Did you read today’s Wall Street Journal? There is a great article entitled Lilly Taps Contractors to Revive Pipeline about Eli Lilly & Co’s positive relationship with its CRO partners.
While the article highlights big pharma and their relationship with big CROs, these strategic partnerships are no longer the exclusive domain of large biotechnology and pharmaceutical firms with multi-millions to spend on clinical trials (as our recent white paper on the subject points out).
As the face of the biopharma world is being altered by smaller firms, these strategic relationships have taken a new form. Now, growing companies are working with more synergistic and more specialized CROs for new gains in efficiency and cost-effectiveness.
Rather than being the small fish in a big pond, emerging firms are actively elevating their status by testing the waters of strategic partnerships with their CRO. Many of the benefits of working with a CRO that accrue to larger organizations are even more important for the smaller research sponsor that likely has limited resources, such as:
- Capitalizing on the capabilities of a CRO allows sponsors to focus on their own core strengths rather than organize, create and administer a complete clinical trial themselves.
- Optimally designed trials that are conducted correctly the first time are crucial for success. CROs have the breadth of expertise to design trials that achieve stated clinical, regulatory, and commercial objectives in a focused and efficient manner.