmaceutical companies weren't really paying attention to translation costs. Sure, in the absence of other decision-making tools, buyers would look at price to decide on translation suppliers. But by and large, translation budgets were too small and too fragmented to matter.
Not any more.
Nowadays, medical device companies are facing deflation and are looking to cut costs (real, hard dollars) on their 20-language labeling efforts. And pharma companies are centralizing the purchasing of translation services to gain economies of scale. Today, translation budgets matter and clients ask pointed questions are asked - "why does translation cost so much?"
Though some companies have figured out the riddle of translation budgeting, by and large, it remains a dark art. Often people will look to the past year's translation expenditure and use the same number or add a certain percentage.
With budgeting season getting underway across most pharmaceutical and device companies, now is a good time to educate yourself on how to accurately budget for translation services.
Our upcoming audio conference will help translation buyers at drug and device companies
- gain insight into the variables affecting translation costs
- understand how translation companies quote projects
- provide ideas for ways to work with suppliers to maximize efficiency and reduce costs
- give real-world advice for creating budgets and quarterly forecasts
ForeignExchange Translations provides specialized medical translations for regulatory, marketing, and clinical groups at pharma and device companies. Contact us to find out more.