Clinical Research Organizations provide on going drug development services to the medical-device, biotechnology and pharmaceutical industries, where the industry sponsors are able to manage product-development processes that are far more efficient and cost effective.
The global Clinical Research Organization market size has been estimated at approximately £35 billion and continues to grow steadily. Revenue increases at an annual rate of 14 to 16%.
Clinical trials conducted by the CROs are completed on an average of approximately thirty percent faster than those that are conducted in-house, according to an independent analyst. This means on average, four to five months in the year worth of time is saved, equating to roughly £240 million to £300 million in increased revenue potential.
The CRO (research and pharmacology) industry is global. Leading companies are familiar with regulatory affairs and common business practices in many countries across the globe.
CROs employ roughly 100,000 clinical professionals across the globe. In addition to this, CROs hold high ethical standards and fully comply with Good Clinical Practice (GCP) and Good Laboratory Practices (GLP) that have been published by regulatory authorities. Clients are provided with a superior resource, clinical and non-clinical drug development experience, therapeutic and regulatory expertise and modern technology.
With a flexible approach, CROs offer a wide range of specialist services including clinical trial design, protocol writing, CRF design, regulatory applications, clinical data management, pharmacy, laboratory etc. The range of services offered means that they are able to offer single service components or full-scale clinical trial solutions.
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