Healthcare Contract Research Outsourcing Market is Expanding Rampantly with Charles River Laboratories entering into a contract with Takeda Pharmaceutical Company Limited for Drug Discovery

Healthcare Contract Research Outsourcing


 Healthcare contract research (HCRO) refers to the process by which an organization or a firm that provides healthcare services, such as clinical laboratory services contracts research and provides staff and services based on agreed-upon rates with another organization that meets or exceeds those agreed-upon rates. This type of contract is usually for one or more years. This type of contract is normally used when an organization needs to hire staff members that meet specific requirements to meet their organization’s healthcare goals and missions. In addition, research facilities can also contract with healthcare professionals to provide ongoing healthcare training and education for their own staff.

Increasing investment in drug research and development activities is expected to drive growth of the global healthcare contract research outsourcing market. Many major companies in the pharmaceutical sector have started investing significantly in drug development. Some companies have partnered with research institutes and competitors to accelerate the R&D activities. For instance, in March 2020, Johnson & Johnson partnered with the Biomedical Advanced Research and Development Authority (BARDA) of the U.S. Department of Health and Human Services to fund US$ 1 billion in COVID-19 vaccine and antiviral treatment R&D. Furthermore, in May 2019, AstraZeneca inaugurated a new development operations center in Bangalore, India to support research on oncology, renal and metabolism, cardiovascular, and respiratory issues. Hence, such factors are expected to drive growth of the global healthcare contract research outpouring market. Furthermore, growing preference for outsourcing activities due to cost and time limitations is expected to propel the global healthcare contract research outsourcing market growth in the near future.

Stringent regulations on drug development enforced by governing authorities are expected to restrain growth of the global healthcare contract research outsourcing market. Among regions, Asia Pacific is expected to witness significant growth in the global healthcare contract research outsourcing market. This is owing to high prevalence of chronic conditions such as asthma and diabetes in the region. According to Diabetes.co.uk, in 2019, over 30 million people were diagnosed with diabetes in India. Furthermore, North America is expected to register a lucrative growth rate, owing to rising government support for R&D activities through grants in the region.

Major competitors operating in the global healthcare contract research outsourcing market are ICON plc, Medidata Solutions, Charles River Laboratories (CRL), Pharmaron, Syneos Health, PAREXEL International Corporation, IQVIA, Pharmaceutical Product Development, LLC (PPD), GVK Biosciences Private Limited, and Covance.

For instance, in January 2020, Charles River Laboratories entered into an agreement with Takeda Pharmaceutical Company Limited for drug discovery.  

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