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Maximizing the Benefits of Outsourced Clinical Research
Dr Apurva Goswamy from Quantum Solutions India, a solution provider at the marcus evans Evolution Summit 2010, on the advantages of outsourcing clinical research.
MIAMI, FL, May 20, 2010 /Pharmaceutical PR News/ -- Interview with: Dr Apurva Goswamy, Chief Executive Officer (CEO), Quantum Solutions India.
In the highly competitive pharmaceutical and biotechnology industries, progress is weighed down by the number of years it takes for innovation, efforts and investments to pay off. Outsourcing parts of Research and Development (R&D) could considerably accelerate the process, but maximizing the Return on Investment (ROI) requires a more adaptive and collaborative relationship between drug companies and their external partners, says Dr Apurva Goswamy, CEO at Quantum Solutions India. A solution provider at the marcus evans Evolution Summit 2010 taking place in Florida, May 10-12, 2010, Dr Goswamy highlights the benefits of outsourcing clinical research and making the most of such collaborations.
What are the advantages of outsourcing clinical research and how can ROI be maximized?
Dr Apurva Goswamy: Contract Research Organizations (CROs) are being used to increase speed to market and flexibility, which are critical in drug development in an increasingly global and competitive environment. Outsourcing leads to time and costs savings, and efficiency improvements which add business value and lead to ROI maximization.
It is well known that today, many businesses are globalizing and looking to maximize benefits. Outsourcing allows both sides to focus on their core activities and competences. CROs are able to adapt very quickly, as their structures are not as rigid. Ultimately, the skills of the CRO should complement those of the pharmaceutical or biotech company, to ensure continuous innovation in new drug development.
What are some of the issues facing Chief Medical and Scientific Officers and what solutions would you recommend?
Dr Apurva Goswamy: A number of foreign organizations or companies are often in a hurry as they seek to accrue advantages. The general impression is that companies outsourcing their clinical trials to India are seeking unnatural advantages using whatever means possible. Thus a bit of resistance is building up on the conduct of these trials and getting timely approvals from the competent authorities is becoming an issue. I would recommend that pharmaceutical companies that are outsourcing their trials stay within the regulatory and ethical frameworks of the system and not try to hasten things up. That would help in reducing the level of resistance. When the playing field becomes level, greater advantages start to accrue in the long term. After all, patient safety should be everyone's prime concern.
What is your outlook for this sector for the next five to 10 years? What long-term strategies would you recommend to CMOs?
Dr Apurva Goswamy: I believe that we are moving from an industrial economy to a knowledge economy, where innovation will replace efficiency as the primary driver of value creation. The pharmaceutical industry will see greater use of outsourcing than ever before. Improvements in clinical development will come from a more strategic and proactive approach in using the services of a CRO rather than using them as tactical measures on projects. There will be a movement from a simple "lift and shift" strategy to a "shift and transform" approach.
If they are doing business cross-culturally, to succeed, incumbents must become more adaptive and collaborative with their external partners. They should familiarize themselves with the cultural as well as the institutional specific issues. The technologies, including the software and hardware used, need to be compatible so both sides can be on the same platform. Only when they work together in such a spirit can they succeed in bringing about world class performance.
Contact: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division
Tel: + 357 22 849 313
Email: press@marcusevanscy.com
About the Evolution Summit 2010
This unique forum will take place at the Doral Golf Resort & Spa, Miami, Florida, May 10-12, 2010. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The summit includes presentations on the future of drug development, developing a culture of safety and maximizing return on investment.
For more information please send an email to info@marcusevanscy.com or visit the event website at http://www.evolutionsummit.com/ApurvaGoswamyInterview
Please note that the summit is a closed business event and the number of participants strictly limited.
About marcus evans Summits
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