Outsourcing, Study, Identifies, Hovde, Value
Hovde Associates study identifies strategic value of outsourcing
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Study identifies outsourcing as a competitive strategy allowing CROs to improve productivity, staff more efficiently and provide more precise localization for project resources.
Hovde Associates LLC today released a study examining the significant value of outsourcing for Contract Research Organizations (CROs), which supports the services offered by Monitorforhire.com, the first Internet-based resource management tool for matching clinical trial sponsors with pre-screened, qualified, independent clinical monitors around the world.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," said 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. As mentioned in the study, companies like Monitorforhire.com are a key part of this strategy."
"In an effort to meet the critical demand of what CROs are looking for today, Monitorforhire.com provides web-enable collaborations between professional independent clinical monitors and clients for effective clinical drug development," said Scott Freedman, president of Monitorforhire.com. "Ultimately, we minimize the role of the middleman in order to offer convenience, increase efficiency and promote project success for CROs."
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.
Hovde cites various CROs, pharmaceutical and biotech vendors throughout the study. To download a copy of the report, go to http://www.monitorforhire.com/whitepapers.asp.
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