BOSTON, March 31, 2014 -- PAREXEL International (NASDAQ: PRXL), a leading global biopharmaceutical services organization, today released Strategic Partnerships 2014: Driving Biopharmaceutical Outsourcing Effectiveness, at the 23rd Annual Partnerships in Clinical Trials Conference in Las Vegas, NV. It provides compelling insights that highlight the value of these multi-year, highly integrated engagements between sponsors and clinical research organizations (CROs).
In particular, the report reveals that:
- The Strategic Partnership model is perceived as the most effective biopharmaceutical outsourcing approach in meeting key sponsor needs: The model is considered particularly effective in enabling greater cost predictability, strategic management of the R&D portfolio and management of capacity gaps.
- Among companies surveyed, more than half now use a Strategic Partnership model: 54 percent of North American biopharmaceutical companies engage in Strategic Partnerships, while 50 percent in Europe and 53 percent in Asia now use this approach.
- Positive perceptions of outsourcing effectiveness within the biopharmaceutical industry have increased significantly in the last three years: This increase has occurred across all geographies and with sponsors of all sizes.
"As biopharmaceutical companies strive to increase efficiencies, drive greater flexibility, extend expertise, reduce costs and leverage limited resources, our research confirms they are turning to outsourcing services, particularly Strategic Partnerships, in greater numbers," said Mark A. Goldberg, M.D., President and Chief Operating Officer, PAREXEL. "As a pioneer of this model, PAREXEL continues to invest in its development. In our experience, the value of this model can include accelerated cycle times and the creation of cost efficiencies."
The report marks PAREXEL's second annual analysis of the biopharmaceutical industry outsourcing environment. A 2013 study1 from the Company revealed 85 percent of biopharmaceutical executives surveyed believe Strategic Partnerships have positively impacted CRO-sponsorship relationships.
"In recent years, Strategic Partnerships have helped increase collaboration levels and enhance alignment between Sponsors and CROs," said Carol Collins, Corporate Vice President and Head of Strategic Partnerships at PAREXEL. "Our report identifies ways to extend this collaboration through continuous study optimization, shared knowledge and greater integration."
Visit www.parexel.com to download Strategic Partnerships 2014: Driving Biopharmaceutical Outsourcing Effectiveness.
1 Strategic Partnerships 2013: Transforming and Unlocking Value in Biopharmaceutical Development
About Strategic Partnerships 2014: Driving Biopharmaceutical Outsourcing Effectiveness
For this report, independent research firm Blue Pyramid Consulting, a subsidiary of The Avoca Group, conducted an online survey of 148 senior-level executives representing a diverse range of large, mid-sized and small biopharmaceutical companies. It included both quantitative and qualitative questions to better understand the current state of clinical development outsourcing and Strategic Partnerships. The survey also included single- and multiple-response questions.
About PAREXEL International
PAREXEL International Corporation is a leading global biopharmaceutical services organization, providing a broad range of knowledge-based contract research, consulting, medical communications, and technology solutions and services to the worldwide pharmaceutical, biotechnology and medical device industries. Committed to providing solutions that expedite time-to-market and peak-market penetration, PAREXEL has developed significant expertise across the development and commercialization continuum, from drug development and regulatory consulting to clinical pharmacology, clinical trials management, medical education and reimbursement. PAREXEL Informatics, Inc., a subsidiary of PAREXEL, provides advanced technology solutions, including medical imaging, to facilitate the clinical development process. Headquartered nearBoston, Massachusetts, PAREXEL operates in 76 locations in 50 countries around the world, and has 15,100 employees. For more information about PAREXEL International visit www.PAREXEL.com.
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