It’s quite common for pharmaceutical and biotechnology companies introducing new drugs and treatment to outsource trials of new medication or procedures to CRO Companies.
What Is a Clinical Research Organization?
A Clinical Research Organization (CRO) is contracted by a pharma, biotech or related entity to manage and lead their clinical trials.
Organizations contract with CRO Companies so they can acquire specific expertise without having to invest in their own staff. Reducing the time it takes to conduct a trial compared to conducting the trial in-house results in substantial cost savings. It also eliminates the need for infrastructure and office space to run the trials themselves.
Some CRO Companies manage most aspects of a clinical trial, right from the site selection and patient enrolment to the final regulatory approval.
Although the sponsoring company transfers the trial functions to a CRO Clinical Research Company, the sponsor is responsible for the trial’s integrity and needs to ensure results are factual and scientifically backed.
Services Provided by Clinical Research Organization Companies
Clinical Research Organizations can be involved in a range of services from project management, database design, data entry and validation, data management, disease coding, reporting, statistical analysis, validation programming, safety & efficacy summaries and the final study report.
The main areas which CRO Companies are involved in include infectious disease, oncology, infectious disease, the central nervous system, cardiovascular disease and metabolic disorders.
Helping to Drive Down Treatment Costs
Pharmaceutical and medical devices companies are facing an increasing pressure to make drugs and treatments more affordable.
They are constantly looking for ways to lower the costs of prescription drugs without sacrificing profits. Outsourcing clinical trials to clinical trial organization companies is a way to significantly lower costs and make up for the money they have to forego because of lower medication prices.
Utilizing the services of CRO Companies is also a cost-effective way for companies to develop medications for rare conditions or conditions which only a few people suffer from.