Clinical Research Organizations (CROs) play a major role in the development of new, life-saving drugs and medical devices. Not only that, CROs also have an enormous, positive impact on local and global economy.
CROs offer their clients the expertise via outsourced services to support research and development (R&D) functions for pharmaceutical, biotechnology, and medical device companies that facilitate the journey of their products from their conception to marketing approval, without the sponsor having to maintain a staff for these services.
CRO services span the range of R&D activities including: drug discovery, pre-clinical (pre-human in-vitro and in-vivo animal research model), and clinical (in-human) testing.
The CRO industry revenue is estimated to reach $28.8 billion in 2015 representing approximately one-third of drug development spending.
According to the independent Tufts Center for the Study of Drug Development, Clinical trials conducted by CROs are completed on average 30 percent quicker than those conducted in-house which results in time savings that average 4 to 5 months, translating to an increased revenue potential of $120-$150 million.
When it comes to the clinical development process, time is money. That’s why CROs are working to enhance efficiency in the clinical research process by encouraging innovation and leading the globalization and professionalization of clinical research.