• CROs provide product development services to the pharmaceutical, biotechnology, and medical-device industries, allowing their clients to manage product-development efforts more efficiently and cost-effectively.
• The CRO market size is estimated at $17.8 billion and growing1. Revenue is increasing at an annual rate of 14 - 16 percent2.
• According to an independent analyst, clinical trials conducted by CROs are completed an average of 30 percent more quickly than those conducted in-house. This results in an average time savings of some four to five months, translating to $120 million to $150 million in increased revenue potential3, 4.
• The CRO industry is international. Its leading companies are familiar with regulatory procedures and business practices in a number of countries.
• CROs employ some 100,000 professionals around the world. They possess high ethical standards and comply with Good Clinical Practice (GCP) and Good Laboratory Practice (GLP) guidelines published by regulatory authorities. They offer clients an unparalleled resource, providing therapeutic and regulatory expertise, non-clinical and clinical drug development experience, and state-of-the-art technology.
• CROs are flexible. Their focus on clinical trial design, implementation, and support allows them to offer single-service components or complete development programs.
The industry is evolving toward a full-service model, where CROs offer services from the earliest stages of development through clinical trials and post-approval research.
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