Will Virtual CROs and Integrated Business Models Rule the Road
Insights into the innovative steps taken by CROs and pharmaceutical companies in the race for excellence and low-cost trials
The pharmaceutical industry bears an average capitalized cost of about $1.3 billion to $5 billion to bring a new drug to the market. This is a more than 70% increase of what it used to be in the 1990s (about $318 million). More than half of drug makers conduct their Phase I, II and III clinical trials primarily through contract research organizations (CROs). However, it is not global trials that are driving up these costs, but rather the increasing complexity of trials that require more sites to recruit patients. So can Innovative Models help?
Industry experts believe that the right CRO can help decrease this cost, but what is considered the right CRO? Is it a CRO with the right blend of technology, experience and risk-based monitoring (RBM), or one that is new, innovating, and evolving to reduce the cost of operations? The answer is subjective.
In 2013, the top four CROs accounted for 35% of the global market share; this consisted of Quintiles Transnational Corp. (17.8% and with more than 29,000 employees), Covance (7.9% share and with more than 12,000 staff), Parexel (5.1% share and with more than 15,000 employees), and Charles River Laboratories (3.9% share with more than 10,000 employees). However, it is the smaller CROs that have taken the lead when it comes to innovation.
About this report
This issue of Vital Signs, released on July 11, 2014, discusses game changing strategies in clinical research, including virtual clinical research organization (CRO) and the integrated business model.
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