Technology like AI/ML is spearheading big pharma companies by accelerating drug discovery. CROs are also stepping into the game by offering AI/ML solutions to help emerge and establish biopharmaceutical companies.
Another notable trend is the merging of CRO and CDMO activities to improve the inconsistencies in the early clinical phase trials. This merge is profoundly impacting pharmaceutical manufacturing, specifically vaccine manufacturing, both traditional adenoviral vectors and validating novel mRNA-based vaccines.
In the wake of these trends, the global CRO services market is projected to reach $163.48 billion by 2029, growing at a CAGR of 12.1 percent. The growth is especially driven by R&D budgets from pharmaceutical, biotechnology, medical device companies, governments, and medical research entities.
To put the spotlight on such key developments in the industry, Pharma Tech Outlook illustrates how pharma companies in the APAC region are leveraging leading-edge CROs to augment their services. This edition also features thought leadership articles from subject matter experts on ongoing trends, best practices, and recent innovations. Some of the exclusive insights are authored by Stewart Campbell and Li Chen, VPs & General Managers at West Pharmaceutical, Gil Carrasquinho, VP of Advisory Global Corporate Development Division at Santen, and Chris Dobbs, CEng MIET, Head of Technical Engineering at PCI Pharma Services. They shed light on enhancing biotech capabilities and solutions for various medical prospects in the healthcare industry.
In this edition of Pharma Tech Outlook magazine, we also bring to you the story of some of the top CROs in the APAC region that are facilitating unparalleled workflow optimizations for pharma companies and enhancing drug accessibility for patients. In the list, LinkChem particularly stands out for its broad experience and state-of-the-art infrastructure by making a difference by consolidating and combining a CRO + CDMO business model; HiRO stands out for its ability to deliver accelerated commercialization pathways to global biotech and pharma by providing innovative end to end clinical trial solutions; and WuXiAppTec, for giving a platform that transforms pharma outlook.
Through the following pages, we aim to highlight the innovative trends and latest developments in the CRO segment. We would like to know your thoughts.