The COVID-19 pandemic has increased the adoption of decentralized clinical trials due to its critical benefits of contactless virtual trials and improving the patient and physician experience. Clinical trial sponsors are continuously trying to make clinical trials faster and improve the experience for patients and physicians. A decentralized trial has emerged as a critical solution. It involves bringing an increasing proportion of a trial’s activities to the patients instead of using the traditional method of bringing patients to a trial site. As health-system resources became consumed by COVID-19-related care and travel became limited by physical distancing, patients’ access to trial sites was reduced by 80%. The number of monthly trials declined by 50% from January 2020 to April 2020, and 60% of CROs reported a significant reduction in trial activities in May 2020. In the face of such disruption, sponsors mobilized rapidly to preserve the continuity of care and data integrity, by adopting remote consent and patient monitoring, videoconference assessments, and at-home phlebotomy.
Many big CROs have already started adopting decentralized clinical trials. Parexel is leading the trend with more than 160 decentralized clinical trials and implemented around 200 remote patient engagement strategies (patient recruitment and retention platforms, e-visits/video dosing regimens, and patient insight projects) incorporated into trials.
Contract Research Organization Category Intelligence Highlights:
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Large CROs are collaborating with smaller regional CROs to benefit from their knowledge of the local market, and maintain high profit margins, low overhead costs, and their overall competitiveness in the market
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The CRO market is moving toward consolidation due to increasing numbers of mergers and acquisition
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Suppliers widely prefer approved provider operating models to reduce risks and improve the potential for value creation
CRO Cost Intelligence Highlights:
Grand View Research has identified the following key cost components for availing CRO services:
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Clinical procedure
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Regulatory affairs
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Drug safety management
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Drug logistics
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Biological sample logistics
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Clinical supplies logistics
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Medical writing
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Project management
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Quality control
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Pass-through costs
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Site identification and selection
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Site contracting and payments
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Site initiation and activation
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Site management
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Onsite monitoring
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Site close-out
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Patient recruitment
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Patient management
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Study files/document management
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Data management
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Statistics
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Communication with central CRO/sponsor
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O&M insurance
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Other costs
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Taxes
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Profit
Clinical procedure is the major cost component of a CRO, accounts for more than 45% of the total cost of service.
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List of Key Suppliers in the CRO Category
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Covance (Lab. Corp.)
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IQVIA
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Syneos Health
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Parexel
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PRA Health Sciences
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PPD
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Charles River
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ICON
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Wuxi AppTec
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MedPace
Add-on Services
Should Cost Analysis
Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process
Rate Benchmarking
Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier
Salary Benchmarking
Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.
Supplier Newsletter
A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc.
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About us:
A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of the supply chain which helps in efficient procurement decisions.
Our services include (not limited to):
- Market Intelligence involving - market size and forecast, growth factors, and driving trends
- Price and Cost Intelligence - pricing models adopted for the category, the total cost of ownership
- Supplier Intelligence - rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
- Sourcing / Procurement Intelligence - best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best-suited countries for sourcing to minimize supply chain disruption
Our market/procurement Intelligence reports include in-depth and actionable insights that help clients in understanding the different aspects of the supply chain and take more effective decisions.
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