6 TECH OUTLOOKMarch - 2019Copyright © 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.MARCH - 25 - 2019, Vol 03 - 01 Published by ValleyMedia Inc. To subscribe to Pharma Tech OutlookVisit www.pharmatechoutlook.comEditor-in-ChiefStacey SmithSalesVisualizerAsher BlakeJohn GouthamEditorial StaffAaron Pierce Ava GarciaJenna VegasJoshua ParkerJustin SmithSinchana NageshJennifer Stephen Jennifer@pharmatechoutlook.comPhone: 510.996.5173EditorialStacey SmithEditor-in-Chiefeditor@pharmatechoutlook.comContract Research Organization (CRO) provide outsourced research services to biotechnology, pharmaceutical, and medical device industries, empowering them to manage R&D costs and direct focus towards their core competencies. CRO services can range anywhere from drug and device research and development, and preclinical and clinical trials, to post-marketing surveillance, data management, and consulting services. However, the rapid change and innovation in big data and personalized medicine have propelled the CRO industry to undergo a transformation as large CROs begin to capitalize and consolidate through mergers and acquisitions. The primal aspect customers expect from CROs is to be treated as a partner with high flexibility and adaptability, and optimal service support--working collaboratively to solve clinical trial issues, and study procured outcomes for a faster and well-planned future.The clinical trial services represent a staggering 41 percent of the CRO market, including testing developmental-stage drugs or devices on human participants to establish drug efficacy and safety evidence. That being said, the CRO industry itself is highly fragmented with low market share concentration attributed to the breadth of services, and the existence of numerous small market leaders within the niche areas. Hence growth in the CRO industry is heavily dependent on R&D spending from pharmaceutical, biotech, and medical device companies. Of late, the CROs' annual spending has been rising at an increasing rate due to high regulation costs, and the growing need to build strong pipelines. Outsourcing allows the CROs to seamlessly manage their R&D expenses, and rest their focus on core competencies.Moreover, the fragmented nature of the CRO industry is driving an effort for further consolidation. A few recent major developments that are driving this CRO industry consolidation comprises push towards full-service models, strategic partnerships with pharmaceutical companies, and reliable performance from preclinical services. Subsequently, numerous pharmaceutical companies are streamlining vendor management by collaborating with a select number of CROs that can provide integrated support. As for the CROs, acquiring smaller players in niche markets has widened their scope of services in response to the growing demand of globalizing pharmaceutical companies with highly-integrated engagements. These strategic partnerships benefit both parties as CROs ensure stable revenue streams while the pharmaceutical companies outsource their services to one integrated CRO.As today's market is brimming with a variety of CROs to choose from, leafing through this special edition will allow strategic planners and leaders to comprehend the horizons of the CRO industry for translating partnerships into profits.Beyond the Barriers of Drug DevelopmentTECH OUTLOOKTECH OUTLOOK*Some of the Insights are based on the interviews with respective CIOs andCXOs to our editorial staffMARCH - 25 - 2019CROs APAC SPECIALsales@pharmatechoutlook.comeditor@pharmatechoutlook.commarketing@pharmatechoutlook.comEmail:Contact Us:Phone:510.556.2402, Fax:510-894-8405
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