Strategic Partnerships Perceived as Most Effective Biopharmaceutical Outsourcing Model in Meeting Key Sponsor Needs, PAREXEL Reports
More than half of biopharmaceutical companies surveyed use a Strategic Partnership model
PAREXEL International (NASDAQ: PRXL), a global biopharmaceutical services organization, today released Strategic Partnerships 2014: Driving Biopharmaceutical Outsourcing Effectiveness, at the 23rd Annual Partnerships in Clinical Trials Conference in Las Vegas, NV. It provides compelling insights that highlight the value of these multi-year, highly integrated engagements between sponsors and clinical research organizations (CROs).
In particular, the report reveals that:
- The Strategic Partnership model is perceived as the most effective biopharmaceutical outsourcing approach in meeting key sponsor needs: The model is considered particularly effective in enabling greater cost predictability, strategic management of the R&D portfolio and management of capacity gaps.
- Among companies surveyed, more than half now use a Strategic Partnership model: 54 percent of North American biopharmaceutical companies engage in Strategic Partnerships, while 50 percent in Europe and 53 percent in Asia now use this approach.
- Positive perceptions of outsourcing effectiveness within the biopharmaceutical industry have increased significantly in the last three years: This increase has occurred across all geographies and with sponsors of all sizes.
“As biopharmaceutical companies strive to increase efficiencies, drive greater flexibility, extend expertise, reduce costs and leverage limited resources, our research confirms they are turning to outsourcing services, particularly Strategic Partnerships, in greater numbers,” said Mark A. Goldberg, M.D., President and Chief Operating Officer, PAREXEL. “As a pioneer of this model, PAREXEL continues to invest in its development. In our experience, the value of this model can include accelerated cycle times and the creation of cost efficiencies.”
The report marks PAREXEL’s second annual analysis of the biopharmaceutical industry outsourcing environment. A 2013 study1 from the Company revealed 85 percent of biopharmaceutical executives surveyed believe Strategic Partnerships have positively impacted CRO-sponsorship relationships.
“In recent years, Strategic Partnerships have helped increase collaboration levels and enhance alignment between Sponsors and CROs,” said Carol Collins, Corporate Vice President and Head of Strategic Partnerships at PAREXEL. “Our report identifies ways to extend this collaboration through continuous study optimization, shared knowledge and greater integration.”
Visit www.parexel.com to download Strategic Partnerships 2014: Driving Biopharmaceutical Outsourcing Effectiveness.
1Strategic Partnerships 2013: Transforming and Unlocking Value in Biopharmaceutical Development
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