Parexel International ($PRXL) is reaching out to small and mid-sized biopharma companies, launching a wing of its business that specializes in suiting the needs of companies outside the big time.
The Parexel BioPharm unit provides a senior manager and a support team, offering patient recruitment, study startup assistance and general consulting, the company said. The needs of small and mid-size companies are often far different from those of large biopharmas, and Parexel says its new business is catered to meet them.
And the target market is a sizable one, according to Parexel. About 81% of ongoing biopharma development programs are sponsored by companies outside the industry's 25 biggest companies, Parexel says. The company figures that, by aligning its expertise with these up-and-comers, it can cut down on development times, reduce costs and help produce high-quality products, said Ubavka DeNoble, the unit's vice president, in a statement.
"Small and mid-sized biopharmaceutical companies are truly the genesis of innovation and have been an important part of Parexel's client base for more than 30 years," DeNoble said. "The breadth and depth of our expertise gives us the ability to create customized solutions that are designed to meet the particular needs of each client--whether the company is a small research venture, a growing mid-sized business or a global enterprise."
- read Parexel's release