Contract Research Industry Set to Grow
A report by GBI Research predicts significant growth in the global contract research industry and outsourcing to developing countries.
The global contract research industry should record a compound annual growth rate (CAGR) of 12.8 per cent to 2018, new research suggests.
A report by GBI Research points out that growth in the sector has been accelerating since 2009 as a result of increased pressure on pharmaceutical companies to generate better returns from their research and development (R&D) spending.
The company predicts that revenues from contract research organisations will reach $56 billion by the end of 2018, up from just $19.1 billion in 2009.
Industry revenues increased by 12 per cent to $21.4 billion in 2010, with some pharmaceutical companies being forced to outsou
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