Last month, the first part in our two-part series on the central laboratory market discussed its role in the global pharmaceutical outsourcing industry and reviewed the industry's current market share distribution and revenue forecasts. Estimates now show that the clinical trial central laboratory market is growing at a double digit pace; roughly 13% a year for the next four years.
Our article also explored some of the key challenges central labs face operating in a playing field constrained by tight margins, rising sponsor pricing pressures, and a logistically complicated global market. Larger labs with high volume capabilities can leverage these abilities in order to streamline their operations and reduce costs. And central laboratory players must tackle issues such global expansion in emerging regions such as Asia and Latin America can be a critical factor in choosing a central lab vendor.
In June 2006, the second part of our Central Lab series will examine how some of the key players in the industry are adapting to a fast evolving business landscape. The companies who outsource to central labs often paint the landscape for how these players differentiate themselves strategically. Challenges such as following clinical trials to emerging and exotic geographic regions are forcing central labs to expand their logistical abilities, giving rise to a variety of promising strategies. A sweeping push towards the use of eClinical and information technology in the clinical trials arena has forced central labs to follow suit. And the advances in biotechnology in drug development, as well as the rising pharmacogenomic data needs are also influencing vendor behavior.CenterWatch explores some of these strategies and takes a look at the advantages each of these business models can bring.
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