Contract Research Organization Services Are Igniting Crucial Changes that Matter
Contract research organizations (CROs) are an integral part of the Medtech, biotech, and pharma industries. This is because they aid in supporting a consumer’s efforts to market, refine, and test the latest medical as well as pharmaceutical devices. According to Fortune Business Insights, the global contract research organization services market was USD 38,396.4 Mn in 2018. However, the market is projected to reach USD 90,926.3 Mn, exhibiting a moderate CAGR of 9.9% by the end of 2026.
This proves that the CRO marketplace has started becoming very competitive. The increasing number of acquisitions and mergers have begun enhancing the international reach and full-service capabilities of large enterprises. Small and mid-sized enterprises, on the other hand, are aiming to provide a personalized approach to their sponsors. They have also started focusing on the niche sectors. This, in turn, is resulting in the creation of multiple job opportunities for clinical recruitment agencies and candidates in major hubs across the U.S., Europe, and the developing countries located in Asia Pacific.
The field of CRO has recently started witnessing persistent innovations, consolidations, and expansions. There has also been an increasing demand for clinical research associates (CRA) and Clinical trial assistants (CTA) across the globe. This article provides detailed information regarding the latest innovations and strategic partnerships that are assisting in the steady growth of this field.
LSSG Conducts Research to Analyze Impact of COVID-19 on CRO Industry
The biopharmaceutical and pharmaceutical CROs are currently fretting over having to cancel or halt their studies amid the COVID-19 pandemic. They are looking forward to keeping their significant work moving. Life Science Strategy Group (LSSG), a provider of strategy consulting services to the CRO industry, conducted a detailed analysis to examine the present scenario of the industry. In June 2020, it introduced a document consisting of 53 pages to help the CROs in better understanding the crucial metrics and information about the current conditions and the road ahead.
To conduct research, LSSG selected 120 participants for ensuring a high level of involvement. When asked about the possible strategies to drive recruitments and engage participants in the coming months, 31% said that they are planning to join hands with several patient advocacy groups, 57% wanted to adopt telemedicine and other apps to broaden patient reach, 34% are interested in using social media platforms to directly connect with potential recruits, 25% are set to raise advertising, and 44% want to make use of vendor assistance and CROs to help them in recruitment.
Pharmaceutical Product Development’s Partnership with Happy Life Tech Aim to Boost Drug Development
Pharmaceutical Product Development (PPD) is one of the most prominent global contract research organizations, based in the U.S. It operates in 48 countries around the world. Numerous biotech and pharma companies belong to its premium CRO consumer list. PPD was considered to be one of the top suppliers of CRO service by biotech industry giants in May 2019. The judgment was based entirely based on expertise, compatibility, and capability to assist in the clinical research programs. The company announced in the year 2016 that it had acquired Evidera, a provider of evidence-based solutions, headquartered in Maryland. This acquisition paved the way for PPD to procure the position of a global leader in real-world research.
Furthermore, PPD has aided in providing the life science companies with a very significant element of the clinical development process by leveraging Evidera’s real-world evidence expertise. The company has also acquired Synexus, a producer of integrated and innovative site and patient services in 2018. Soon after, PPD launched a new website solution that supports enrolling the patients in clinical studies. Recently, in February 2019, PPD announced that it has signed an agreement with Happy Life Tech. It is an AI company that is dedicated to transforming the relationship between diseases and human beings, based in China. This collaboration would help in creating science-driven clinical research solutions to boost global drug development.
Strategic Collaboration of Altasciences and WuXi AppTec to Enhance Full-service Solutions
Altasciences is a mid-size contract research organization that provides a flexible and proven approach to drug development to various enterprises. It includes research, safety testing, bioanalysis, and clinical pharmacology services. Recently, in May 2019, the company announced that it has collaborated with WuXi AppTec, a leading global pharmaceutical and medical device platform, based in China. The collaboration would enable Altasciences in offering full-service solutions, such as medical writing, clinical pharmacology, data management, program management, first-in-human as well as proof-of-concept trials, and biostatistics to conduct and support comprehensive early phase clinical services for the WIND programs that are initiated by WuXi AppTec. Previously, in March 2019, Altasciences has won the 2019 CRO Leadership Award in five categories, namely, quality, capabilities, reliability, expertise, and compatibility.
Cereno Scientific AB’s Joint Venture with OCT to Result in the Production of a Valuable Drug
Cereno Scientific AB (publ) is a developer of a novel medicine that would support the treatment of thrombosis-related disease, based in Sweden. The company announced its collaboration with OCT, the leading CRO in Russia in June 2018. The main aim of the partnership was to carry out a phase 2 study to investigate Cereno’s candidate drug CS1 and its antithrombotic effects.
Author’s Bio—
Name: Reeti Banerjee
Reeti Banerjee is an avid reader and a content writer, specializing in different domains. She has experience in writing interactive articles, press releases, blogs, and news reports. She believes in maintaining simplicity throughout her content to provide the clients with a seamless reading experience.
