Drug development is, unquestionably, one of the most rapidly growing industries in the global scene. Such exponential growth, however, comes with its generous degree of demand for conducting and implementing efficient clinical trials.
After all, proficient clinical researches and trials are the backbones of any pharmaceutical breakthroughs. Without them, there is no other mechanism to prove your newly developed drug’s legitimacy and reliability.
Luckily, thanks to the innovation of Contract Research Organization like Novotech CRO, the entire process of drug development is exceptionally simplified. The majority of top-tier modern-day pharmaceuticals are embracing the implementation of CRO to exploit its vast potential and benefits as well.
So, what are the benefits of outsourcing a Contract Research Organization?
The significance of time efficiency cannot be overstated in any industry, and Biotechnology is no exception. If anything, the importance of time management is more crucial in pharmaceuticals than in any other field. Every second saved could potentially benefit millions of people around the globe.
Luckily, with the services of CRO, biotech companies can cut massive corners and boost their overall production by a substantial degree. Contract Research Organizations provide complete assistance to your company – from the initial biologic assay to conducting final clinical trials.
So, instead of stumbling on every corner, CRO streamlines the entire process and helps you achieve the required result within a minimal time window.
Such assistance helps your company to develop and release new and tested drug to the market ahead of the competitors.
While most biotech companies have this misconception that outsourcing a CRO is an expensive venture, the reality is much contradictory. Yes, the cost of outsourcing a third party CRO agency may sound like an expensive investment. But, if you look at the long-term prospect, it is quite the opposite.
Studies suggest that clinical trials alone can cost up to an astounding $41,000/patient. The overall cost of clinical trials can vary anywhere from $2.1 million to $346 million, as per a study conducted by the JAMA Internal Medicine in 2018.
Maintaining and operating an in-house team to take care of the tasks that can otherwise be handled by a third party CRO is extremely substantial. In fact, studies show that outsourcing a CRO could potentially save your company up to as high as 40% of the total cost, as opposed to internal cost.
This massive cost-saving is largely due to the fact that CRO streamlines both the employment and overhead cost of your company.
You cannot manufacture experience, can you? Ironically, with an in-house research team, you would be trying to achieve the same. The problem with trying to build a proprietary research team from scratch is one too many to list out.
A CRO, on the other hand, comes equipped with years and years of experience dealing with every type of scenario imaginable. From project management to disease coding, and statistical analysis to the final project report, CRO executes all such tasks with ease and optimum affluence.
In addition to efficient execution, ample experience also allows CRO to handle risk management with ease. They can anticipate the possibility of future developmental setbacks, and pre-equip to mobilize such situations (if they occur) without compromising the outcome of the project.
In the cosmic expanse of the drug developmental ecosystem, global presence is crucial in determining the success of your product. After all, that is the entire point of developing a new drug in the first place. More than any other field, pharmaceuticals need global exposure to ensure sustenance. And, that is precisely what CRO allows companies to achieve.
Most top-tier CRO agencies maintain an active global presence to ensure their research services are not limited to a specific country or region. Usually, without a CRO, companies can take up to several months and even years to build a reliable presence in their own region, let alone a global reach.
CRO companies with research facilities spread across different countries can help accelerate the drug developmental, research, and trial process. This, in turn, will ensure that your drug can instantly access different markets simultaneously with minimal cost and effort.