TORONTO, Nov. 12 /PRNewswire/ --
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Contract research organizations (CROs) are a growing trend among the pharmaceutical and biotechnology sectors as these companies look to reduce the costs of drug development. However, there are tradeoffs between the size of a CRO and the therapeutic and local expertise dedicated to individual projects.
With the number of clinical trials required for the discovery and development of new drugs increasing, it has become necessary for pharmaceutical and biotechnology companies to rely on contract research organizations to pass their products through the testing and regulatory process in a rapid, cost-effective manner.
New analysis from Frost & Sullivan (www.healthcare.frost.com ), World Contract Research Organizations Markets, reveals that this industry generated revenues of $9.8 billion in 2001 worldwide, and is projected to surge to $16.3 billion by 2005.
"The long-term success of the pharmaceutical outsourcing industry is dependent on lasting relationships with sponsors and the need for trust at all levels of cooperation, including individual clinical research associates," says Frost & Sullivan Research Analyst Rinat Ariely.
With technologies such as high throughput screening, and proteomics becoming an increasingly important part of the drug development process, companies are seeking outsourcing partners that will be able to provide superior technology and introduce a potential product to market faster.
This is indicative of a trend towards greater collaboration and operational integration between the outsourcing partner and the sponsor.
"A balance that includes ongoing communication, timely access to data by sponsors, and project updates must be maintained in order to achieve successful relationships. This challenge is expected to have a long-term effect on the CRO market, as sponsors continue to demand more one-on-one attention, and greater clinical data accessibility," states Ariely.
Frost & Sullivan presents the 2001 Marketing Engineering Awards to companies that have worked diligently to make a positive contribution to the world contract research organization industry. These market specific awards are presented to Emissary Inc., MDS Pharma Services, Quintiles Transnational Corp., Parexel International Corp. and Kendle International Inc.
The following is a list of key industry participants: AbC.RO Inc.; Abt Associates Inc.; aaiPharma; Arachnova Ltd.; Applied Analytical Industries Inc.; Array BioPharma; BioAnalytical Systems, Inc.; Boston Biostatistics, Inc.; Chiltern International; Covance, Inc.; Emissary Inc.; Genzyme Transgenics Corp.; Huntingdon Life Sciences Group Plc.; ICON Clinical Research; ILEX Oncology, Inc.; INC Research; Ingenix Pharmaceutical Services, Inc.; Inveresk Research International Ltd.; Kendle International, Inc.; MDS Pharma Services/MDS, Inc.; PAREXEL International; Quintiles Transnational Corp.; Research Triangle Institute; SCIREX; and West Pharmaceutical Services, Inc.
Frost & Sullivan is a global leader in strategic market consulting and training. This ongoing research is part of the Pharmaceutical Subscription, which also includes market analyses on U.S. Electronic Clinical Trials Market and High Throughput Screening (HTS) in the U.S. Markets. Frost & Sullivan also offers custom consulting to a variety of national and international companies. Interviews are available to the press.
World Contract Research Organization Markets