CROs offer promise of innovative, safe and effective drug development, says F&S

Pharmaceutical and biotechnology companies are outsourcing research in order to develop innovative products that meet the rising demand for therapeutics across a range of diseases. The willingness of contract research organizations (CROs) to invest in state-of-the-art facilities to conduct clinical trials is further advancing market prospects.

A new analysis from Frost & Sullivan, titled Analysis of the European Contract Research Outsourcing Markets, finds that the markets earned revenues of around $6.07 billion in 2011 and estimates this to reach $11.54 billion in 2018. Phase III clinical trials account for the largest share of the total CRO market in Europe.

The promise of novel therapeutic options that offer enhanced efficacy and safety is underlining the appeal of CROs for the pharma and biotech industry. CROs help support greater innovation and improvements in chemical and biological drug development. They address the urgent need for enhanced therapeutics in cardiovascular, oncology, autoimmune, central nervous system (CNS), infectious, endocrine and metabolic disease areas.