In the recent economic scenario, outsourcing business in life sciences, especially pharmaceuticals and biopharmaceutical business, has displayed an upward trend. This has been led by outsourcing of clinical trials which share a major part of drug development costs.
A research study “Booming Clinical Trials Market in India” conducted by RNCOS anticipates that clinical trial outsourced market in India is forecasted to grow at a CAGR of over 30% during 2010-2012 to around US$ 600 Million by 2012. With this anticipated growth, India will become one of highest growing clinical trial destinations in the world. An extensive research has been done on Indian clinical trial market in order to identify key trends across the market. The report highlights that all the major pharmaceutical/biotech players as well as major CROs are making India their base for conducting global clinical trials as finding patients, who can qualify for a clinical trial, is relatively much easier in India as compared to the Western countries.
Various other factors such as increasing prevalence of diseases and low cost of clinical trials are also promoting this market. We have observed that there is no dominance in terms of competitive landscape. There are more than 100 firms working in India in the clinical trial market, with Syngene and Quintiles right on top in terms of market share.
Apart from this, there are also some restraints, like weak IPR protection, lack of trained staff, etc., which are blocking the proper growth of the market. So, in order to ensure proper growth of the industry, these issues need to be addressed efficiently. Our study analyzes the key markets and segments of the concerned industry to project the future scenario of the industry. According to our industry experts, several steps need to be taken by the Indian government to ensure an easy approval system for promoting foreign investments. The report also studies various factors which are fuelling the growth of country’s clinical research market.
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About RNCOS: RNCOS, incorporated in the year 2002, is an industry research firm. We are a team of industry experts who analyze data collected from credible sources. We provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.
