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Clinical trials are a fundamental part of innovation in the pharmaceutical industry, especially when the commercialization of the drug is considered.
There are a number of factors, such as the patent cliff and increase in drug manufacturing costs, which have inclined pharma majors to resort to investments in various facilities in regions such as the Asia Pacific. The market for clinical trials in APAC is mainly driven by countries like India and China. South Korea, Singapore and Taiwan are other notable examples. Especially India and China are transforming swiftly into great hubs for clinical trials and clinical research organizations.
When speaking in numbers, India had 467 clinical trials conducted in 2010, where MNCs represented a notable part of 75%. The number of these trials is anticipated to grow by 17.4 per year, reaching 1,217 trials in the year 2016. Since India is a low-cost destination, with a lot of prospective patients and numerous diseases, this is a good fueling factor. There are some problems there, as there is lack of proper regulation, and there is an increase in illegal trials, which is a severe issue for the Indian clinical trial industry.
When it comes to conducting clinical trials, China is just as attractive. The pharmaceutical industry there has seen 207 mergers and acquisitions between 2010 and 2012. This of course shows the growing increase in the region for pharmaceutical companies. Driven by a variety of factors, the marked is expected to see a growth of 15 from 2010 and 2015, finally reaching $768 million in 2015.
The number of clinical trials conducted is growing in South Korea as well, as there is great support in building the infrastructure and creating a skilled workforce. Clinical trials are expected to reach a number of 345 in 2015, which is a 26 percent increase from 2010 to 2015. KoNECT was founded in 2007 and its main focus is to turn the country into a viable hub for clinical trials. When it comes to revenue, an increase of 19.8% when it comes to revenue, is expected between 2010 and 2015, due to a number of different factors.
Things like infrastructure, talent, regulatory approvals, IP protections, and other improvements are creating a pleasant environment in Singapore as well. The market in Singapore had a value of $138 in 2010, and in 2015, it is projected to reach $166.5 with a CAGR of 4.4%. There is a great focus on oncology, closely followed by pharmacology and ophthalmology.
When the Taiwanese clinical trial market is considered, commitment by the government and continued investments in infrastructure, promotion of R&D in the industry, there is a serious improvement there too. The market in Taiwan had a value of $114.9 million back in 2010, and there is a projected increase to $209.7 million in 2015, with a CAGR of 13%. There is a notable restraint in the market in Singapore and Taiwan, due to smaller population sizes and few professionals in the field. However, improvement is projected with the signing of the Economic Cooperation Framework Agreement with the Chinese government. It allows the exchange of clinical trial data and this will help the country tap the population for the conducting of late phase trials.
Clinical trials play a vital role in turning innovations into working drugs. There are a lot of driving factors, such as the increase in interest by pharma majors and low prices, which will help in the transformation of emerging APAC markets into developed ones. In the near future, the region is expected to become a global clinical trial hub.