Asia Pacific Markets Poised to Witness Rapid Growth and Activity in Clinical Trials in the near Future
SINGAPORE -- Asia Pacific countries are steadily becoming the locations of choice for pharmaceutical and biotechnology companies wanting to conduct clinical trials. Lower costs, fresh and large patient pools, and services that meet global standards are some of the key factors that make countries such as India, China, Australia, Hong Kong, and Taiwan viable options to western nations for conducting clinical trials.
New analysis from Frost & Sullivan (http://www.pharma&biotech.frost.com), Competing in the APAC CRO: What Pharma and Biotech Companies want and how to compete for their Business, finds that the Asian CRO markets (Phase Iâ€“IV) earned revenues of $1.2 billion in 2006 and estimates this to reach $2 billion in 2010.
â€œIn the very near future, countries in Asia will see a growing number of clinical trials conducted and a substantial growth in the contract research outsourcing (CRO) Markets,â€ notes Frost & Sullivan Research Analyst Sushma Rajan. â€œWhile India and China are already much talked about as hotspots for clinical trials, the other countries that will see increased activity are Taiwan, Hong Kong, and to an extent, South Korea."
The high cost of conducting clinical trials and depletion in fresh clinical trial participants are increasingly challenging countries in the west. These two factors are driving the re-location of clinical trials toward Asia, wherein costs of conducting trials are lower, a relatively untouched patient pool is more easily accessible, and CRO services meet global standards.
However, with a growing number of CROs in Asia and increased competition, one of the challenges CROs face is to know the exact client requirements and the criteria used in selecting CRO partners. Other challenges confronting the CRO industry include the recruitment and retention of qualified clinical research associates and regulatory hurdles and bureaucracies.
â€œIn an increasingly competitive market, it becomes imperative for CROs to build enduring customer relationships, based on a sound understanding of customer needs, priorities, and goals,â€ says Rajan. â€œCustomer satisfaction, thus takes on increased importance, tailored to meet the requirements of dynamic pharmaceutical and biotechnology companies.â€
While understanding what pharmaceutical and biotechnology companies want and their CRO selection criteria is critical, delivering value to customer businesses is equally important. This requires CROs to enhance requisite capabilities in terms of a strong base of qualified personnel and services that meet global standards and support trials across all phases of clinical research.
Competing in the APAC CRO: What Pharma and Biotech Companies want and how to compete for their Business is part of the Pharmaceutical & Biotechnology Growth Partnership Service. It provides an understanding of the key motivations for companies to outsource drug development and the benefits that they seek and experience from outsourcing. Also highlighted are the criteria that pharmaceutical and biotechnology companies use to select their CRO partners. Interviews with the press are available.
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