The drug development process is fraught with so much uncertainty that it can be extremely painstaking. Therefore, many organizations are now looking at delegating or outsourcing all or many of their tasks and obligations relating to clinical trials. Getting the help of a contract research organization (CRO) through the process of clinical trials has a number of advantages.
Here are five key benefits of opting for CRO services
Navigating Complex Regulatory Challenges
Regulatory and process-related delays are the bane of drug development. The biggest advantage of hiring a contract research organization is that they have years of experience in navigating complex regulatory hurdles. These include getting the trial approved by different regulatory bodies, getting approvals from different bodies based on the location, and getting products approved for human use.
No Need to Invest in Equipment and Human Resource
You don’t need to invest in human capital and expensive equipment to conduct the clinical trials. The CRO already has all the resources you need to get started on the trial. In fact, CRO services are likely to include expertise you simply may not possess in-house.It includes among several things cultural knowledge of the location where the trials will be conducted and knowledge of best practices.
More Clarity on the Budget
CROs conduct clinical trials on a regular basis. Therefore, they can give you a comprehensive trial plan at the very outset. This plan will include detailed costs which will give you an idea of exactly how much you need to set aside for conducting the trials. If you were to conduct the trial in-house, it’s very likely that you will end up underestimating costs as this isn’t something your team does regularly. This can have a severe impact on your budget further down the line.
Time is of the essence when it comes to the drug development process. A good CRO (contract research organization) will have the equipment, manpower, and processes in place to get a clinical trial started immediately. It would take far too much time to create or acquire everything it takes to start a clinical trial. This would help you save valuable time and accelerated your timeline drastically.
Locations Across the World
To market a drug in a different country, you need to conduct a study in that country. This can be extremely difficult in terms of time, cost, as well as effort. CROs have research facilities in several countries across the world. This gives you the ability to market your drug in several countries simultaneously. Plus, costs of trial vary widely among different countries and going with a CRO allows you to decide where you want your research to be conducted and optimize costs accordingly.
The ability to outsource clinical trials helps optimize costs and save time. In a competitive market, this can often result in market leadership and getting ahead of the curve.