The profitability levels in the Contract Research Organisation (CRO) market are tied to a collection of factors – mainly the R&D pots of bio and pharma firms and the amount of trials being outsourced. [1]
The global healthcare CRO market has been forecasted to reach US$45 billion by 2022, according to new research. (2) In terms of market shares, the geos rank as follows: North America, Europe, Asia Pacific, with China and India expected to see dramatic growth within this period.
In light of this growing market, the Pharma IQ community was invited to rate which firms would appear in their top 10 CROs.
Our research base, made up of participants from mainly big pharma, SME pharma and solution providers, noted that the functions they are most likely to outsource to CROs was clinical monitoring followed by pharmacovigilance.
When choosing a CRO, quality of services was seen as the most important factor, closely followed by reputation and level of experience.
In regards to what it would take to end a relationship with their CRO, 88% of our participants stated that lack of quality would be the deal breaker, also level of mistakes would go a large way to apply tension on CRO relations.
Despite this, all of our participants rated their current relationships with their CRO as satisfactory and above.
In terms of which firms our participants rated as their Top CROs, the following firms were voted to appear in the Top 10 of the chart.
Pharma IQ’s Top 10 Ranking of CROs
1. PPD - Pharmaceutical Product Development, LLC
2. Covance
3. Quintiles
4. ICON plc
5. PRA
6. INC Research
7. Parexel
8. SGS, PharSafer, Integrium, LLC, 4c Pharma solutions (Joint 8th)
9. Vigilex, Argint International (Joint 9th)
10. Accenture
Those nominated included:
Inventiv
InClin, Inc.
BioClinical
Congratulations to all those who received votes to appear in this line up. To keep reading on the subject of CROs find our most popular relevant content below:
Top 10 Clinical Research Organisations in the Pharma and Biotech Industry for 2013
Effectively Choosing a CRO that Best Suits Your Needs
The Global Clinical Trial Heat Map: The Top 20 Countries for Clinical Trial Activity
Innovation in Clinical Trial Supply
Resources
1. http://marketrealist.com/2014/04/market-overview-cros-suggest-healthy-growth-icon/