NewswireToday - /newswire/ -
Delhi, New Delhi, India, 2007/12/06 - India is fast emerging as the favorable outsourcing destination globally for clinical trial and clinical data management due to the plethora of advantages it offers, including naïve patient population, better infrastructure.
The world’s one of the biggest emerging powers, India, is showing its presence in the field of clinical trials also. In recent times, the country has provided the favorable platform for conducting clinical trials and thus, is working for several international companies. Sensing the importance of India as a clinical trial hub, the leading market research firm RNCOS has launched its report “Booming Clinical Trials Market in India” to give first-hand information on the Indian clinical trials market.
What make India a preferred destination globally to outsource clinical trials are its naïve patient populace, skilled medical professionals, attractive pharmaceutical market, industry-supportive regulations, and advanced technological infrastructure. Due to these promoters, Indian clinical trials market is projected to swell at a CAGR of around 35.5% from 2006 to 2011.
India is also fast becoming a hotspot for clinical data management. The RNCOS research says that as India has a pool of skilled manpower with required IT expertise, therefore, it scores high over any other country for the outsourcing of clinical trial data management. Moreover, as India offers best clinical data management services at low cost, most of the US- and Europe-based multinational pharmaceutical companies are focusing on it.
But the biggest advantage of India is its large patient pool which can be recruited in much shorter time than its western counterparts, highlights the research. Recognizing the need of the hour, all leading Clinical Research Organizations (CROs) and pharmaceutical companies have already banged on with their clinical trials in India.
The Indian clinical trial industry is certainly in growth phase but to exploit its full potential and achieve seamless growth, the country needs to tackle issues like delay in trial approval process, lack of GCP (Good Clinical Practice)-certified investigators and site, and improper protection of clinical data, says the report.
“Booming Clinical Trials Market in India” gives comprehensive information on the current landscape of clinical trials in India. It thoroughly discusses the factors that are making India a favorable destination for clinical trial outsourcing together with regulatory environment and economic analysis of clinical trial phases. It chalks out the opportunity areas and challenges for the market and based on all these, augurs the future course of direction of the market.
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.