The country is an attractive market for CROs due to its good clinical infrastructure, cost compliance, large population
A new report by GBI Research shows that MNC pharma companies and Contract Research Organizations (CROs) are making more investments in a new clinical research destination: Argentina.
The report shows that CROs are attracted to the country due to its good clinical infrastructure, cost compliance, large population and favourable regulatory guidelines. Cost reduction is one of the leading drivers for outsourcing clinical trials to Argentina as it is cost-effective as compared to more developed regions such as the US and Europe, but with comparable quality standards. Argentina has aligned its clinical research regulations with international standards and requirements, which allows its laboratories to conduct clinical trials and research on the behalf of big pharmaceutical companies in developed countries.
As a result, pharma and biotechnology companies will have good reason to increasingly outsource clinical trials to Argentina in order to take advantage of cost, time and expertise benefits, as well as increasing compliance with international standards such as the Good Laboratory Practices (GLP) and Good Clinical Practices (GCP).
A large and willing patient pool allows clinical trials to be readily conducted to provide evidence for drug efficacy and safety. While patient recruitment often causes delays to clinical trials in Western countries, more limited medical facilities in Argentina mean patients can be more easily recruited.
Government investigator sites in metropolitan areas, where relatively few people have health insurance, help in quickly enrolling patients into clinical trials in Argentina. The urban population in Argentina is in close proximity to government-run Administración Nacional de Medicamentos or National Administration of Drugs, Food and Medical Technology (ANMAT) investigative sites.
In 2010, the clinical trial market in Argentina was valued at $49.4 million in terms of revenue and is forecast to grow at a CAGR of nine per cent between 2010 and 2015.
EP News Bureau-Mumbai
