Nimble Approach to Partnerships Will Generate Value for Both CROs and the Pharmaceutical Industry, According to New Study
10 Abril 2012 - 9:00AM
Marketwired
As more and more R&D is outsourced by pharmaceutical companies,
a study released today provides new insight into how to structure
the relevant partnerships for success. ICON plc (NASDAQ: ICLR)
(ISIN: IE0005711209), a global provider of outsourced development
services to the pharmaceutical, biotechnology, and medical device
industries, and global consulting firm Booz & Company
co-authored the report, titled "Nimble Partnerships in the Pharma
Industry: Well-Designed CRO Relationships Enhance Focus and
Flexibility."
Global pharmaceutical outsourcing is expected to reach $28
billion this year and climb to $35.5 billion by 2015, an increase
of more than 10% since 2009.
"Developing the capabilities to partner with clinical research
organizations (CROs) is a critical key to success for pharma
companies in today's increasingly complex and competitive
environment," said Matthew Le Merle, a partner with Booz &
Company. "But our research clearly showed that most companies are
not structuring their CRO relationships strategically. This is
wasting time and money they can ill afford to lose."
The report provides insight into the ways pharmaceutical
companies can better engage with their CRO partners to make these
relationships as productive as possible.
Key findings include:
- Managing partnerships with CROs is an increasingly important
capability in the pharmaceutical sector.
- Pharma companies currently have a broad strategic rationale for
clinical outsourcing and are still experimenting with different CRO
relationship models. Four types of relationship models are
emerging: Qualified Talent Supplier, Preferred Capacity Partner,
Preferred Capability Partner, and Strategic Partner.
- To derive sustainable value from these relationships, pharma
companies must align the design, structure, and performance
measures of their relationships with their strategy.
- CROs need to demonstrate innovative approaches in activities
that range from monitoring to data-driven insights to employee
retention.
- Pharma companies that adopt a nimble, capability-centred
approach to partnerships, characterised by deep alignment and
clarity with the CRO based on complementary capabilities, will be
more focused, make better use of their distinct capabilities, and
generate more value.
"Regardless of the model chosen, a top-down approach to
partnerships where the performance measures are tied to the
strategic objectives of the partnership is fundamental to success,"
commented Ciaran Murray, CEO at ICON plc. "ICON has been successful
in building close strategic partnerships by being flexible and
innovative in the way that we conduct clinical research and in how
we build our partnerships. We also continuously look to expand our
capabilities and service offerings in order to ensure that we
deliver value."
Study Methodology ICON sponsored Booz
& Company to gain insight into the ways pharmaceutical
companies engage with their CRO partners. Booz conducted 20
structured interviews with executives at the vice president or
senior director level in 11 of the top 20 pharmaceutical companies.
The interviews were designed to provide a perspective on how to
make pharmaceutical-CRO relationships as productive as
possible.
To download the report, visit
http://www.booz.com/media/uploads/BoozCo-Partnerships-Pharma-Industry-CRO.pdf
About ICON plc ICON plc is a global
provider of outsourced development services to the pharmaceutical,
biotechnology and medical device industries. The company
specialises in the strategic development, management, and analysis
of programs that support clinical development, from compound
selection to Phase I-IV clinical studies. ICON currently has
approximately 8,600 employees, operating from 84 locations in 40
countries. Further information is available at www.iconplc.com.
About Booz & Company Booz &
Company is a leading global consulting firm, helping the world's
top businesses, governments, and organizations. With more than
3,300 people in 60 offices around the world, the company brings
foresight and knowledge, deep functional expertise, and a practical
approach to building capabilities and delivering real impact. Booz
& Company works closely with its clients to create and deliver
essential advantage. Visit www.booz.com to learn more.
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Booz & Company Media Contact: Margaret Kashmir Office
212-551-6086 Mobile 973-879-7213 Email Contact ICON Media
Contact: Rosie Allan Weber Shandwick +44 (0)20 7067 0190
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