Optimizing Your Partnership with CROs and Outsourcing

Optimizing Your Partnership with CROs and Outsourcing

With the advancement of technology and regulatory obligations in medicine, research institutions are facing obstacles to maintain their R&D efforts for new therapeutics. As a result, there has been an increase in outsourcing clinical trials to contract research organizations (CROs) like Milo Healthcare.

The North American market expects to exceed US$34.2 billion by 2028 due to this trend towards CRO partnerships as the future model. As more biotech companies and pharmaceutical sponsors embrace external collaborations with CROs for mutual benefits – five strategies can be adopted so that one derives maximum value from these relationships while taking advantage of their expertise.

1 – Estimate Collaborative Advantages

When setting up a new CRO partnership, it is important to avoid the common mistake of focusing on its weaknesses rather than strengths. Instead, choose a collaborator who can enhance your own abilities and improve areas where you excel. Assessing your CRO’s offerings at an early stage will help establish a solid foundation for future study collaboration based on complimentary skills.

For example, if site recruitment has been problematic during trials in the past, consider using resources like Milo’s Match to connect with experienced researchers in a critical phase that can significantly impact the success and timeline of your study. Milo enables CROs to distinguish themselves by adopting contemporary industry procedures and preparing for effective handling of hybrid and decentralized trials in the future.

2 – Make sure that accountability is mutual

Partnerships may suffer if there is an uneven distribution of responsibilities. To avoid this, it’s crucial for both parties to establish mutual accountability prior to beginning the partnership. This can be achieved by discussing how each team will be held accountable and creating a continuous action plan beforehand. Additionally, selecting a payment model that promotes balanced risk-sharing between organizations can help maintain equity within the partnership.

3 – Establish explicit guidelines

It may be tempting to jump into a new project with a well-matched CRO, but it is crucial to set clear expectations at the start of the partnership. This includes deciding on oversight levels provided by outsourcing companies, outlining assigned tasks and goals for hired CROs, and defining successful outcomes for both parties. These contingencies foster trust, commitment, and accountability between sponsors and their CRO collaborators when facing disagreements or obstacles down the line.

4 – Proactively engage in communication

Successful business relationships between trial sponsors and their chosen CROs heavily depend on proactive communication. Both parties must share the responsibility of completing tasks assigned, and immediately inform each other about any encountered issues for a true partnership to thrive. Clinical trials are challenging ventures that come with inevitable obstacles; nonetheless, managing conflicts truthfully and transparently will only strengthen the bond in this relationship.

5 – Emphasize mutual objectives

The reason why sponsors opt to outsource their clinical trials to a CRO is that they seek cost-effective and quicker positive results. However, when research companies choose to work with a CRO for outsourcing purposes, the outcome may not yield desired outcomes unless both parties are equally invested in achieving success. To handle any unforeseen challenges successfully and achieve set objectives together; shared goals between the sponsor and CRO are crucial. Thorough vetting before entering an agreement can enhance compatibility based on each party’s missions, values, and experiences, thus increasing chances of fruitful partnerships.

 

Innovative Advancements in the Contemporary CRO Industry

In today’s CRO landscape, biotech and pharma companies have numerous options to consider. However, the crucial factor in maximizing the benefits of a clinical study partnership is finding a good fit from day one. Milo employs advanced digital innovation to lead modernized clinical research across various therapeutic areas.

Our specialized teams are trusted by renowned sponsors and committed to delivering cost-effective quality services with shorter study timelines while prioritizing your experience throughout every stage of the trial process.

 

Become a partner with Milo’s CRO Partnership Program

Your requirements as a CRO cover diverse domains, ranging from sales to operations and beyond. Recognizing this unique scenario, we have designed an exclusive program that caters to cross-functional CRO teams’ support needs. Our goal is to assure their success by fulfilling all specific business needs accordingly.

Adopting innovative technology can be overwhelming. That’s why we’re committed to assisting your operations, technology, and sales teams in becoming proficient with Milo, enabling you to deliver outstanding results for your sponsors.

 

Get in touch and schedule a demo of our platform now!

Why Choose Milo?

  • User-Friendly and Rapid Deployment
  • Over 90% of studies can be deployed within 4 weeks, allowing CROs to minimize the time spent on study setup and quickly adapt to mid-study changes.
  • Built-In, Not Bolted On
  • Milo’s out-of-the-box solutions eliminate the need for CROs to add additional services when crafting proposals for sponsors. Moreover, our modular eClinical DCT platform, featuring integrated EDC, reduces the number of tools required to launch a clinical trial.
  • Tech-First, Research Always

An open API provides customers with the freedom and flexibility to seamlessly integrate Milo with other in-house or vendor platforms and data within the ecosystem, thereby maximizing the likelihood of study success.