2005 To Be a Transitional Year for CROs, Says Life Science Insights, As CROs Hold a More Strategic Role in the Drug Development Value Chain
FRAMINGHAM, MA – January 11, 2005 – As biopharmaceutical companies look for clinical trials that are faster, better, and cheaper, they will increasingly outsource components of their drug development processes, leveraging contract research organizations (CROs) more and more as strategic partners. This trend, according to premier market intelligence firm Life Science Insights (LSI), along with industry consolidation, will drive market growth in 2005 and generate opportunities for CROs to build strong leadership positions in the marketplace.
"Now is a critical time for CROs to face the opportunity of building or solidifying a strong leadership position in the contract research market," said Ellen Julian, Research Director for Life Science Insights. "We believe CROs that attack sponsors' business challenges and reorient their offerings based on a variety of attributes will have a leg up on their competition in 2005."
In the study, Key Trends to Watch in Contract Research for 2005, LSI presents its outlook for CROs in the year ahead.
Key predictions include:
– CROs will add new staff in patient recruitment, project management, clinical research, and trial monitoring in particular as the size and scope of managing global trials become increasingly more complex.
– Australia, China, Eastern Europe, and India will represent key regions for creating partnerships with complementary service providers.
– To meet sponsor requirements, CROs will introduce additional services in the areas of pharmacogenomics, toxicology, technology assessment, and regulatory affairs.
– Key areas of IT investment for CROs are expected to be around storage and data management, clinical trials management systems (CTMS), and IT outsourcing.
The key attributes CROs must have for competitive advantage will be highlighted during a breakfast briefing on January 26 in Short Hills, NJ. LSI Research Director Ellen Julian will discuss these predictions as well as LSI's forthcoming leadership grid comparing CROs' ability to meet sponsor needs. For more information, or to register for the event, please contact Tammy Gilson-Hodge at 508.988.6746.
For additional details on this report and other Life Science Insights' information services for business executives, please contact Paul Hands at 508.988.6751.
About Life Science Insights, An IDC Company
Life Science Insights, an IDC Company, provides market research, analysis and consulting services to decision makers in life science markets. Clients include pharmaceutical and biotechnology companies, contract research organizations (CROs), government research organizations and technology vendors. Life Science Insights' team of specialist analysts and consultants provide intelligence and advice on technology trends, key market drivers, and end-user intentions. Founded in January 2004, Life Science Insights is headquartered in Framingham, Mass. Visit www.lifescience-insights.com for more information.
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