Outsourced drug discovery has become quite common over the years owing to the increase in medical research and development worldwide. Outsourcing has proven to be an effective way of cutting costs and increasing productivity for many pharma and biotechnology companies. Outsourcing is a strategy, by which pharmaceutical and biotechnology companies hire another company for planned or existing activities including clinical research, preclinical development, and drug discovery. Outsourced drug discovery is a contract-based procedure conducted by the contract research organizations (CROs), an organization that provides support to pharma and biotechnology industries in the form of outsourced pharmaceutical research services.
The Global Outsourced Drug Discovery Market was valued at US$ 20.7 billion in 2017, and is expected to witness a CAGR of 12.1% during the forecast period (2019 – 2026). Outsourcing is an agreement between CRO and chemical, biotechnological, & pharmaceutical industries. Contract research organizations manage almost all aspects of drug discovery, such as data entry and validation, clinical data management, medicine and disease coding, validation programming, quality and metric reporting, statistical analysis plans and reports, safety and efficacy summaries, and final report. CROs provide support to medical device, biotechnology, and pharmaceutical industries for drug discovery and development. Outsourced drug discovery allows both biotechnological and pharmaceutical companies to conduct their drug research and manufacturing processes more efficiently. Pharma companies rely on contract research organizations to find the best drugs. In addition to speeding up drug development, CROs also provide wide range of services. The pharmaceutical industry has long outsourced non-core functions, but only in the last two decades outsourcing has become a routine part of their business. While manufacturing and clinical trial management were the first to be routinely outsourced, drug discovery is the most recent core function to be outsourced. Outsourcing the process of drug discovery allows pharma companies to focus on converting fixed costs into variable costs. For this reason, a growing number of pharmaceutical companies are outsourcing their drug discovery processes to CROs. Outsourced drug discovery services has enabled established pharmaceutical and biotechnology companies to focus on the development of products that can bring about significant therapeutic change and provide tangible advantages to the company's shareholders. CROs manage almost all aspects of drug discovery. With billions of dollars in research and development, pharma companies are always looking for new ways to address their production processes in a cost-effective manner. One way to achieve this is through outsourced drug discovery; collaboration between pharma and biotech companies to conduct research and development activities aimed at finding better solutions to the company's core chemical concerns. Over the years, outsourced drug discovery has become quite common due to increased demand for medical research and development around the world. Outsourcing is a strategy, by which pharmaceutical or biotechnology companies hire another company for planned and/or existing activities including clinical research, preclinical development, and drug discovery. Outsourced drug discovery is a contract-based procedure, which is conducted by the contract research organizations (CROs). Drug discovery outsourcing has enabled established pharmaceutical and biotechnology companies to focus on the development of new products that can bring about significant therapeutic change and provide tangible advantages to the company's shareholders. Pharmaceutical and biotechnology companies are increasingly outsourcing research activities to CROs as a strategy to stay competitive and flexible in the world of exponentially growing knowledge, increasingly sophisticated technologies, and an unstable economic environment.
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