Due to the trend of collaboration between health care and life sciences organizations, there is a higher rate of consolidation within the pharmaceutical industry, leading companies to redefine products and services, as well as expand their reach into uncharted territories in the sector. According to KMPG’s recent report, CROs, Convergence and Commercial Opportunities, CROs are a valuable resource for helping cut operation and innovation costs. Just like in the health care industry, there has also been a growing trend of consolidation amongst CROs for the purpose of diversifying service offerings, expanding client sources and bettering economies of scale. These changes include more outsourced clinical research and strategic alliances with CROs, which can help increase quality and productivity while keeping costs affordable. Market advisory services; brand management and regulatory knowledge; product planning and launches; market research and analysis; data science management; consulting services and value-based contracting are other areas in which CROs can collaborate with life sciences companies for mutually beneficial results.

Source: KMPG