CRO Industry Update: Big Data Drives Drug Development Efforts
According to The Business Research Company the global CRO market is valued at $44.4 billion in 2017. The core services offered by CROs to biopharmaceutical companies include initial drug discovery solutions, toxicology studies, bio-analytical services, central laboratory, site monitoring, data management services, vigilance, bio-statistics, study and development program design and consulting, regulatory affairs and a variety of post-marketing surveillance services. Each year, pharmaceutical companies invest billions in research and development for new drugs, but most drugs fail during clinical trials and only about 10% compounds progress after trials. According to Tufts Center for the Study of Drug Development, the cost of bringing a new drug from its conception to shelves is about $2.7 billion in 2017.