Key advantages offered by biopharmaceutical contract research organizations (CROs) include time efficiency, cost effectiveness, key to innovation, and quality innovation. Despite the advantages offered, there are some risks associated with outsourcing research activities to CROs such as loss of confidentiality issues, compromised quality, de-prioritization, delayed timelines, risks associated with subcontracts. The process of selecting a suitable CRO partner is also critical to a project’s success. The key parameters that need to be considered while selecting a CRO partner are represented in figure.
Further, biopharmaceutical contract research organizations (CROs) have also emerged and significantly impacted the overall biopharmaceutical market. As the R&D costs continued to increase, a significant growth in outsourcing activity was observed; it is worth mentioning that R&D expenditure increased from 4% in early 1900s to 50% in the mid-2000s.The CROs market started to expand gradually to fulfil the growing R&D demands of biopharmaceutical sponsors and is poised to grow at ample growth rate in the coming decade.
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