Sally-Anne Whybrow, healthcare business development manager, Siemens Financial Services, UK examines how smart financing can help CROs invest in financially-sustainable technology.
Key insights:
- CROs have been compelled to reconsider strategies, the result being an increase in hybrid models where traditional clinics operate in parallel with decentralised trials.
- The digitalisation of processes is driving modernisation in the industry and accelerating trial speeds, and it is clear that a significant investment in equipment, software and infrastructure, is needed, for CROs to remain competitive.
- Smart financing offers three major advantages: technology expertise (real business outcomes); breadth of financing solutions (meets every organisation’s needs); and smooth, sophisticated processes (allows seamless use of smart finance).
The pursuit of innovation fuels the progress of competitive markets. For the pharmaceutical industry, this has driven a trend to outsource R&D activities to Contract Research Organisations (CROs) . CROs boast therapeutic and geographic expertise, are cost-effective and, perhaps most importantly, help to speed up the research and delivery process of new medicines.