As the biopharmaceutical industry continues to surge forward with remarkable advancements, the role of clinical research has never been more pivotal. We at Industry Standard Research have been conducting market research on the clinical services space for the last fifteen years, and although the goals of our research remain the same, the clinical services ecosystem evolves with each passing year. It can be daunting to evaluate service providers and build relationships when you find that old partners have merged with new ones, traditional processes are changing, or your favorite project team has dissolved. Industry Standard Research provides a reliable resource to turn down the noise of the industry news and tune in to the steady beat of the outsourcing community.
One of the main goals of our research in the clinical space is to help biopharmaceutical sponsor organizations make more informed CRO selection decisions. At a high level, we look at the steps to CRO selection, which starts with the process of assessing trial objectives and establishing a group of decision makers. We take a deep dive into the nuances of choosing the right outsourcing strategy to help sponsors balance the benefits of access to industry expertise and more resources with the drawbacks of higher costs and more complex processes. We look closely at trends in spending in the clinical outsourcing community, identifying the motivations of sponsors and CROs of different sizes.
We also review the role of market research in helping to identify critical CRO selection metrics. With so many service providers vying for clinical work, it can be challenging to find the right fit for a specific trial. And without prior experience with a CRO, it is difficult to judge how the CRO will perform. Market research can fill the role of a trusted peer recommendation, as industry outsourcers share the criteria that are most important to them when selecting service providers and make predictions on new trends.
Our other primary goal is to help CROs optimize operational and marketing strategies. For CROs, understanding the decision-making process within sponsor organizations is indispensable. Our research is positioned to help CROs understand the drivers behind their customers’ outsourcing decisions so that they may align their services accordingly. In learning more about the selection metrics that are critical to sponsors, CROs can focus on improving their performance in those key areas. CROs will also get a pulse on trends that are at the forefront of sponsors’ minds, including remote monitoring, patient diversity, decentralized trials, use of sensors/wearables and more.
For sponsors and CROs alike, the path to success is illuminated by the beacon of market research. Welcome to Navigating the Complexities of CRO Selection, your guide into the dynamic landscape of outsourced clinical development.
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