Contract research organizations (CROs) are growing players in biotechnology, pharmaceuticals, and the medical device industry. The path from conception to FDA approval can take upwards of a decade and $1 billion, while as few as 1 in every 10,000 drug ideas eventually clear this process. CROs help to supply cost-effective, cutting-edge expertise and infrastructure that a drug sponsor may lack. Companies aren’t the only ones enlisting the help of these organizations – increasingly, research institutions, universities, and even governmental organizations are turning to them for support.
The contract research industry is a relatively new one, and is still establishing itself through mergers and partnerships, expansions and consolidations. They offer a variety of services, from small firms which focus on specific areas – such as molecular modeling – to multinational organizations which can move a drug through discovery, pre-clinical trials, and all four stages of clinical trials.
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