OLATHE, Kan., June 4, 2012 /PRNewswire/ -- A new study commissioned by the Kansas Bioscience Authority finds that the global market for contract R&D services is substantially larger than previously estimated, as the pharmaceutical industry increases its reliance on outside experts to accelerate the development of new medicines.
The study, conducted by Tufts Center for the Study of Drug Development and published online in the journal Contract Pharma, estimates the total global market for contract services supporting prescription drug R&D is $90 billion to $105 billion – more than five times more than commonly cited figures.
The Tufts center collected data on contract research organizations, or CROs, in the 15 Metropolitan Statistical Areas with the highest geographic concentration of CROs, including the Kansas City area.
"The greater Kansas City region is home to a significant concentration of CROs and related service providers," said Tom Krol, director of commercialization or the Kansas Bioscience Authority. "We are increasingly aware of the economic impact of these companies in our region, and this study helps validate previous data. Thanks to this analysis by Tufts CSDD, who are well respected in the industry, we have a better understanding of the universe of CROs and we will be able to better understand Kansas City's role in that universe."
"We have such a great deal of talent and expertise in this region," said Terry Osborn, CEO of the research firm KCAS Bioanalytical Services in Shawnee, Kan. "The study's results will bolster work by the KBA, the Kansas City Area Life Sciences Institute, Kansas City Area Development Council, Kansas Bio, Mo Bio, Missouri Tech and others to grow the life sciences sector."
Find out more about the study at Contract Pharma (www.contractpharma.com/issues/2012-06/view_features/resizing-the-global-contract-rd-services-market/).
About the KBA
The Kansas Bioscience Authority was created by the Kansas Economic Growth Act of 2004 to expand the state's research capacity and bioscience clusters; support the growth of bioscience startups; and stimulate bioscience business expansion and attraction. To learn more, visit www.kansasbioauthority.org.
Media contact: Brad Kemp
SOURCE Kansas Bioscience Authority