- July 22, 2014
-- Global market intelligence firm, Netscribes, Inc. released its latest report on the ‘Clinical Trials Market in India 2014’. The role of clinical trials is fundamental for any innovation in pharmaceutical industry, hence a liberal regulatory environment is required to draw investors and organizations to create and commercialize improving technologies.
Netscribes’ latest market research report titled Clinical Trials Market in India 2014 analyses how India is a potential global hub for conducting clinical trials by Indian as well as global pharmaceutical companies. Clinical trials are conducted on humans to examine the efficacy and safety of new drugs, treatments, therapies and new medical devices before launching them in the market. It is a necessary and final step for the completion of the drug development process. The market is divided into four phases – Phase I, Phase II, Phase III and Phase IV. Contract Research Organizations (CROs) are responsible for designing, monitoring, and managing clinical trials. The market is dominated by private players and foreign pharmaceutical companies.
The clinical research market in India has comparative advantage in conducting clinical trials regarding cost efficiency and a vast population suffering from acute chronic diseases. Government regulations regarding the compensation rule and approval time are hampering the market at present, but the situation is expected to improve soon. Apart from the pharma companies there are several research institutes involved in R&D of clinical trials. Increasing partnerships and changes in the regulatory environment are crucial future driving factors for this market.