PAREXEL International (NASDAQ: PRXL), a leading global biopharmaceutical services organization, today released a new research report called Strategic Partnerships 2013 at the 22nd Annual Partnerships in Clinical Trials Conference in Orlando, FL. The report is the first to explore the current outsourcing landscape and the value Strategic Partnerships provide to biopharmaceutical companies of all sizes. Strategic Partnerships are multi-year, highly-integrated engagements between biopharmaceutical companies and clinical research organizations (CROs).
The report found that 85% of biopharmaceutical industry executives interviewed and who were engaged in Strategic Partnerships, believe that the relationship between their companies and CROs were positively impacted. Executives believe this more integrated approach to clinical development reduces their level of oversight, decreases fixed costs and provides them with access to capabilities not found internally.
"Strategic Partnerships 2013 highlights the growing importance to biopharmaceutical companies of engaging in Strategic Partnerships to drive greater value through seamless integration, aligned goals and mutual investment," said Josef von Rickenbach, Chairman of the Board and Chief Executive Officer of PAREXEL International. "The report also illustrates that there are further benefits of Strategic Partnerships that can be generated through additional joint focus on cycle times, shared expertise and efficient oversight models."
The industry executives interviewed for this report believe Strategic Partnerships are transforming the way new therapies are developed and commercialized. However, they also noted that the model must evolve to adequately and effectively meet the challenges of a constantly changing regulatory environment. When asked about the vision for the next-generation of Strategic Partnerships, the respondents identified increased alignment in commercial incentives, deeper team collaboration (strategic and targeted expertise) and faster time-to-market through improved cycle times as the top three areas.
Later this week at the Annual Partnerships conference (Wednesday, April 24), Mr. von Rickenbach will serve as a panelist at a session/roundtable titled, "Wall Street Leadership Panel on the Economic Outlook for Pharma in 2013 - Opportunities, Investment Areas and Effects on the Outsourcing Industry." As part of his presentation, he will discuss the benefits and implications of Strategic Partnerships based on PAREXEL's experience, and the CRO industry's future outlook.
Download the report here.