The demand for contract research organizations (CROs) has been increasing steadily worldwide. With more and more clinical development programs being launched and a heightened demand for pharmaceutical products, companies in the biotechnology, pharmaceutical and medical technology industries are frequently deciding to outsource R&D processes to CROs.
To give you an idea in numbers: In 2014, the market value of all global CROs combined amounted to $34bn (approx €29bn). By 2020, it is expected to reach a record high of $59bn (approx. €50bn).
As a consequence of this growth, CROs are reaching out to markets across borders, moving into other countries and continents. The international cooperation between Asian CROs and European biotech and pharma companies, for instance, perfectly reflects this blooming growth of the global CRO market.
We have met with Steve Yang, Ph.D. Executive Vice President, Chief Business Officer and Chief Strategy Officer of the Chinese CRO WuXi Apptec, and Michael Schaeffer, Co-founder and Managing Director of the German biotech company Crelux,