A contract research organization (CRO) is a company specialized in carrying out R&D services for pharma or biotech companies. The proposed services cover all R&D phases, ranging from preclinical research (toxicology, pharmacology, etc.) to clinical research, including strategy and marketing consulting.
Lately, biotechnology companies tend to outsource their R&D projects and thus have included the use of services providers into their business model for several reasons. On the one hand, biotech companies have often limited financial resources as well as they do not have systematically the technological resources to perform all their projects in-house. Time is also a critical issue in the survival of a small company. Relaying steps of your studies to a specialized R&D services provider able to rapidly achieve a project could be therefore a wise choice.
On the other hand, pharmaceutical industries are increasingly outsourcing their R&D in order to reduce drug development costs.
Consequently, the market of services providers in the field of pharmaceutical and biotech R&D has been booming in recent years.