What is a Contract Research Organization?
A contract research organization (CRO) is a company that provides support to pharmaceutical and biotechnology companies in the form of research services outsourced on a contract basis. CROs help drug companies outsource clinical trials and other research to save time and money.
CROs offer a variety of services, from preclinical research to clinical trials management. Services can be provided on a project basis or as an ongoing partnership. The type of services offered by a CRO will vary depending on the size and focus of the organization.
Smaller CROs may specialize in a particular service or therapeutic area, while larger CROs may offer a full suite of services. Some CROs also offer ancillary services such as regulatory affairs support, data management, and biostatistics.
The global CRO market is expected to grow from $32.9 billion in 2016 to $49.2 billion by 2021, at a compound annual growth rate (CAGR) of 8.4%. The growth of the CRO market is being driven by the increasing outsourcing of clinical trials by pharmaceutical and biotechnology companies, the growing demand for specialized services, and the need for cost-effective drug development.
The top five CROs in the world are Covance, Parexel, Quintiles, ICON, andCharles River Laboratories. These companies collectively account for about 40% of the global CRO market.
2. What are the 9 Mistakes That Will Destroy Your CRO?
If you're like most people, you probably think that a contract research organization (CRO) is a company that provides services to support clinical research. And while that's true, there's a lot more to it than that.
CROs are an essential part of the clinical research process, and they can make or break a study. That's why it's so important to choose a CRO that is right for you and your project.
Unfortunately, there are a lot of things that can go wrong when working with a CRO. Here are 9 of the most common mistakes that will destroy your CRO relationship:
1. Not Defining the Scope of the Project
One of the most common mistakes is not defining the scope of the project from the outset. This can lead to scope creep, which is when the CRO starts to take on more work than originally agreed to.
Scope creep can be very costly and time-consuming, and it can jeopardize the success of the project. Make sure you are clear about what you want from the CRO from the beginning, and make sure the scope of the project is clearly defined in the contract.
2. Not Checking References
Before you sign a contract with a CRO, you should always check references. Talk to other companies that have used the CRO's services, and ask about their experience.
You should also check the CRO's online presence. Look for reviews and testimonials from past clients. The more you know about the CRO, the better prepared you'll be to work with them.
3. Not Having a Backup Plan
You should always have a backup plan in place in case something goes wrong with the CRO. What will you do if they can't deliver on their promises? What if they go out of business?
It's important to have a contingency plan so that you can keep your project on track. Make sure you have a backup CRO lined up, and that you know how to contact them if you need to.
4. Not Managing the Project
Another common mistake is not managing the project properly. It's important to set milestones and What is a contract research organization
3. How to Avoid These 9 Mistakes?
When it comes to working with a contract research organization (CRO), there are a few things you need to keep in mind to ensure a successful partnership. Here are 9 mistakes to avoid when working with a CRO:
1. Not Defining Your Objectives Upfront
Before you start working with a CRO, it’s important that you have a clear understanding of your objectives and what you hope to achieve from the partnership. Without this level of clarity, it will be difficult to measure the success of the project and determine whether or not the CRO is the right fit for your needs.
2. Not Doing Your Homework
It’s also important that you do your homework when it comes to choosing a CRO. Not all CROs are created equal and it’s important to find one that has experience in your specific industry and with the type of project you’re undertaking.
3. Not Communicating Effectively
Once you’ve chosen a CRO, it’s important to establish effective communication channels from the outset. This will ensure that both parties are on the same page and that there is a clear understanding of objectives, expectations, and deliverables.
4. Not Being Involved in the Project
While you may be delegating the project to the CRO, it’s important that you remain involved and updated throughout the process. This will help to ensure that the project is on track and that you’re happy with the results.
5. Not Managing Your Expectations
It’s also important to manage your expectations when working with a CRO. Remember that they are not miracle workers and that there may be some bumps along the way. If you go into the project with realistic expectations, you’ll be more likely to be satisfied with the end result.
6. Not Giving Feedback
If you’re not happy with the progress of the project or the results that are being achieved, it’s important to give feedback to the CRO. This will help them to understand where they need to make improvements and how they can better meet your needs