The ever evolving R&D and pharmaceutical landscape has novel biological targets, challenges and opportunities encouraging pharmaceutical companies, biotech start-ups, private research organizations and academic institutions across the globe rethink their research channels. Without a shadow of doubt there are more opportunities and more complexities than ever before necessitating innovation. In order to stay competitive, result-oriented and profitable, pharmaceutical companies are progressively outsourcing their research and development processes to clinical research organizations. Whether it is medical writing, clinical data management, clinical operations, statistics or regulatory affairs, outsourcing to CROs has fetched significant dividends for all and sundry in recent years.
Expansion of Existing Capabilities
CRO’s are constantly expanding their existing capabilities to by acquiring niche or high-impact services. They strive to evolve from being commodity service providers to key strategic alliance making their vital contribution via end-to-end and integrated solutions in drug and device discovery and development. The evolvement is quite expansive and encapsulates business models as well wherein initial innovations are often initiated by CROs.
Emerging Collaborative Business Models
They happen to establish early biology and chemistry entry points into disease and approach interested pharmaceutical companies for collaboration as strategic drug discovery partners. Such models open new avenues for pharmaceutical companies as they can focus on external innovation and fostering robust & strategic alliances.