CHAPEL HILL, N.C., Aug. 7, 2015 /PRNewswire/ -- Pharmaceutical companies in North America and Europe have recently been faced with two major concerns: clinical costs are continuing to rise and sales are either rising a little or not at all. Although mature markets still represent a majority of sales, emerging markets organizations are experiencing lower clinical costs and rapidly rising sales.
While there are many advantages that come along with expanding into these emerging markets, large countries like China and India are now requiring local clinical trials to win regulatory approvals to market products in those countries. According to a research study conducted by benchmarking firm, Best Practices, LLC, 83% of pharmaceutical participants believe the number of trials in emerging areas will increase in the next two to three years.
The related report, "Clinical Affairs Excellence: Benchmarking Clinical Trial Strategies for Pharmaceutical Success in a Global Marketplace," analyzes the factors associated with outsourcing clinical trial activities – including cost, staffing, and quality – to help leadership evaluate the organization's approach to outsourcing relative to other market leaders.
Specifically the study encompasses the following key topic areas:
- Vendor Selection and Outsourcing Attributes –-Presents benchmarks around selecting a vendor and the attributes of outsourcing.
- CRA, CRM, and CRD Competencies & Outsourcing Levels– Presents benchmarks on desired competencies for CRAs, CRMs and CRDs and participants' outsourcing levels for these functions.
- Clinical Affairs Organizational Fit –Highlights benchmarks around participants' organizational structure for Clinical Affairs.
- Outsourcing Success Factors and Pitfalls – Provides participants' qualitative insights around outsourcing success factors and pitfalls.
- Outsourcing Trends and Directions– Presents benchmarks on emerging trends for clinical activities in emerging areas of the world.
This benchmarking research drew participation from seven clinical leaders at six pharmaceutical companies. In addition, deep-dive interviews were conducted with four executives to gather qualitative insights.
To access the full report, or to download a complimentary summary containing insights found in this report, click on the following link: http://www.best-in-class.com/rr1371.htm
For more information on other recent primary research studies, contact us at 919.403.0251. For related research, visit our Best Practices, LLC website at http://www.best-in-class.com/
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations. Best Practices, LLC believes in the profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.
SOURCE Best Practices, LLC