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The Top 10 Contract Research Organizations by lot16315

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                The Top 10 Contract
              Research Organizations
                  Positioning, performance
                        and SWOT analyses




                               Report Price    £1995/ 2880/$3835
OUTSOURCING




                            Publication date   March 2009
PHARMA
                                                                  The Top 10 Contract Research Organizations
                                                                             Positioning, performance and SWOT analyses




About us...
                              Business Insights has teamed up with experts in contract research and
                              manufacturing to bring you a new series of reports analysing pharmaceutical
                              outsourcing. These new reports provide unique insight into the key issues in
                              contract research and specialist outsourced manufacturing and their impact on
                              the traditional pharmaceutical model.

The Pharmaceutical Outsourcing Series provides unique insight into the key issues in contract research and
specialist outsourced manufacturing and their impact on the traditional pharmaceutical model, to enable
companies to plan effectively and optimize R&D and manufacturing.

Our outsourcing portfolio of reports is designed to help decision makers:

• Plan resources and budgets effectively.
• Understand the future role of CROs and CMOs in improving pharma productivity.
• Optimize performance of outsourced companies as part of the R&D and manufacturing processes.




Report Overview
Cost containment and regulatory pressures within the pharma industry are
driving R&D outsourcing across the globe. Clinical obstacles to approval        Pages          168
have become more significant due to the growing availability of existing
generic treatments, and the trend to adopt Health Economics Outcomes           Figures                  31
Research (HEOR) assessments is increasing the complexity of clinical
                                                                               Tables                          49
research. As a result, the scope of the CRO industry is expanding, and the
global market is predicted to value $35bn by 2013.
                                                                                  “Use this report to gain an
‘The Top 10 Contract Research Organizations’ is a new report                     understanding of the business
published by Business Insights that examines the competitive landscape           strategies of the leading
of the global CRO industry. The latest key issues and evolving business          players in the rapidly growing
models in the CRO market are identified and the leading companies in             market for contract research
this sector are profiled in detail. For each of the top 10 CRO companies,        services...”

this report provides a detailed examination of financial performance by
                                                                                 Peter Thornton,
business segment and growth strategies in the form of key acquisitions
                                                                                 Head of Healthcare Analysis
and divestments. The opportunities and threats facing each of these              Business Insights
leading players are also assessed. This report also examines the size and
growth of the global CRO industry, with analysis of major market drivers
and trends in CRO destinations.
                                                                     The Top 10 Contract Research Organizations
                                                                                  Positioning, performance and SWOT analyses




Key Findings
      The global CRO industry valued $18bn in
      2008, an increase of 14% over 2007. The CRO
market will grow at an annual rate of 14% over the
2009–13 period.

      Quintiles leads the global CRO market having
      accrued a market share of 16.9% in 2007,
equivalent to sales of $2.7bn. There are over 1,100
players in the industry, and the top 10 players only
accounted for 56.1% of the global market in 2007.
                                                               Figure 2.1: Global CRO market size ($bn), 2008–13
       The fragmented structure of the CRO industry
                                                               “Business Insights estimates the global CRO market to be
       has led to an increase in strategic alliances,
                                                               worth $18bn in 2008, and further growth is forecast at an
acquisitions, joint-ventures and other partnership             annual rate of 14.0% to reach approximately $35bn in 2013.
deals as companies attempt to expand their service             This growth is expectecd to be largely driven by cost
offerings and geographical presence.                           containment pressures in the global pharmaceutical industry
                                                                that have encouraged R&D outsourcing...”

       Covance is the second largest global CRO,
       having registered revenues of $1.5bn 2007, representing a market share of 9.7%. Covance is
building global capabilities, with many clinical trials now being conducted in emerging markets.

      Biomarkers have the potential to become an integral part of clinical research, after the FDA
      recommended their usage throughout clinical trials to demonstrate desired clinical activity and safety.




Use this report to...
 •   Compare the performances of the top                   •     Assess the future prospects of the top 10
     10 CRO companies across key business                        CRO companies with this report’s analysis of
     segments with this report’s analysis of                     each firm’s strengths, weaknesses,
     Quintiles, Covance, Pharmal Product                         opportunities and threats, in addition to an
     Development, Charles River Labs, ICON,                      examination of growth strategies via
     Parexel, MDS, Kendle, PharmaNet                             acquisitions and divestments.
     Development and PRA International.
                                                           •     Measure the progress of other leading
 •   Identify the market dynamics of the global                  CRO companies by evaluating the financial
     CRO industry over the 2007-08 period,                       performances of Aptuit, Life Sciences
     discover which emerging markets are                         Research, Omnicare, SGS, CMIC, WuXi
     becoming the CRO destinations of the future                 Pharmatech, Galapagos (Biofocus), LAB
     and understand the latest industrial trends                 Research, United BioSource and Bio-Imaging.
     across the UK, Japan, France, Germany,
     Italy, Spain and the US.
                                                                  The Top 10 Contract Research Organizations
                                                                               Positioning, performance and SWOT analyses




Explore issues including...
       Industrial consolidation. Globalization and
       the need to provide a wider breadth of
services to meet customer needs across the drug
development process is driving consolidation.

      Budget pressures for biopharma. The
      economic slowdown has limited the availability
of funds for ‘risky’ businesses such as biotechnology.
This has led to many projects being suspended.

      Consolidation in client industry.
      Consolidation in the pharma industry has led
                                                         Figure 2.3: Market position of the global top 10 CROs
to the creation of larger entities with better
bargaining power. This is beginning to impact upon       “Among the top 10 players Quintiles, Covance, ICON and
                                                         PRA international are the only full-service CRO providers.
contract payment terms.
                                                         Covance has the largest exposure to therapeutic areas among
                                                         the top 10 global players. However, ICON has a competitive
      Demand for CRO services. Regulatory                advantage over the full-service providers mentioned above
      pressures are creating a need for larger trials     owing to its diversified geographic presence...”

and increasing development timelines. Regulatory
delays and phase IV monitoring requirements are also fuelling demand for CRO services.

      Influx of private equity players. A number of factors are driving the participation of private equity
      players, including the nature of the service-based business model and recent shifts in the CRO industry
led by globalization and the demand for full-service offerings.




Discover...

• Which countries are attracting offshore                  • How is consolidation expected to change the
  investment?                                                dynamics of the industry?


• What are the trends in the global CRO                    • What are the key strategies of the leading CRO
  industry?                                                  companies?


• Who are the top 20 players in the industry?              • What are the strengths and weaknesses of the
                                                             industry’s top players?
• What is the market share of each of the global
  leaders by company?                                      • Which phases of clinical research are driving
                                                             the industry?
• What are the drivers and resistors of growth in
  the CRO industry ?
                                                                     The Top 10 Contract Research Organizations
                                                                                  Positioning, performance and SWOT analyses




Sample Information

 Chapter 8: Parexel

 Company overview
 Parexel is engaged in clinical research,             Figure 8.14: Parexel financial performance ($m), 2004–08
 medical communications, consulting and
 informatics services. Its clinical research
 services (CRS) offerings constitute clinical
 trials and data management, biostatistics,
 clinical pharmacology and investigator
 site services. Parexel’s contract research
 services primarily focus on cardiology,
 oncology, infectious diseases and, CNS
 therapeutic areas. Parexel operates in 69
 locations in 52 countries globally.

 Recent financial performance
 Parexel generated $1,163m in
 consolidated revenues for fiscal year                                                         Business Insights

 ended June 2008, achieving a 26.7%
 growth over 2007. The contract research
 services (CRS) segment generated revenues worth $746m in 2008, up 35.9% over 2007. The growth in
 CRS revenue is attributable to the positive impact of acquisitions and increased demand for services
 across all phases of CRO business. Parexel’s CSR business registered a CAGR of 18.6% during 2004–08.

 Performance by business segments
 Parexel operates through three business               Table 8.20: Parexel business segment performance, 2008
 segments: CRS, Parexel consulting and
 medical communications services (PCMS)
 and Perceptive. It generated 77.3% of its
 total service revenues from the CRS
 segment in 2008, up 74% on 2007.
 Parexel’s PCMS and Perceptive business
 segments contributed 13.5% and 9.2%
 respectively to the company’s total
 revenue.                                                                                               Business Insights




 Parexel is focusing on strengthening its presence in the emerging markets of the Asia-Pacific to tap into
 regional demand for contract research services and to take advantage of cost savings for its Western
 clients. In June 2007, it opened a new office in Hyderabad, India to provide clinical research and data
 management services. This office will help Parexel target Indian pharmaceutical and biotechnology firms.
 It also entered in a joint venture with Synchron Research Services and acquired a majority holding in
 Synchron’s Bangalore business in 2006. (Continued...)

                                                       -96-
                                                                     The Top 10 Contract Research Organizations
                                                                              Positioning, performance and SWOT analyses




Table of Contents
CHAPTER 1: INTRODUCTION                • Opportunities                           - Acquisitions and divestments
• Methodology                            - Launch of interactive data          • SWOT analysis
                                          analysis tool                        • Strengths
CHAPTER 2: INDUSTRY                      - New facility in India                 - Depth in phase II–IV service
OVERVIEW                                 - Expansion in Japan                      offering
• Market overview                      • Threats                                 - Strong financial performance
  - Global CRO market: size and          - Stringent regulations               • Weaknesses
     growth                              - Increasing competition                - Declining revenue contribution
  - Global positioning of the top                                                  from PPD’s discovery segment
     10 CROs                           CHAPTER 4: COVANCE                      • Opportunities
  - Key market drivers                 • Company overview                        - Investment in technologies
  - Key market resistors               • Recent financial performance            - Geographical expansion
• Business models                        - Performance by business               - Outsourcing deal with Merck
  - Full-services CROs                     segment                             • Threats
  - Niche CROs                         • Growth strategies                       - Dependence on a small
• Trends in the global CRO               - Attaining operational efficiency        number of industries and
   industry                                through six sigma                       clients
  - Consolidation in the CRO               implementation
     industry                            - Develop capabilities in             CHAPTER 6: CHARLES RIVER
  - Evolution of software as a             emerging markets                    LABORATORIES
     service (SaaS) based electronic     - Acquisitions and divestments        • Company overview
     data capture (EDC)                • SWOT analysis                         • Recent financial performance
  - Implementation of biomarkers       • Strengths                               - Performance by business
     in clinical trials                  - Global capabilities                     segment
  - Participation of private equity      - Stronger therapeutic base           • Growth strategies
     players                             - Strong liquidity position             - Building capabilities for clients
• New CRO destinations                 • Weaknesses                              - Acquisitions and divestments
  - Asia-Pacific                         - Declining performance in            • SWOT analysis
  - India                                  late-stage segment                  • Strengths
  - China                              • Opportunities                           - Strong technology platforms for
  - Latin America                        - Expanding facilities in mature          pre-clinical testing
  - Eastern Europe                         pharmaceutical markets              • Weaknesses
  - Africa                               - R&D collaboration with Eli Lilly      - Higher debt burden
                                       • Threats                               • Opportunities
CHAPTER 3: QUINTILES                     - Weakening early-stage                 - Expansion in China
• Company overview                         development segment                 • Threats
• Recent financial performance           - Regulatory compliance                 - Cost cutting in
• Growth strategies                                                                biopharmaceutical industry
  - Investing in infrastructure        CHAPTER 5: PHARMACEUTICAL
  - Expansion of consulting            PRODUCT DEVELOPMENT                     CHAPTER 7: ICON
    business                           • Company overview                      • Company overview
  - Acquisitions and divestments       • Recent financial performance          • Recent financial performance
• SWOT analysis                          - Performance by business               - Performance by business
• Strengths                                segment                                 segments
  - Depth in service offerings         • Growth strategies                     • Growth strategies
  - Strong presence in emerging          - Collaboration for development         - Developing global capabilities
    economies                              of innovative compounds                 and reach
• Weaknesses                             - Expansion in central laboratory       - Acquisitions and divestments
  - Exposure in limited therapeutic        services                            • SWOT analysis
    areas                                                                      • Strengths
                                                                 The Top 10 Contract Research Organizations
                                                                           Positioning, performance and SWOT analyses




Table of Contents
  - Strong presence in oncology     • Strengths                            • Weaknesses
    solutions                         - Robust performance of late-          - Late-stage project cancellations
  - Technically enhanced service        stage contract research services   • Opportunities
    offerings                       • Weaknesses                             - Investing in laboratory
  - Unconventional service model      - Limited therapeutic focus              capabilities to analyze complex
• Weaknesses                        • Opportunities                            molecules
  - Rising debt load                  - Investment in technology           • Threats
• Opportunities                       - Expansion in Asian markets           - Legal proceedings
  - Expansion in India              • Threats                                - Refinancing convertible debt
  - Agreement with Phase Forward      - Regulatory review                    - Government regulations
• Threats
  - Government regulations          CHAPTER 10: KENDLE                     CHAPTER 12: PRA
  - Softness in non-Critical Path   • Company overview                     INTERNATIONAL
    studies                         • Recent financial performance         • Company overview
                                      - Performance by business            • Recent financial performance
CHAPTER 8: PAREXEL                      segment                            • Growth strategies
• Company overview                  • Growth strategies                      - Capacity expansion across
• Recent financial performance        - Participation in mega-trials           geographies
  - Performance by business           - Acquisitions and divestments         - Increased prominence in
    segments                        • SWOT analysis                            oncology
• Growth strategies                 • Strengths                              - Acquisitions and divestments
  - Expansion in emerging markets     - Strong presence in phase I–IV      • SWOT analysis
  - Acquisitions and divestments        clinical services                  • Strengths
• SWOT analysis                       - Growth in operating profit           - Services portfolio
• Strengths                           - Broader therapeutic exposure       • Weaknesses
  - Strong global presence          • Weaknesses                             - Limited therapeutic expertise
  - Stronger therapeutic presence     - Rising debt burden                   - Lower sales growth during
• Weaknesses                        • Opportunities                            2004–07
  - Increased receivable turnover     - Growth in the early-stage          • Opportunities
    period                              research segment                     - Collaboration with Frontage
• Opportunities                       - Expansion in Asia-Pacific              Laboratories
  - Expansion in early-phase        • Threats                                - Growing opportunities in India
    service offerings                 - Highly competitive environment     • Threats
• Threats                                                                    - Intense competition
  - Consolidation in the industry   CHAPTER 11: PHARMANET                    - Regulatory compliance
  - Declining R&D spending          • Company overview
    growth                          • Recent financial performance         CHAPTER 13: OTHER KEY
                                      - Performance by business            PLAYERS
CHAPTER 9: MDS                          segments                           • Aptuit
• Company overview                  • Growth strategies                      - Company overview
• Recent financial performance        - Global expansion of capacity         - Recent financial performance
  - Performance by business           - Early-stage expansion              • Life Sciences Research
    segment                           - Late-stage expansion                 - Company overview
• Growth strategies                   - Investment in technology             - Recent financial performance
  - Internal restructuring            - Acquisitions and divestments       • Omnicare
  - Investment in infrastructure    • SWOT analysis                          - Company overview
    across geographies              • Strengths                              - Recent financial performance
  - Acquisitions and divestments      - Extensive services spectrum        • SGS
• SWOT analysis                       - Diverse client base across           - Company overview
                                        geographies                          - Recent financial performance
                                                                 The Top 10 Contract Research Organizations
                                                                           Positioning, performance and SWOT analyses




Table of Contents
• CMIC                                • PharmaNet financial performance    • ICON business segment
  - Company overview                    ($m), 2004–07                         performance, 2007
  - Recent financial performance      • PharmaNet SWOT analysis            • Parexel snapshot
• WuXi Pharmatech                     • PRA International financial        • Parexel financial performance
  - Company overview                    performance ($m), 2003–07             ($m), 2004–08
  - Recent financial performance      • PRA International SWOT analysis    • Parexel business segment
• Galapagos (BioFocus)                • LSR financial performance ($m),       performance, 2008
  - Company overview                    2003–07                            • MDS snapshot
  - Recent financial performance      • Omnicare financial performance     • MDS financial performance ($m),
• LAB Research                          ($m), 2003–07                         2005–07
  - Company overview                  • SGS financial performance ($m),    • MDS business segment
  - Recent financial performance        2003–07                               performance, 2007
• United BioSource                    • CMIC financial performance ($m),   • Kendle snapshot
  - Company overview                    2005–08                            • Kendle financial performance
  - Recent financial performance      • WuXi Pharmatech financial             ($m), 2003–07
• Bio-Imaging                           performance ($m), 2003–07          • Kendle business segment
  - Company overview                  • BioFocus financial performance        performance, 2007
  - Recent financial performance        ($m), 2005–07                      • PharmaNet snapshot
                                      • Lab Research financial             • PharmaNet financial performance
LIST OF FIGURES                         performance ($m), 2005–07             ($m), 2004–07
• Global CRO market size ($bn),       • Bio-Imaging financial              • PharmaNet business segment
   2008–13                              performance ($m), 2003–07             performance, 2007
• Top 10 CRO companies market                                              • PRA International snapshot
   share (%), 2007                    LIST OF TABLES                       • PRA International financial
• Market position of the global top   • Global CRO market size ($bn),         performance ($m), 2003–07
   10 CROs, 2007                         2008–13                           • Aptuit Snapshot
• Comparative analysis of leading     • Select M&A deals in CRO            • LSR Snapshot
   CRO companies                         industry 2007–08                  • LSR financial performance ($m),
• Comparison between India and        • Select private equity deals in        2003–07
   China CROs                            CRO industry ($m), 2007–08        • Omnicare Snapshot
• Quintiles SWOT analysis             • Quintiles snapshot                 • Omnicare financial performance
• Covance financial performance       • Quintiles financial performance       ($m), 2003–07
   ($m), 2003–07                         ($m), 2003–07                     • SGS Snapshot
• Covance SWOT analysis               • Covance snapshot                   • SGS financial performance ($m)
• PPD financial performance ($m),     • Covance financial performance      • CMIC Snapshot
   2003–07                               ($m), 2003–07                     • CMIC financial performance ($m),
• PPD SWOT analysis                   • Covance business segment              2005–08
• CRL financial performance ($m),        performance, 2007                 • WuXi Pharmatech Snapshot
   2004–07                            • PPD snapshot                       • WuXi Pharmatech financial
• CRL SWOT analysis                   • PPD financial performance ($m),       performance ($m), 2003–07
• ICON SWOT analysis                     2003–07                           • BioFocus Snapshot
• Parexel financial performance       • PPD business segment               • BioFocus financial performance
   ($m), 2004–08                         performance, 2007                    ($m), 2005–07
• Parexel SWOT analysis               • CRL snapshot                       • LAB Research Snapshot
• MDS financial performance ($m),     • CRL financial performance ($m),    • LAB Research financial
   2005–07                               2004–07                              performance ($m), 2005–07
• MDS SWOT analysis                   • CRL business segment               • UBC Snapshot
• Kendle financial performance           performance, 2007                 • Bio-Imaging Snapshot
   ($m), 2003–07                      • ICON snapshot                      • Bio-Imaging financial
• Kendle SWOT analysis                • ICON financial performance ($m)       performance ($m), 2003–07
                                                                        The Top 10 Contract Research Organizations
                                                                                     Positioning, performance and SWOT analyses




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