CRO Partnerships-Clinical Research-CRO | PAREXEL
Majority of biopharma executives believe Strategic Partnerships positively impact their engagement with CROs
BOSTON, April 22, 2013 /PRNewswire/ -- PAREXEL International (NASDAQ: PRXL), a leading global biopharmaceutical services organization, today released a new research report called Strategic Partnerships 2013 at the 22nd Annual Partnerships in Clinical Trials Conference in Orlando, FL. The report is the first to explore the current outsourcing landscape and the value Strategic Partnerships provide to biopharmaceutical companies of all sizes. Strategic Partnerships are multi-year, highly-integrated engagements between biopharmaceutical companies and clinical research organizations (CROs).
The report found that 85% of biopharmaceutical industry executives interviewed and who were engaged in Strategic Partnerships, believe that the relationship between their companies and CROs were positively impacted. Executives believe this more integrated approach to clinical development reduces their level of oversight, decreases fixed costs and provides them with access to capabilities not found internally.
"Strategic Partnerships 2013 highlights the growing importance to biopharmaceutical companies of engaging in Strategic Partnerships to drive greater value through seamless integration, aligned goals and mutual investment," said Josef von Rickenbach, Chairman of the Board and Chief Executive Officer of PAREXEL International. "The report also illustrates that there are further benefits of Strategic Partnerships that can be generated through additional joint focus on cycle times, shared expertise and efficient oversight models."
The industry executives interviewed for this report believe Strategic Partnerships are transforming the way new therapies are developed and commercialized. However, they also noted that the model must evolve to adequately and effectively meet the challenges of a constantly changing regulatory environment. When asked about the vision for the next-generation of Strategic Partnerships, the respondents identified increased alignment in commercial incentives, deeper team collaboration (strategic and targeted expertise) and faster time-to-market through improved cycle times as the top three areas.
Later this week at the Annual Partnerships conference (Wednesday, April 24), Mr. von Rickenbach will serve as a panelist at a session/roundtable titled, "Wall Street Leadership Panel on the Economic Outlook for Pharma in 2013 - Opportunities, Investment Areas and Effects on the Outsourcing Industry." As part of his presentation, he will discuss the benefits and implications of Strategic Partnerships based on PAREXEL's experience, and the CRO industry's future outlook.
About Strategic Partnerships 2013
For the report, Booms Research & Consulting, Inc. - an independent research firm conducted in-depth interviews among senior-level executives such as C-suite leaders as well as heads of clinical operations, R&D, and strategic outsourcing, representing global biopharmaceutical companies (n=26). The sample size included: 71% large pharmaceutical companies, 12% mid-sized pharmaceutical companies, and 17% small biopharmaceutical companies. The interviews were conducted in English in the fall 2012. Participants represent companies with 39% of industry R&D spend. The report included both quantitative and qualitative questions to better understand the current state of clinical development outsourcing and strategic partnerships. The survey includes both single and multiple response questions. As such, some percentages will exceed 100%.
For a full copy of the report, please visit www.PAREXEL.com
About PAREXEL International
PAREXEL International Corporation is a leading global biopharmaceutical services organization, providing a broad range of knowledge-based contract research, consulting, and medical communications services to the worldwide pharmaceutical, biotechnology and medical device industries. Committed to providing solutions that expedite time-to-market and peak-market penetration, PAREXEL has developed significant expertise across the development and commercialization continuum, from drug development and regulatory consulting to clinical pharmacology, clinical trials management, medical education and reimbursement. Perceptive Informatics, Inc., a subsidiary of PAREXEL, provides advanced technology solutions, including medical imaging, to facilitate the clinical development process. Headquartered near Boston, Massachusetts, PAREXEL operates in 73 locations throughout 51 countries around the world, and has approximately 14,000 employees. For more information about PAREXEL International visit www.PAREXEL.com.
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