How a Contract Research Organization can Help your Pre-clinical Studies
If your pharmaceutical company is having difficulty managing the resources necessary to conduct pre-clinical studies, it could be in your best interest to outsource services to a contract research organization (CRO).
When it comes to the drug development industry, the growth of CROs is accelerating, according to The Scientist publication. The first CROs appeared in the late 1970s and began taking on major parts of drug and medical device development. CROs have expanded their services tremendously over the years, as these institutions now handle drug discovery, pre-clinical research, clinical trials, drug manufacturing, and even marketing tactics.
When evaluating the growth of CROs, the statistics show it all. Seven years ago, the biotech and pharmaceutical industry spent $60 billion of which $15 billion was outsourced. This means that CROs accounted for 25 percent of the market seven years ago, a number which has probably increased since then. The partnerships made between sponsors and CROs continue to grow, and there are now numerous networking websites that help connect CROs and Pharmaceutical companies connect.
Whatever the specific service you are looking for, there are specific CROs that provide full service collaboration and expertise in these areas. In addition , many CROs provide guidance on the next steps for drug development projects as well. If you are looking to stick to drug safety requirements and regulations, clinical research organizations also provide direction in these sectors.
CROs provide efficiency for pre-clinical research which is a major benefit to pharmaceuticals with upcoming deadlines and tight budgets. Along with a streamlined drug development process, CROs help keep costs low by relieving biopharmaceuticals of the overhead spending required to conduct clinical trials.
Forbes magazine reported that there is greater investor interest than ever before in CROs. For instance, three years ago, the Carlyle Group and Hellman & Friedman, two private equity companies, bought out Pharmaceutical Product Development for $3.9 billion.
According to a survey from RW Baird analyst Eric Coldwell, the research and development budgets for drug makers and medical device companies are also slowly rising, which allows for even more outsourcing to CROs. “The vast majority of staff at pharmaceutical companies surveyed believes that they are spending the same, or more, per unit of outsourced work today than in the recent past,” Coldwell said.
The CRO sector accounted for 38 percent of the total pharmaceutical research and development market in 2011. Coldwell goes on to explain that CRO involvement in drug development is expected to rise, as clients begin to change slower, cumbersome internal affairs to more streamlined and cost-effective external operations.
The Association of Contract Research Organizations stated that its members participated in developing 33 out of 38 drugs approved in the United States and across Europe in 2010. This clearly shows that CROs are an critical part of both pre- phase and clinical research along with the manufacturing and marketing of medications and medical devices.
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Categories: Toxicology and Pharmacology