Streamlining Drug Development: The Growth of Clinical Trials Outsourcing in the Pharmaceutical Industry
Posted by Pramod Arya on February 3rd, 2023
Further, pharmaceutical companies are making larger investments than before in AI, to replenish various pipelines. Hence, the industry is propelling owing to the rising number of private and public initiatives to boost the implementation of AI in advanced medication efficacy trials, to quicken drug availability.
SMEs are projected to experience faster growth in the coming years. The execution of the functions and processes of drug safety are transferred to a third party through contract sourcing, which offers the bigger company significant cost savings.
Hence, numerous pharmaceutical companies prefer to outsource clinical trials to decrease the high initial investments, fix the overhead costs, secure additional capacity, and enhance resource flexibility.
Outsourcing facilitates SMEs in conducting clinical trials in a therapeutic area where they do not have the expertise or resources to develop drugs independently.
Major Factors Boosting Clinical Trials Outsourcing Industry Growth
Phase 3 Clinical Trials Dominate Industry
Phase 3 clinical trials dominate the industry with a share of 36%. It is led by the massive number of clinical trials in the phase 3 stage and the high probability of failure in it. In addition, pharmaceutical companies are focusing on collaborating with outsourcing partners, which, in turn, leads to the proliferation of the clinical trials industry.
Moreover, the phase 3 clinical trial volume is projected to rise extensively in the near future, driven by the crucial drug information provided by them on safety and efficacy. Such research provides medical professionals and researchers with a deeper knowledge of drugs and their potential adverse effects.
North America Leads Market
North America captures the largest revenue share of the industry. This is credited to the developed healthcare infrastructure, rising healthcare expenditure, increasing number of research studies on advanced drugs, and massive investment in clinical trials, along with the presence of major industry players.
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About the AuthorPramod Arya
Joined: February 21st, 2019
Articles Posted: 92
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