Despite shrinking growth in the pharmaceutical market, from double to single digit growth rates, demand for contract research organization (CRO) services is growing rapidly, according to the Business Research Company’s (BRC’s) 2018 CRO Global Market Report.
Affirming CROs are on the rise, LabCorp, the world’s leading healthcare diagnostics company, has invested heavily in Covance – its CRO line – signing several partnership deals to enhance its drug development process.
To date, Covance has recorded $1.1bn revenue for the quarter, an impressive 31% growth compared to last year.
The success of the drug development process relies heavily on diligent recordkeeping, therefore improving efficiencies while preserving accuracy is key. Outsourcing, when done right, will provide researchers with a controlled, compliant environment and advanced data management system.
CROs and R&D organizations both require solutions that can manage existing infrastructures, seamlessly integrating outdated lab informatics. A prime system will also provide an inceptive layer of quality control (QC) checks, and doesn’t just simply flag deviations.
R&D organizations that want to future proof their business need to ask themselves: is my software ready for outsourcing?