The growth of Contract Research Organizations (CROs) as an industry is inevitable. When the global economy is thriving, life science companies are inclined to develop more products and hire CROs to complement in-house work. When the economy is in a slump as it is today, those companies still hire CROs, but for a different reason: to help cut overhead costs.
It is likely that the use of CROs in clinical research will continue to grow. Given this trend, the relationship between a sponsor and a CRO has never been more critical to the overall success of the pharmaceutical industry and yet the sponsor-CRO collaboration is fraught with challenges. How can both parties turn a business relationship into an effective and successful partnership? How can this partnership help reduce the time and cost of getting their product to market? We will explore these questions and consider some strategies.
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