Piribo: Drug development outsourcing is set for a 17% growth over the next 4 years

With pharmaceutical companies outsourcing an increasing number of functions, from discovery research and clinical trials to manufacturing and distribution, a new report has found that contract drug development expenditures reached $19 billion in 2005 and are expected to increase at an annual rate of 17% to exceed $42 billion by 2010.

According to the report, Outsourcing in Drug Development: The Contract Research Market from Preclinical to Phase IV, the continual push to reduce drug development costs, bring drugs to market more quickly, and increase the number of new drugs in the pipeline has forced the rapid growth of the contract drug development industry, which increased 15% from 2000 to 2005. The research expects the overall global market for drug development to exceed $105 billion by 2010, with outsourcing making up a healthy 40% of the market.

A major bottleneck for developers continues to be delays in patient recruitment for clinical trials which can result in millions of dollars of lost sales. Outsourcing has become a widely-used solution for shortening recruitment time and increasing patient retention.

Additionally, specialty service providers offering a diverse array of development capabilities, such as electronic technology solutions and internet patient recruiting, are making it possible for developers speed up the development process, which can take up to eight-and-a-half years.

An in-depth analysis of the market with profiles of both major and niche competitors, this 2nd Edition of Outsourcing in Drug Development also includes a comprehensive overview of the drug development process, including regulatory issues. It is available in both hard copy and PDF format from Piribo. For more information go to: http://www.piribo.com/search/results.html?k=kal001&x=0&y=0

About Piribo.
Piribo is a UK-based independent online store supplying business information on the pharmaceutical and biotechnology industries. The website now carries over 3,500 English language titles including, market reports, studies and books and is the UK’s largest online biopharma information store. Subscribers receive a free monthly newsletter and email alerts on new titles in their areas of interest. The company was established in 2004.