5 Things To Consider Before Selecting A CRO
A Contract Research Organization, enters into a contract with a business organization, in order to provide an array of services which are strategically planned to achieve the business goals. On outsourcing services to a CRO, a company can dedicate more time in other significant issues and enjoy cost effectiveness. The productivity and efficiency is looked after by the CRO firm, while the company focuses on its core strength.
What are the Functionalities of a CRO?
A CRO performs a wide number of comprehensive functions which includes:
Data entry and validation
Clinical trial data management
Medicine and disease coding
Statistical analysis and reporting
How to Identify the Right CRO Firm for Your Company?
Although CROs claims to manage every prospect of a clinical trial, it is the sponsor's responsibility to ensure that it is all factual and consider all the pros and cons of working with a CRO. Hence before entering into a legal agreement, it is advisable to gain a thorough knowledge of the CRO’s history of performances. Here are some points to add in the checklist of the sponsor, while selecting a CRO for any company:
1) Quality and Efficiency
One of the most highlighted components of a CRO is its ability to deliver quality data. In order to ensure such delivery, the sponsors must have a thorough inspection of its proven track record of success. Even consider conducting a quality audit which will enable you to uncover any red flag. By examining the quality of the trial, you will be able to figure out the efficiency of the firm.
2) FDA Approved
A major point to consider while selecting a Contract Research Organization in India is its experience in supporting submissions for FDA approval. Drug trials under FDA approval need to demonstrate safety and efficacy together with addressing the human abuse liability. Sponsors must be very careful about the treatment of missing data or risk rejection. Clinical trials under FDA approval are a representation of healthy clinical practices.
3) Financial Stability
The CRO that you are entering contract with, must have a strong financial background so that it can face any unforeseen economic issues. Hence investigate the portfolios of the past clients who have been sufficiently diversified to mitigate risks. This knowledge of their ability to manage their financial stability makes it convenient for you to decide anything.
4) Cost- Effectiveness
It is needless to say, the overall deal can be finalized by the sole factor of the Firm's ability to provide its services within your budget. If it quotes extremely high, no matter how much you like the firm, it is not a fruitful business relationship in the long run. Again, the offers might be tempting when the firm bid the lowest rate, but you need to be selective regarding the quality check.
5) On-Time Delivery
We live in an age where time is equal to money. Hence check out how much the CRO firm can work under pressure and meet the deadlines. For this too you need to find out, how effectively it has been completing its task while working with a company similar to yours and whether it could produce on time results. It will also help you understand its consistency and refrain you from paying a penalty for setting undue expectations from it.
In our search of organizations providing comprehensive drug discovery services and with leading collaborators across the globe, we found Jubilant Biosys and Charles River among the best CROs you can choose to achieve excellence in your drug discovery projects.
So which things you consider when selecting a CRO? Let us know in the comments below.