A clinical trial is a research study, comprising human volunteers, to test the effectiveness of a new drug. In other words, clinical trials are carried out to find out if proposed treatments work on human beings. A clinical trial for a specific drug takes nearly 9 to 10 years to reach the completion stage.
A clinical trial is a long-drawn out process, globally costing anywhere between USD350 and USD500 million. Not surprisingly, a significant share (30%) of clinical trials is now outsourced to Contract Research Organizatins (CROs). At a given time, over 3,500 drugs are under development and about 4,000 clinical trial projects are in progress of new drug applications.
Asia, as a whole is witnessing a rapid growth of R&D spending, driven by increasing globalization of the pharmaceuticals and biotechnology markets and strong cost advantages. This signifies the increasing penetration of CROs as well as the emergence of newer markets like China, India, and Aisa Pacific, as hotspots for clinical trials and other areas of outsourcing services.
One of the biggest reasons attracting drug manufacturers and CROs to India is that the clinical trial market in India looks very lucrative. India promises to be one of the hottest destinations for conducting global clinical trials, owing toa huge patient pool representing both chronic and infectious diseases, easy recruitment of patients, and high cost savings. Moreover, the market is getting a boost from improved IPR protection with changed rules and also from reduced taxes and duties, Clinical trials for drugs related to central nervous system and cancer have been mainly outsourced to Indian in recent years.
According to the report on new research study on the sector called “Booming Clinical Trials Market in India”, the clinical trial outsourced market in India is forecasted to grow at a CAGR of around 31% during 2010-2012. Presently, the market is characterized by the dominance of phase III and phase II trials, which currently hold more than 80% of the market. This scenario is expected to remain intact in future as well. In terms of competitive landscape, the market is characterized by many CROs like MakroCare, with certain companies like Syngene, Pfizer Quintiles, Lambda Therapeutics, Vimta labs doing better in comparison of the rest.
A clinical trial is a long-drawn out process, globally costing anywhere between USD350 and USD500 million. Not surprisingly, a significant share (30%) of clinical trials is now outsourced to Contract Research Organizatins (CROs). At a given time, over 3,500 drugs are under development and about 4,000 clinical trial projects are in progress of new drug applications.
Asia, as a whole is witnessing a rapid growth of R&D spending, driven by increasing globalization of the pharmaceuticals and biotechnology markets and strong cost advantages. This signifies the increasing penetration of CROs as well as the emergence of newer markets like China, India, and Aisa Pacific, as hotspots for clinical trials and other areas of outsourcing services.
One of the biggest reasons attracting drug manufacturers and CROs to India is that the clinical trial market in India looks very lucrative. India promises to be one of the hottest destinations for conducting global clinical trials, owing toa huge patient pool representing both chronic and infectious diseases, easy recruitment of patients, and high cost savings. Moreover, the market is getting a boost from improved IPR protection with changed rules and also from reduced taxes and duties, Clinical trials for drugs related to central nervous system and cancer have been mainly outsourced to Indian in recent years.
According to the report on new research study on the sector called “Booming Clinical Trials Market in India”, the clinical trial outsourced market in India is forecasted to grow at a CAGR of around 31% during 2010-2012. Presently, the market is characterized by the dominance of phase III and phase II trials, which currently hold more than 80% of the market. This scenario is expected to remain intact in future as well. In terms of competitive landscape, the market is characterized by many CROs like MakroCare, with certain companies like Syngene, Pfizer Quintiles, Lambda Therapeutics, Vimta labs doing better in comparison of the rest.
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