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MeraCareerGuide
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5. May 2010 04:15
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What is Clinical Research?
Clinical Research is a systematic study for new drugs in human subjects to generate data for discovering or verifying the Clinical, Pharmacological (including pharmacodynamic and pharmacokinetic) or adverse effects with the objective of determining safety and efficacy of the new drug.
Clinical Research Industry - A Global Perspective
The global pharmaceutical market is estimated at US$ 427 billion and Research & Development cost is estimated at US$ 60-65 billion annually. Two thirds of this amount is spent on Drug Development, ie, approximately US$ 40 billion. Clinical Trials involve almost 70% of time and money of new Drug Development. Cost of conducting Clinical Trials for a new drug is approximate US$ 200-250 million.
Clinical Research Industry has grown around the world at an unparalleled rate in the past few years. It has opened up new vistas of employment for a large number of people. The Clinical Trials market worldwide is worth over US$ 45 billion and the industry has employed an estimated 2,10,000 people in the US and over 70,000 people in the UK and they form one third of the total Research & Development staff. These large numbers can be attributed to the fact that this industry offers lucrative employment opportunities. The average nominal annual salary growth across all the positions is 4% as against less than 1% for other segments.
Clinical Research Industry - An Indian Perspective
In recent years, Clinical Research outsourcing to India has been increasing due to several prizes attributes for clinical trial development, some of which are:
- Large and diverse patients' pool for conducting clinical trials
- Availability of Medical, Pharmacy and Science graduates
- Excellent infrastructure facilities
- Comparative cost advantage
- Changes in the Patent Laws
The Clinical Research industry in India has grown from Rs 20 crores to Rs 100 crores in the last three years. As per a recent McKinsey report, it is expected to touch Rs 5,000 crores by 2010 and will employ 50,000 people in the next five years.
There will be a huge demand for qualified and trained Clinical Research Professionals.
Many pharmaceutical organizations and Clinical Research organizations have already come forward to unlock the vast potential that India has, and are conducting Clinical Trials in India.
Major Players in Clinical Research
India has numerous Clinical Research player swith a global standard infrastructure and manpower. They are ready to support the drug development initiatives of several pharma companies and entrepreneurs. As the number of studies carried out by these major players is on the rise, the career prospects for Clinical Research professionals look positive. The number of players in the Clinical Research industry in India has risen to over hundred from less than eight, three years ago. Ernst & Young estimate that spends on clinical trials was USD 20 million 2003 and has sharply risen to USD 300 million in 2005 and expected to rise to USD 1.5 billion by 2012. Apart from this India has 268 approved clinical trials that are in progress.
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Information Courtesy: ICRI |
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