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Pharma Tech Outlook | Tuesday, January 31, 2023
Contract research organizations can streamline their market offerings by strategizing their approach to partnership.
FREMONT, CA: Contract research organizations (CRO) offers a unique value proposition for biotech companies that are inherently fast-growing and resourceful. While established pharmaceutical companies have the option to build competitive capabilities in-house and outsource selectively, biotech companies, given their rapid growth and relative lack of development infrastructure, often rely on others to provide the full offering of clinical services before they can consider building out their development organizations.
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A CRO can improve its standing in the market by strategizing its offerings.
End-to-end solutions: Contract arrangements can be more flexible and outcome-based with a CRO. A formal link between the clinical program they oversee and their success as individuals is more likely to encourage an ownership mentality and improve their perception as partners. Many CROs are aligning incentives with clients, but they can do more, taking bolder steps and taking risks as a rule rather than as a special arrangement. CROs should commit to their client's success, which can go a long way toward convincing them.
Prioritize small biotechs over big pharmaceutical companies: A company's incentives that favor larger pipelines, particularly in allocating resources between biotech companies and established pharmaceutical clients, may continue to influence trade-offs, even in CRO that has dedicated biotech divisions of meaningful scale. In order to stand out from their competitors, CROs should build long-term relationships with biotechnology companies.
Reliable service: CRO can significantly increase the attention given to the CEO and C-suites of biotech companies. In providing high-quality service to biotech leaders, the CRO demonstrates its commitment to building relationships beyond transactional business and complements the scientific rigor of the biotech companies at all stages of the customer relationship, from proposal requests to program design to final execution. It is important that CROs not only focus on project delivery but also ensure strong communications, such as digital solutions such as operational dashboards, that allow the leadership of a biotech company to track and understand the progress of their clinical programs, which are often one of the most valuable aspects of a biotech company.
Clinical-development support: There is a heterogeneous set of resources and capabilities within biotech companies when it comes to clinical development. Some biotech companies need significant assistance with design considerations, while others only need CRO for operational support. By tailoring their services to the needs or gaps of individual biotech companies, CRO can add significant value to their clients.
Hire biotech-specific clinical talent: Recruiting top talent, including biopharmaceutical veterans, is essential for CRO to function effectively as clinical development partners to biotech CEO and founders. Recruiting at CRO should focus on positioning them as a rewarding exit for late-career clinical developers, offering them the chance to shape important emerging clinical initiatives.
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