Health will remain a major concern until there is life on earth, and healthcare providers will be on their toes to deliver optimal results. In addition, with drastic changes in lifestyles, environmental conditions, and increasing population, there is a rise in the number of rare diseases and diverse disease conditions. All these call for clinical trials and drug development.
Pharmaceutical companies are always on their toes given the mammoth task of researching and developing drugs.
Here is where Contract Research Organizations (CROs) come into the picture bringing significant results to pharma and biotech companies by acting as a catalyst for drug development.
The CRO industry is snowballing, particularly with the recent global health concerns. The COVID-19 pandemic has only accelerated the need and growth of CROs, which mandated research and clinical trials. The CROs conduct research and clinical trials for pharmaceutical companies. They deliver results efficiently. In addition, an increase in rare diseases and pandemics gave rise to the demand for research and drug development and consequently to CROs. Pharmaceutical companies are ready to spend for R&D and are outsourcing the job to CROs.
Recent studies reveal that the market value of global CROs is expected to exceed $51billion by 2024.
The CROs are responsible for data research, project management, tests and trials, and drug development. They also provide support to medical device industries through their research.
Graduating from clinical trials and lab services to data analytics, drug development, and enhancement, CROs have come a long way. The penetration of technology has eased their work and has provided accuracy in their results. They use the latest technologies like AI, big data, cloud-based trial tracking, and others to improve their research and analysis.
The CRO market is becoming highly competitive. Many large CROs opt for acquisitions and mergers. On the other hand, Smaller CROs are becoming popular due to their personalized approach and cost-effectiveness. The market belongs to those who can swim with the tide and yet stand apart.
Choosing a CRO is vital for the success of clinical trials. However, it is difficult to find reliable CROs since pharmaceuticals seek partners who deliver comprehensive data and reliable outcomes.
We featured a few trustworthy CROs making a difference in the health space in our latest edition of Insights Care - 10 Most Reliable CROs to Watch in 2021.
Read their journey that we penned down for you and learn about the developments in the health sphere.
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