Access to advanced research tools will expand growth opportunities for CRO participants, finds Frost & Sullivan's Transformational Health team
The clinical trials and research outsourcing (CRO) market is growing, leveraging the global pharmaceutical industry's urgent need to succeed in late clinical trials and build the pipeline of new molecules. While cost benefits, focus on core competencies, rise in innovative therapeutic options, and increased drug efficacy and safety norms will continue to encourage global pharma companies to outsource, CROs must increase their range of services to better serve, and become the preferred partner to, bio-pharmaceutical companies.
"Expanding CRO services into early stages of drugs, emergence of virtual biotech, out-licensing, and risk sharing between pharma and CROs are disrupting traditional business models," noted Transformational Health Research Analyst Sanjeev Kumar. "They are also opening up greater opportunities for CROs in terms of access to a huge market, newer areas such as commercial and post-launch, bioanalytical testing and development services, and partnerships with small-to-midsize biotech and virtual pharma customers."