Global CRO Parexel International has released Strategic Partnerships 2014: Driving Biopharmaceutical Outsourcing Effectiveness at the 23rd Annual Partnerships in Clinical Trials Conference in Las Vegas. It provides insights that highlight the value of these multi-year, highly integrated engagements between sponsors and CROs.
In particular, the report reveals that:
"As biopharmaceutical companies strive to increase efficiencies, drive greater flexibility, extend expertise, reduce costs and leverage limited resources, our research confirms they are turning to outsourcing services, particularly strategic partnerships, in greater numbers," said Mark A. Goldberg, M.D., president and chief operating officer, Parexel. "As a pioneer of this model, Parexel continues to invest in its development. In our experience, the value of this model can include accelerated cycle times and the creation of cost efficiencies."
The report marks Parexel's second annual analysis of the biopharmaceutical industry outsourcing environment. A 2013 study from the company revealed 85% of biopharmaceutical executives surveyed believe strategic partnerships have positively impacted CRO-sponsorship relationships.
"In recent years, strategic partnerships have helped increase collaboration levels and enhance alignment between Sponsors and CROs," said Carol Collins, corporate vice president and head of strategic partnerships at Parexel. "Our report identifies ways to extend this collaboration through continuous study optimization, shared knowledge and greater integration."
For this report, independent research firm Blue Pyramid Consulting, a subsidiary of the Avoca Group, conducted an online survey of 148 senior-level executives representing a diverse range of large, mid-sized and small biopharmaceutical companies. It included both quantitative and qualitative questions to better understand the current state of clinical development outsourcing and Strategic Partnerships. The survey also included single- and multiple-response questions.