Here's Why you Need to Outsource Your Company's R&D Processes to CROsBy Patrick Jones, UniversityHerald Reporter
Contract Research Organizations (CROs) exist to lift the weight of clinical research off the shoulders of the medical, biotech, and pharmaceutical industries. And for many decades, the CRO industry has been doing a great job.
Recently, the relevance of CROs has soared greatly with Grand View Research reporting that the global CRO market could be valued at $45 billion by 2022.
For those still doubting the essence of outsourcing their company's R&D processes to CROS, below are a few reasons to make you think otherwise.
Tap into the skills and innovation of a leading organization
Outsourcing to CROs gives you access to collaborate with a wide range of businesses and academic institutions. When you collaborate with these groups, you benefit from the knowledge of experts to pursue innovation.
In most cases, the CRO Company you're outsourcing may even have experience working on something similar to what you're developing. In which case, they will help advance your research position and bring so much to the table.
Summarily, CROs have an unparalleled expertise in numerous research processes, including cell-based assays, immunogenicity, biomarker assay, and pharmacokinetics. Outsourcing to them means tapping into these unmatched skillsets.
You enjoy lower costs and improved performance on specific activities when using a CRO. And this, together with the first, is why outsourcing your R&D is more efficient: you save money. To an extent, outsourcing is also a method to reduce risk.
In recent years, pharmaceutical businesses have suffered a sharp fall in profitability.
Some of the advantages of collaborating with a CRO include decreasing or eliminating the need to hire research personnel, funding in-house R&D infrastructure and manufacturing facilities, and managing an unknown success potential.
It can raise the likelihood of success and fast-track the discovery and development of drugs, leading to greater revenues and profits for your company.
Cut down on capital investments
While a lab exclusively follows one technique, they can make investments in expensive or huge devices.
By marketing their service to other labs, they might be able to make back their investment. Remember it is stipulated in the United States Code of Federal Regulations (2017 edition) that "during the time that equipment is used on the project or program for which it was acquired, the non-Federal entity must also make equipment available for use on other projects or programs."
If you have the funds available to acquire a large piece of equipment that you plan to use regularly, you should consider hiring help from the experts. In that case, it will help pay for the substantial investment.
In addition, partnering with another company reduces the costs of equipment purchases because a lab just needs to purchase smaller equipment. That is, buying lab equipment is often a major investment in the long term.
Focus on your primary area of expertise
When businesses and labs can fuel new products, services, and/or hypotheses, they have a good idea of what their core expertise is. When you outsource non-essential duties, you can focus on tasks that are part of your core expertise.
There is nothing preventing folks working in your lab from doing whatever else vital duties they have to do. This is because they now have some free time. So, to sum it up, outsource your resources to improve employee productivity.
Maintain a network of critical partnerships
By selecting an outsourcing partner, you build a relationship or partnership between labs and/or organizations. And this, for instance, can be a great way to form a consortium.
Also, when seeking project funding cash, it is necessary to have at least three partners from three different member states. According to recommendations by the European Commission, this is required for the assembly of a dossier.
The overall message in this article is likely to be apparent to you at this point: There are a lot of advantages to outsourcing your R&D needs, and we have only listed the top five. Next, you may realize that outsourcing your R&D and partnering are two synonymous concepts.
Ultimately, it all comes down to how and with whom to outsource; however, every laboratory has the opportunity to enjoy the technology, equipment, or expertise the right partner provides.