Typically, the cost of developing a drug costs pharmaceutical companies millions of dollars and sometimes even touching the billion dollar market. The development process goes through multiple stages which can last about 10-12 years. In the changing economy, pharmaceutical companies have to look for ways to control such costs and ensure compliance against stringent regulations. As a result, the pharma industry is looking to outsource the drug development process to Contract Research Organization (CRO) companies. CRO companies partner with various drug companies and thereby gather vast experiences in conducting clinical trials and testing out the efficacy of the new drug. CRO service providers offer services including drug discovery assistance, clinical data management, consultation, regulatory compliance, lead identification, clinical trials, and project management. The recent procurement market intelligence report on global pharmaceutical drug development services market estimates the market to grow at a rate of 7.35% during the forecast period.
IQVIA, formerly known as Quintiles IMS Holdings, is one of the leading CRO companies involved in the field of biopharmaceutical development and outsourcing services alongside depicting expertise in healthcare database and analytical services. The company is the world’s largest contract research organization and specializes in phase II-IV trials. The company was formed as a result of the merger between Quintiles Transnational and IMS Health in 2016. It is also the world’s largest CRO company based on market revenue with the company posting revenues of US$6.87 billion in 2016.
LabCorp is an American company and one of the leading CRO companies in the world. Currently, with close to 40 clinical laboratories in the US, it has one of the largest networks of clinical labs in the world. With more than 50,000 employees serving more than 220,000 clients across 60 countries, the company generated revenues of US$9.43 billion in 2016. The company is the pioneer in the field of using polymerase chain technology for genomic technology and also exhibits expertise in oncology trials, HIV genotyping, and phenotyping.
PAREXEL is a world-renowned life sciences consulting firm that helps pharma companies develop approximately 95% of the 200 top-selling biopharmaceuticals on the market. Leading pharma companies such as Catalent Inc, Merck & Co. Inc., Pfizer Inc., ICON plc, and GlaxoSmithKline plc all depend on PARAXEL for new drug development. In June 2017, the company announced that it is set to be acquired by Pamplona Capital for US$5 billion.
ICON is a global provider of outsourced drug development services depicting expertise in the field of late phase services. In fact, it is the world’s second-largest player in the field of late phase services in terms of market share. Their services range from clinical, consulting, and commercial services, which incorporate trial design and full study execution. The company is renowned for its exceptional quality management system subjected to more than 1,700 successful audits by buyers, regulatory bodies, and ISO. They also offer knowledge, software, and systems for adaptive trials.
INC Research is one of the leading CRO companies known for ‘The Trusted Process,’ a proprietary trial management methodology developed by the company. The company recently merged its operations with inVentive Health to expand the global scale and add capabilities. Their key services include early phase trials, phase II and III trials, late phase trials, consulting, and clinical monitoring.
Read more about the top CRO companies along with CRO services, clinical trials, drug development, pricing strategy, procurement challenges, and supplier evaluation criteria in SpendEdge’s upcoming report on the global pharmaceutical drug development services market.