The global contract research organization market is expected to witness significant growth over the forecast period. Any organization that provides support to the medical device industries, pharmaceutical firms, etc. in the form of outsourced research services on a contractual basis is called contract research organizations (CRO). These organizations can provide a broad range of services in the field of biologic assay development, clinical/preclinical research, commercialization, and clinical trial management. These organizations provide the services which can facilitate the complete process of moving a new device or drug into the market starting from its concept development to FDA approval for marketing without the sponsor for the drug having to need to maintain any staff for these services. In the pharmaceutical industry globally there are a lot of intensifying pressure points along the chain of production of any drug from generic drug firms, increase in scrutiny from regulatory bodies, expirations of patents, and need for efficiency. With the increased critical importance of research and development, the pharmaceutical and drug development firms allocate plenty of resources and funds to CROs supporting more of globalized and collaborated research efforts. This is the reason for the increase in the value of strategic partnerships in the new drug development value chain.
The major factor for contract research organization market growth in this industry is the increase of demand in the market by pharmaceutical companies for the outsourcing of research and development activities. This is happening as a consequence of the many efforts that are being made in the market to reduce expenses incurred due to research and development activities that would increase profitability. Also by running parallel outsourced clinical researches these firms can reduce their operational costs. The growth for the CRO market is more likely in the regions of India and China as researches there will move higher up the value chain towards the second phase clinical trials.
The major restraint for the contract research organization industry is that even though this industry is growing very quickly, it is getting difficult to align personnel expertise with the requirement of the projects. This is happening due to the fact that there is an unavailability of scientists who are aptly skilled. This has hindered the industry so much so that personnel is now being utilized on a short term contract basis as freelance scientists. For attracting skilled personnel there is a need for CROs to set up appropriate internal systems so that scientists can participate more freely in the research projects.
The major players dominating this contract research organization market space include Pharmaceutical Product Development Inc., Charles River Laboratories International Inc., Quintiles Transnational Corp., and Covance Inc.
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Multiple therapeutic regimens are being followed across the globe in attempts to come up with a reliable treatment for Covid-19. One line of treatment includes the use of hydroxychloroquine, while a second treatment line focuses to use antiviral drugs used in the disease management of HIV. Both these approaches have surged demand from advanced antivirals and antimalarial drugs. This impacts the drug manufacturers as an off label indication for these drug classes has to be worked upon. At the moment, the WHO has not prescribed any of these approaches, neither they have commented if one is better than the other. The report will account for Covid19 as a key market contributor.