Contract research organizations (CRO) are essential for the sustained innovation in the life sciences industry. CROs have emerged from the shadow of life sciences organizations to become ever more accomplished at delivering profitable client projects with great promise for the health and wellbeing of our societies.
In the U.S., the CRO market is on track to double in size, reaching $25 billion by 2027.1 While that bodes well for the industry as a whole, individual CROs cannot sit back and expect to profit from growth. For one thing, the industry is highly competitive. The larger companies aim to grow their market share while fast-growing competitors threaten their dominance. CROs may repeatedly perform projects for the same clients, but, for many of them, there is never any assurance that clients will commit to more. That leaves their accounts vulnerable to a competitive takeover.