NEW DELHI, INDIA, January 09, 2009
/24-7PressRelease/ -- Developing a new drug is getting costlier, with our research, "Booming Clinical Trials Market in India", estimating the cost of developing a new drug at nearly US$ 1200 in 2008, with nearly half of the cost being spent on clinical trials (phase-I to phase-IV). As a result, all major drug companies and CROs are outsourcing their clinical trials to offshore destinations to curb their surging costs.
According to our analysis, India is one of the most economical destinations for conducting global clinical trials. Companies can save a substantial amount in India on both staff and utilities. For instance, the salary of a clinical research associate is only 13% of that in the US and 17% and 19% as that in the UK and Germany respectively. Similarly, the cost of a biostatistician in India is only 15%, 18% and 17% as that in the US, UK and Germany respectively. Companies also save substantially on utilities and land while setting up their operations in India.
The report has done a thorough cost analysis of conducting phase-I, phase-II, phase-III and phase-IV clinical trials in India and abroad and concludes that drug manufacturers and CROs can save anywhere between 50% and 75% by outsourcing their clinical trials to India.
The research says that delay of a single day in completing a clinical trial can cost a company exorbitantly. However, India scores here too as it has a much better track record in patient recruitment and trial completion as compared to many other clinical trial destinations. In fact, companies can cut upto 30% to 40% time required to complete various phases of clinical trials choosing India as the outsourcing destination.
"Booming Clinical Trials Market in India" gives an extensive and objective analysis on the Indian clinical trials market. It investigates the advantages/disadvantages India has in becoming a global clinical trials hub. The report exhaustively evaluates and compares the key factors that drug companies and CROs look before outsourcing clinical trials to a country. These include patient pool, regulatory environment, cost, infrastructure, human resources and past performance in conducting clinical trials.
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