Owing to the constantly changing pharmaceutical landscape that is increasingly adopting eClinical systems and innovative trial designs, the CRO space is going through a massive transformation. Pharma and biotech organizations are on the lookout for cost-effective and time-efficient drug development services and as a result, there is a high reliance on CROs. Moreover, with APAC providing cheaper but effective alternatives, several pharmaceutical companies are now collaborating with CROs in the region, making it one of the fastest-growing areas across the drug development arena.
The global CRO market is also witnessing an increased adoption of digitization in the form of eClinical tools that use artificial intelligence and machine learning-based platforms, providing CROs an opportunity to stay ahead of their competitors. Top CROs are embracing artificial intelligence-based technologies as an additional value-add component of their research and development services that are offered to pharmaceutical companies.
Many technology-focused CROs are also working toward developing in-house expert teams, which is changing the face of the clinical trial space with the implementation of adaptive, virtual, and remote clinical trials. In order to provide support as an end-to-end solution provider, CROs are leveraging an embedded business model that integrates their services with the collaborating organization’s business strategy.
On the other hand, the growth of biosimilars and biologics markets, the requirement for specialized testing services, and the utilization of advanced technologies in the drug development sector is also spearheading the demand for CROs. By aligning the different technologies with big data, CROs are bringing in innovative offerings that can help organizations make data-driven decisions, elevate the quality of clinical trials, thereby, making their mark on the drug development space. The need for experts in therapeutic areas, regulatory requirements, and pharmacovigilance will steer pharmaceutical and biotech companies to seek specialists in CRO.
Through mergers and acquisitions with data companies, the future of the CRO industry is only going to become stronger. With the drug development facing complexities in the form of rising costs, shorter timelines, and regulatory challenges, CROs will play an important role through their offerings to pharmaceutical companies. To help companies navigate through leading-edge CROs, Pharma Tech Outlook has compiled a list of the “Top 10 CROs in APAC – 2020.” These enterprises are transforming the biotech and pharma industry with their revolutionary technologies and services. This edition also covers insights from industry thought leaders on the latest trends in the APAC region, recent innovations, and their guidance for upcoming leaders in the industry.
We present to you Pharma Tech Outlook’s, “Top 10 CROs in APAC – 2020.”
