Philadelphia, PA. -- Hovde Associates LLC has released a study examining the significant value of outsourcing for Contract Research Organizations (CROs).
The study, titled 'Strategic and Tactical Use of Outsourced monitoring by Contract Research Organizations', examines the lessons learned from other industries on the value and benefits of outsourcing, evaluates outsourcing options and co-sourcing clinical monitoring services, as well as the results from two case studies. The research also provides an in-depth cost analysis and identifies outsourcing benefits from a financial perspective.
"The strategic and non-strategic benefits of outsourcing do not come without changed thinking and new approaches to operational management," says Mark Hovde, President of Hovde Associates LLC. "Outsourcing is evolving to a competitive strategy that allows a CRO to expand the scope of projects it can credibly pursue, thus leveraging core competencies, expanding market share and improving margins."
The Hovde study addresses how new approaches to outsourcing are derived from a combination of improved productivity, smarter staffing, and more precise localization of project resources. According to the research, these are, in fact, the arguments CROs have used for years to convince their sponsor customers to utilize their services.