With declining R&D budgets, increased competition from larger CROs and patent expirations, emerging CROs have evolved from being non-core service providers to being integral partners in the earliest to the latest stages of the drug discovery and development process. According to a Grand View Research report, the global healthcare CRO market is expected to reach $45.2 billion by 2022 ( Source: Outsourcing-Pharma.com).
Thus, the large global players today dominate the Clinical CRO market. Given this, outsourcing will continue to grow for the foreseeable future, and this holds the potential for huge business growth for the CRO who can capture a decent share of the available opportunities. For the large, well-known CROs, these opportunities will continue to come their way easily.
Emerging CROs face a harder, uphill battle to run more trials based on the sponsors’ requirements – in large part due to lack of technological expertise and legacy systems in place today. ArisGlobal has recently announced a first-to-market “Agile CRO Program” that empowers emerging CROs to expand its services offerings across the entire drug development and discovery process, i.e. from clinical trials to regulatory submissions and data management.
To remain competitive, emerging CROs need to position themselves as niche service providers. They have greater potential to meet the sponsors’ requirements and act as an integral part of the drug development process. There is vast potential available for emerging CROs to adopt new technologies for improving their service offerings to obtain market share, garner new sponsors and drive more revenues.
In a nutshell, ArisGlobal’s Agile CRO program is a healthy technological proposition for emerging CROs to drive end-to-end clinical processes in today’s highly dynamic clinical world.
Feel free to drop by and visit ArisGlobal at Booth #405 at the upcoming SCOPE Summit 2017 conference this January 24-26 in Miami. Not going to the SCOPE Summit? Contact us at [email protected] or visit us at https://www.arisglobal.com/cro_pay_as_you_grow/.