The contract service providers have established themselves as an indispensable part of the supply chain in the pharmaceutical / medical device industry.
Given the ongoing efforts to minimize product costs, growing complexity to conduct clinical trials, profound technological advancements and introduction of stringent regulatory standards, outsourcing is considered as a viable and strategically beneficial solution for various stakeholders in the medical device domain.
In fact, outsourcing of clinical trials have attracted several device manufacturers due to operational as well as financial flexibility of outsourcing models.
CROs are fulfilling the needs of medical device companies and help them to avoid incurring the costs and infrastructure.
In the past few years, a shift in the outsourcing percentage of clinical trials has been observed; further, the trend of outsourcing is anticipated to escalate considerably with every passing year.
Moreover, in order to keep pace with latest technological advancements and manage vast amounts of data generated by medical devices, several industry giants are increasingly outsourcing their statistical and data analysis operations.