Local Tech Wire
RESEARCH TRIANGLE PARK, N.C. – is the largest player in the global life sciences services market with 15 percent market share, according to a new industry repot.
The world’s largest such firm, Quintiles is privately held and doesn’t disclose much in the way of financial information.
However, the CRO Market Outlook report cites Quintiles as the biggest contract research organization player followed by Covance and Wilmington, N.C.-based Pharmaceutical Product Development.
According to the report, the global CRO market generated some $20 billion in revenues in 2008. The report also forecasts an annual growth rate of 8.5 percent with the CRO business reaching $35 billion by 2015.
Quintiles and the other top five CROs hold 55 percent of the market, but the report says the market is “highly fragmented” with some 1,100 CROs operating worldwide.
The Triangle area is home to several CROs, including INC Research, which sold earlier this month for a reported $600 million, and PRA International.
Highlights of the report include:
• “The leading CROs are commodity full service providers operating on a global scale. They act as one-stop shops for all services, from preclinical through marketing.
• “The number of clinical studies conducted in Asia, Central and Eastern Europe and Latin America is constantly rising. India and China are the future outsourcing destinations of choice.
• “CROs and pharmaceutical companies are turning to strategic partnerships to gain a competitive edge in the global business environment.”
For more information about the report,
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