North America accounts for 43% of the global clinical research organization (CRO) market size, valued at US$56.5 billion in 2022 and estimated to grow at a compound annual growth rate (CAGR) of 6.9% from 2023 to 2032. In today’s competitive business landscape of clinical trial development, biopharma and biotech companies are always looking for ways to optimize their operations and improve their efficiency for a better value. One way to achieve this is through the use of a clinical research organization (CRO), but many sponsors may be unsure of when to start the CRO evaluation and selection process. Read on as we discuss the best time to start this process for your next clinical trial, the benefits of doing so, and key considerations for sponsors to account for.
Benefits of a Clinical Research Organization (CRO) Partnership
Before discussing the best time to start the CRO evaluation and selection process, it is important to understand the benefits sponsors gain when collaborating with a CRO. CROs like IQVIA, Vial, and PPD provide a range of services. One of the main advantages of using a CRO is that it allows companies to focus on their core competencies, such as research and development, while leaving the non-core activities to the CRO. This not only allows the sponsor company to save time and money but also ensures they are able to devote its resources to activities that are critical to its success. Additionally, a CRO’s past experience with the drug development process can also help sponsors to mitigate risk. These organizations are typically held to a high standard of quality and can ensure that they provide services compliant with all relevant regulations.
When to Start the CRO Evaluation and Selection Process
As the process can take several months, the best time to start the CRO evaluation and selection process is early in the drug development process. This approach allows sponsors to identify a suitable partner and establish a relationship with them before the clinical trial begins. By doing so, pharma companies can devote enough time to align on their specific project needs early on, well ahead of when you expect to require the CRO’s guidance. Although these apply to studies of all phases, sponsors also have the option of considering bringing in the expertise of a CRO for pre-clinical or drug discovery projects as well, such as Vial CRO’s newest drug discovery arm, Battery Bio.
Starting this evaluation and selection process prior to the start of a new clinical trial also allows companies to take advantage of any cost savings that may be available, as many CROs often offer discounts for long-term contracts or for early engagement. By starting the process early, companies can negotiate favorable terms that can result in significant cost savings over the course of the project.
Five Key Factors to Consider When Selecting a CRO
When selecting the most suitable CRO for your next clinical trial, sponsor companies should consider the five following factors, including the CRO’s experience, expertise, reputation, location, and pricing. Visit our complete guide to finding the right CRO for your next clinical trial and learn more here about how to make the most out of your partnership.
1. Many CROs offer specialized experience in particular therapeutic fields, whereas others like ICON and Vial provide a full-service trial portfolio across a wide variety of indications.
2. Regardless of the CRO size, sponsors must consider that each one is made up of a unique combination of staff expertise and access to quality site networks to overcome common causes of clinical trial delays.
3. Companies should look for CROs that have a strong record of delivering high-quality services on time and within budget, as well as a reputation for their expertise and professionalism.
4. Location is also a crucial consideration as it may be more convenient for sponsors to partner with a CRO located in a region that allows for easy communication and efficient project management.
5. Sponsor companies should look for CROs that offer competitive, fair pricing to stay within their clinical trial budget. Experienced organizations like Vial CRO especially understand the importance of delivering pricing transparency over the course of the project.
Vial CRO: Leveraging Technology to Drive Industry Excellence
The steady increase in clinical trial complexity, as well as advancements in medical and digital technology, have been driving greater competition in the CRO evaluation and selection process for sponsored clinical trials. As a result, biopharma and biotech companies have more options than ever, but these trends particularly highlight the valuable expertise of modern, global tech-first CROs like Vial.
With our affordable fixed pricing structure, intuitive end-to-end clinical trial technologies, and a diverse team of innovators and ClinOps leaders, Vial CRO is delivering faster, more efficient trials at dramatically lower costs for sponsors at each phase. To learn more about how we can pave the way to success with your next clinical trial, visit Vial CRO’s website or connect with a team member today!
