When researching pharmaceutical products, clinical trials, or biologics, pharmaceutical companies have the challenging task of finding the right Contract Research Organization (CRO) to partner with. In the United States, the pharmaceutical industry is one of the most advanced in the world. The industry is highly competitive, and research is continuously being conducted to develop better drugs and treatments. With the increasing complexity of research studies and the need for specialized support, pharmaceutical companies have turned to CROs to help them manage their research projects.
According to the Pharmaceutical Research and Manufacturers of America (PhRMA), the use of CROs increased by 17 % from 2017 to 2018. In 2018, the total number of CROs used was 6,859, an increase from 5,843 in 2017. This trend has continued in the coming years as pharmaceutical companies look to CROs to help them manage their research projects and ensure their studies are conducted ethically, safely, and efficiently.
Read more about the top 10 benefits of hiring the right CRO:
1. Cost Savings
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A CRO can help reduce costs associated with drug development by providing expertise and resources that the company may not have in-house. Many CROs offer their services at a lower cost than it would take to bring the same tasks in-house. The average cost of a CRO is estimated to be between 25-45% lower than in-house development.
2. Access to Expertise
CROs have access to a large pool of experienced professionals in various disciplines, such as preclinical, clinical, regulatory, and clinical trial management. This allows companies to access the expertise they need without hiring and training new personnel.
3. Increased Efficiency
Hiring a CRO can speed up the drug development process by allowing the company to focus on the parts of the process it is best suited for. At the same time, a CRO can concentrate on the more complex parts of the process, such as regulatory compliance and clinical trial management.
4. Improved Quality
CROs are experts in their fields and have the experience to ensure that the drug meets the highest quality and safety standards. This can help to reduce the risk of costly recalls and other problems associated with drug development.
5. Faster Time to Market
Working with a CRO can reduce the time it takes for a drug to market. This is especially beneficial for smaller companies that may need more resources to move the drug through the development process quickly.
6. Improved Compliance
A CRO can help ensure that the drug meets all regulatory requirements in the US and abroad. This can reduce the risk of delays or costly changes that could result from non-compliance.
7. Risk Reduction
A CRO can help to reduce the risk associated with drug development. This is due to their experience and expertise in the field, which can help to identify and address potential problems before they become major issues.
8. Increased Flexibility
A CRO can provide the flexibility needed to accommodate changes or adjustments to the drug development process. This helps ensure that the drug is developed most efficiently and cost-effectively possible.
9. Increased Access to Capital
Working with a CRO can help increase access to drug development capital. Many CROs offer financing options that can help to reduce the upfront costs associated with drug development.
10. Improved Risk Management
A CRO can help reduce the risk associated with drug development by providing expertise in quality control, risk management, and compliance. This helps ensure that the drug meets all regulatory requirements and is safe and effective.
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In conclusion
Hiring the right CRO can have many benefits for pharmaceutical companies. A good CRO can help companies save time and money, bring experience and expertise to the research project, and help keep the project on track and within budget. As the use of CROs continues to grow in the United States, pharmaceutical companies need to find the right CRO to partner with to ensure the success of their research projects.
