19 Jan Challenges for CROs in 2023
Managing a CRO is not something that just anyone can do. These organisations, immersed in clinical research, have a great deal of weight on their shoulders. At Okomeds, we work with CROs on a daily basis, carrying out specialised translations of clinical trials. Here are the main challenges facing the sector in 2023.
Outsourcing of services
The CRO sector will continue to be in high demand despite the challenges it faces. Research and development (R&D) services, in particular, will continue to be outsourced in large numbers. The growth of the pharmaceutical industry translates into increased demand for CROs. On top of that, the increase in the number of clinical trials will lead to the need for specialised medical translation agencies to handle translations.
In addition, investments in vaccines, antibody therapies and autoimmune products have led to an increase in demand for these outsourced services, which is reflected in revenue growth figures for the CRO sector. The growth rate for CROs in 2023 is higher than in previous years.
Smaller CROs have to adapt to resist being overtaken and left behind by their competitors. They must learn to specialise in various service niches, such as biostatistics, or offer outsourcing services to providers of a similar size to their clients (right-sizing). Selected CROs can hit the nail on the head.
Innovation has historically been the focus of large pharmaceutical companies, but it is increasingly common among smaller companies and start-ups. This allows CROs to rethink their customer acquisition models and strategies. In the coming years, more and more CROs will embrace the idea of innovation.
Flexibility in clinical research
The COVID-19 pandemic has forced CROs to become more flexible, for example by using new technologies that make research and clinical trials adaptable to various situations outside the CRO’s control. These new strategies include decentralised clinical trials, advanced data analytics and artificial intelligence.