Business Development in clinical research is in the process of a transition. The mounting costs of drug development and rationalizing of concerned departments is lashing many biotechnology and pharmaceutical companies to contract out clinical research programs. This is striking at the matching time as a tendency toward big pharma companies cementing chosen partnerships with a restricted number of CROs, successfully jamming out opposition.
Business development in clinical research is similar to drug development. It requires many trial opportunities to generate a few appropriate studies. How will companies ensure that their staff is equipped with the sales and business development expertise needed for the clinical settings, as well as required comprehension for a long-cherished relationship management? Furthermore, how companies evolve at business development strategy to facilitate long term growth?
The modalities involved in identifying and bagging clinical studies is called business development, also referred as sales. An efficient business development strategy boosts the likelihood of getting the studies required to keep an organization in business and ever growing. In some sectors, business development is carried out majorly by specialists, but in clinical research settings along with business development managers and marketing managers even the study personnel like principal investigators, study coordinators and site managers can all contribute. As the clinical research is scientifically intensive process, a professional with both technical and business development knowledge will surely contribute enormously to organization he is working for.
Biotechnology and pharmaceutical companies allocate a major percentage of their budgets to research than does any other U.S. industry. In 2010, the number of clinical studies in the U.S. is 25,992. This number is estimated to rise at a 5.7% CAGR (compound annual growth rate) to reach 32,318 in 2014. The bulk of the trials that are out sourced to developing countries are from US. Clinical research expenditure in 2010 is an approximated $25 billion and is projected to touch $28.5 billion by 2014.
The more the spending the more are the opportunities at the offering. Client-centric business strategies coupled with proper customer relationship management policies backed by skilled and well qualified professionals will help position any company at the helm of affairs. Business development in clinical research is always complex as the exact business that a company is looking for make it big or small.