Bioanalytical laboratories or contract research organizations (CRO) are contract companies that provide clinical and bioanalytical support to the pharmaceutical and biotech industries. Companies hire CROs to develop and deliver safe and efficient drugs and medicinal products to the market. Regulatory frameworks over the years have shaped the emergence and conduct of contract bioanalytical laboratories. These laboratories first began with basic animal tests and have now evolved to provide clinical and preclinical testing needs.
In 2024, the global CRO market value was around $30 billion, with a compound annual growth of 12%. However, the picture is somewhat different for the drug development process. Although developing a drug product is a highly rewarding endeavor, it takes a lot of time and resources. A single drug may take years to reach the market shelf and may cost on average $2.6 billion. Moreover, data suggests that FDA approves only 12% of drug products in clinical trials, further increasing the risks associated with the drug development process. Hence, bioanalytical laboratories are promising options for pharmaceuticals to increase their profits.
Following are the three major reasons for drug development companies to outsource bioanalytical studies to a CRO.
Reduces bioanalytical expenditure.
Outsourcing bioanalytical research is basically for reducing associated risks. Over the last few decades, pharmaceutical companies have significantly incurred losses. Hence, outsourcing strategies are primarily for reducing bioanalytical expenditure. Working with a partner Bioanalytical Laboratory has numerous monetary benefits. Partner bioanalytical services CRO reduces or eliminates the need for hiring expert staff, in-house infrastructure investments, and managing undesirable project failures. Hence, outsourcing bioanalytics can help accelerate the drug discovery and development process and increase the likelihood of success rates.
Bioanalytical laboratories can handle complex drugs and subsequent clinical trials.
Today the drug development process involves more complex approaches such as antibody-drug conjugates, cell and gene therapies and in vivo and in vitro approaches. Bioanalytical services CROs fill the void of innovation in bioanalytical sciences. Most CROs continuously develop and improve strategies in assay development and validation. Moreover, they are highly committed to accurate and efficient clinical trials, making them ideal in handling complex drugs and clinical studies.
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Reduces the time needed for developing a drug product to reach potential patients.
Due to the exposure to a wide spectrum of drug development projects, bioanalytical laboratories already have the expertise, skill, and infrastructure to conduct experiments at any stage of the drug development journey. They can even assess data from clinical trials and modify drug compounds in real-time. Such real-time assessments shorten the lead times for drug compounds, allowing companies to bring products much sooner to the market. Hence, partnering with bioanalytical services CRO who specialize in managing complexities at every stage of drug development is crucial for pharmaceutical and biomedical companies.
What’s next for bioanalytical services CROs?
Outsourcing Drug Development studies have increasingly become common in the industry. During the current unprecedented times of Covid-19, pharmaceutical companies and CROs have combined their expertise to develop therapeutic and diagnostic solutions. However, selecting a bioanalytical laboratory is a very significant decision. An ideal partner laboratory should be technologically and innovatively advanced, with a demonstrated track record of successful drug development projects.
