The contract research organization or CRO is an outsourced organization that provides support to pharmaceutical, biotechnology, medical device industries, and also serves government institutions, foundations, and universities in the form of research services, which are on a contract basis. The type of CROs range from large, international full service organizations to small, specialty groups.
CROs are outsourced by organizations and businesses to obtain their specific expertise without hiring a permanent staff, to reduce the time it takes to conduct a trial against doing the trial in-house, which translates to significant cost savings. In outsourcing the services of CRO, the hiring organization does not need to put up an the infrastructure, office space or manpower to run these trials themselves. Some CROs manage almost all aspects of a clinical trial, depending of the contract terms, from site selection and patient enrollment to final regulatory approval from the government regulatory agency, such as the Food and Drug Administration. But even with this term, the hiring organization remains responsible for the integrity of the data and ensures that all obtained data are factual and backed by good science and research. To learn more about preclinical molecular imaging in https://en.wikipedia.org/wiki/Preclinical_imaging.
Types of comprehensive services provided by CROs are: project management, data base design and build, data entry and validation, clinical trial management, medicine and disease coding, quality and metric reporting, statistical analysis plans and reports, validation programming, safety and efficacy summaries, and final study report. The Association of Clinical Research Organizations estimates that among the services provided by CROs, more than 50% of these services are into pharmaceutical industries, 27% for biotech and the remaining percentage for the medical device industries, foundations and government institutions. The top therapeutic areas covered by the CROs work for pharmaceutical industries are oncology, central nervous system, infectious disease, metabolic disorders, and cardiovascular disease. Know more about the preclinical molecular imaging.
Through the outsourcing of CROs, the pharmaceutical industries and medical devices organizations have realized their objective of looking for a way to lower the drug prices without sacrificing profits, which used to be their burden, which is the increasing pressure on high costs of drugs. Outsourcing CROs to conduct clinical trial management is a way for these industries to significantly lower overhead costs, which in turn help them make up for the dollars lost for lowering the medication prices. Before the existence of CROs, pursuing the approval of a drug was prohibitively expensive and can only be approved when companies can guarantee that the drug will be sold to a large market, but with the CROs’ services, it has provided an outlet that is more affordable for companies to pursue new medications. The cost-effective services of CROs have helped more companies to develop smaller drugs for special case groups. Check out preclinical imaging for more info.