6 TECH OUTLOOKDecember - 2019EditorialStacey Smith Editor-in-Chiefeditor@pharmatechoutlook.comValued at $39 billion in 2018, the global CRO market value is expected to exceed $44 billion by 2021 as per market reports. While CROs were considered only for clinical trials and lab services earlier, the market has evolved to cover other aspects like data and analytics for trial insights and design, drug development planning, medical affairs and regulatory consulting. The rising demand for safety and pharmacovigilance, clinical trial feasibility and protocol optimization has also been instrumental in the growth of the CRO industry. The industry is witnessing a major shift as CROs increasingly recognize the benefits of e-clinical technologies that allow faster, precise, trackable and more productive studies. Platforms that improve the performance of clinical trials, control and share data, track and report trial outcomes and manage regulatory information while cutting costs are being implemented by CROs. The ability of technologies to converge different processes and aligning them with big data has produced an interesting possibility of streamlining clinical developments. The need to make data-driven decisions and elevate the quality of trials by leveraging technology is also growing in importance in the drug development industry and CROs are becoming a part of such solutions. The dynamic nature of the CRO industry is only going to become stronger as CROs will either merge with or acquire data companies. As the complexity of the drug development environment increases with rising costs, compressed timelines and regulatory bottlenecks, CROs will play an important role by offering a strong value proposition to the pharmaceutical companies. The continued expansion on the scope of offerings from CROs will appeal to companies that choose to outsource a greater portion of their research and development to improve operational efficiency and drive meaningful cost savings.This edition sheds light on some of the latest trends and technologies in the CRO landscape with insights from industry leaders that will guide you to better answers. We are glad to feature companies like Karma Oncology that are revolutionizing the CRO space through their groundbreaking solutions and services.Let us know your thoughts.The Rising Trend of OutsourcingCopyright © 2019 ValleyMedia Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.DECEMBER - 16 - 2019, Vol 05 - Issue 18 (ISSN 2644-2787) Published by ValleyMedia Inc. To subscribe to Pharma Tech OutlookVisit www.pharmatechoutlook.com *Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffEditor-in-ChiefStacey SmithVisualizerAsher BlakeEditorial StaffAaron Pierce Ava GarciaJenna VegasCarolynn Walters Justin SmithPaul BarberSalesAnnie Mathewsannie.mathews@pharmatechoutlook.comPhone: 510.556.2402sales@pharmatechoutlook.comeditor@pharmatechoutlook.commarketing@pharmatechoutlook.comEmail:Contact Us:Phone:510.556.2402, Fax:510-894-8405Ronald DonovanTECH OUTLOOKTECH OUTLOOK
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