4 ways that Contract Research Organizations (CROs) can incorporate a global strategy in 2020
Looking at recent market trends, it’s clear that certain stages of drug development can be outsourced to help reduce spending costs, while also fueling drug discovery. The CRO market is heavily concentrated in North America, and pharma and biotech companies should still look there for local talent to fill larger roles. But certain areas (such as clinical trials) don’t necessarily need to take place in these same, cost-prohibitive biotech hubs.
Here are 4 ways that CROs can incorporate a global strategy to help better execute their projects.
1. Embrace AI and Machine Learning.
The rapid advancement of technology now allows companies to conduct both virtual and remote clinical trials. Incorporating AI and Machine Learning into your research and development phase can help improve efficiency and reduce spending.
2. Outsource to China.
Two major North American pharmaceutical companies have signed agreements with Chinese-based firms focused on patient recruitment and drug development. This enables pharmaceutical companies to hire full-time equivalent employees (FTE) at a lower rate. Another benefit of outsourcing to China is being an early player in the countries’ growing post-marketing and drug development ecosystem.
3. Look to Southeast Asia for Clinical Trials.
The Asia Pacific region is providing significant opportunities to CRO’s due to three main factors: a diverse population suitable for clinical trials, a large pool of affordable skilled laborers, and a growing group of patients experiencing chronic and infectious diseases. You should conduct your biotech executive search domestically to ensure ease of management and project efficiency. But shifting clinical trials to the Asia Pacific region can improve both pre-Investigational New Drug and post-IND studies.
4. Collaborate.
Many small and mid-sized CROs are collaborating with companies in Central and Eastern Europe, where there has been a rise in full-service clinical trial centers. There are currently many mergers and acquisitions happening as the demand for novel drug discovery continues. To stay competitive, it’s important to adapt and find strategic partners that aid in research and development.
Key Corporate Services has built numerous relationships with pharmaceutical companies and contract research organizations, helping to place qualified candidates in executive roles within the industry. To learn more about how we can help you discover your next opportunity, contact us today.
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