An uptick in clinical trials and demand for advanced therapy medicinal products (ATMPs) have offered compelling opportunities for contract research organizations (CROs). The U.S. National Library of Medicine notes that around 83,230 clinical trial studies are currently active and/or recruiting globally. Amidst stiff competition and the soaring USD 1.5 trillion industry of medical device and drugs, acquisitions of small-scale innovative players, outsourcing and R&D activities have become noticeable. Outsourcing of clinical trials to CROs is mainly attributed to technical prowess and cost-effectiveness.

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