With strong momentum driving growth in the pharma services sector, we’ve identified the top 100 companies to watch. Abi Godfrey and Peter Jennings present our report and insights from industry experts.  

This report celebrates the businesses playing a pivotal role in the success of the pharma services sector. We’ve analysed which companies are making meaningful impact through innovation and specialist services, leading financial performance and more.

Abi-Godfrey
“The Pharma Services sector plays a vital role in driving innovation, supporting healthcare delivery, and strengthening the UK economy. Our Ones to Watch report shines a spotlight on the most innovative and successful businesses, recognising the value they bring to life sciences and wider society."
Abi Godfrey Corporate Finance Director
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What’s driving growth in pharma services – and where?

The pharma services sector is experiencing significant growth, driven by trends such as the rising prevalence of chronic diseases and rapid advancements in personalised medicine.

A favourable regulatory landscape, which encourages innovation and accelerates the development of new drugs, is another supporting factor. In the UK, the Government is committed to prioritising budget for research and development (R&D), with one of the highest R&D budgets globally and second highest behind the USA as a percentage of gross domestic product.

These robust growth drivers make the sector attractive for investors, leading to a notable increase in venture capital and private equity investment.

Our report shares a highlight of our top 100 'ones to watch’ as well as an analysis, including:

  • regional spread – with the highest number of businesses (30%) based in Scotland
  • by ownership – with the majority (46%) being privately owned
  • a breakdown between Contract Research Organisations (CRO), Contract Development and Manufacturing Organisations (CDMO), market access and post-commercialisation companies.

It also features interviews with industry experts in the following key areas.

Market access and commercialisation trends

The market access sector is experiencing significant growth and consolidation, driven by companies’ ambitions to scale rapidly, often through strategic acquisitions. As pharmaceutical development becomes increasingly complex and costly, demand for innovative market access solutions is expected to rise across both emerging and established markets.

There are risks in this space, such as pricing – which can be managed through transparency and a valuable service and client concentration[FC1] [IW2] . This is particularly relevant for smaller consultancies which may be relying on a single large pharma or biotech client. Diversification is essential for long-term resilience and growth.

Expert view:

Our interview with Shkun Chadda, a science and technology investor, sharesinsights into the market, including:

  • the meaningful use of AI and AI-driven products
  • the UK talent pool
  • the benefits of investing in real world evidence (RWE) and Health Economics and Outcomes Research (HEOR) capabilities
  • whether US tariffs will impact companies in the sector
  • insight into her life following her exit from co-founded market access business Sirius and becoming an investor.

Contract research organisations

Contract research organisations (CROs) play a vital role in helping pharmaceutical companies streamline drug development and reduce costs, particularly for new drugs in specialised markets. By enabling outsourcing of key processes, CROs simplify both market entry and product development.

Despite turbulence from recent global events and fluctuating funding streams, the sector has demonstrated resilience and adapted amid challenges. While CROs have historically experienced high growth, the current funding challenges in biotech are making it more difficult to operate.

Expert view:

Alan Morgan, CEO of Symbio, a specialised therapeutic CRO, provides his views on the current state of the industry, the impacts of AI and US regulatory (including several FDA announcements), geopolitical shifts and private equity investment.

M&A activity

M&A activity in the pharma services sector is strong: 113 deals completed in the sector in 2024 as a result of the strong market dynamics.

A key transaction highlighted in the report is the sale of FibroFind to Vespa Capital. FibroFind is a globally recognised, market-leading pre-clinical CRO which has revolutionised drug testing and pre-clinical research in human tissue testing.

For further insight on deal activity in the sector, Abi Godfrey and Peter Jennings discuss the key themes in Pharma services M&A: Positive sentiment in a pioneering sector.

For more insight and guidance, get in touch with our experts

Abi-Godfrey
Abi Godfrey
Corporate Finance Director
Manchester
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Peter Jennings
Peter Jennings
Head of Corporate Finance
Thames Valley, London
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