Introduction to Outsourcing Drug Development
Outsourcing the drug development phase to a Contract Research Organization (CRO) has now become a norm in recent years as it comes with a host of benefits.
To start with, it reduces the financial risks by decreasing the capital investments that are to be made by the pharmaceutical company, in terms of real estate and lab equipment.
Furthermore, outsourcing drug development is a lot more beneficial for biotech companies since they will no longer have to partner with a big company and hence keep a larger chunk of ownership to themselves.
While some companies try to rely on their in-house team, we would say outsourcing is the right way to go ahead to get the best possible results.
Here, we have listed a few instances when you should definitely outsource your drug development project to a CRO.
When the in-house resources are not up to the mark:
There are instances when the in-house resources you have are not up to the mark, be it in terms of the efficiency of the lab equipment or the human resources.
This directly translates to the inability of the company to host the drug development phase on their own. Since big CROs have all the resources and medicinal chemistry experts that go into making a drug development campaign successful, they are the best bet for you.
When you need faster results:
One of the biggest obstacles a company faces during a drug development phase is the delay in getting results. Since there are a hundred different things that need to be managed to successfully launch a drug in the market, outsourcing drug development will help the process get maximum attention and ensure that it is completed on time.
It frees up your time as well, and you can utilize the same for other things, such as marketing and brand management.
When you do not have enough study participants:
Finding an adequate amount of study participants for the drug development phase and clinical research is not an easy task for a small biotech or pharmaceutical company.
However, a CRO has enough tie-ups with dozens of healthcare firms and hospitals and they can provide the required pool of study participants necessary to make your project a success.
Things to consider while choosing a CRO:
- You should have a clear picture of the expenses that can crop up while hiring a CRO. You should know if they will stick around for long enough periods of time (5-6 years) or not until the regulatory body makes the official visit to test the drugs.
- You need to make sure that the CRO you choose complies with all the rules and regulations laid down by the FDA. Furthermore, all the research centers of the CRO should follow proper quality assurance and should have an efficient archival system in place.
- You need to identify whether the CRO has the bandwidth and capability to handle your project. You also need to check for the capacity of the personnel they have, as this will help you in emergency situations when you need a quick response team.
- Experience matters a lot when it comes to drug development and therefore should be a prime point for you to consider. You should look for a company that has had experience in the area of your needs.
- Lastly, the CRO should be able to provide quality in their services. It should be quick to identify their flaws and make the necessary changes without hampering the quality of the project.
Outsourcing drug development projects to the top Contract Research Organization is certainly one of the best ways for the biotech and pharmaceutical companies to move forward!