Quintiles Transnational: Contract Research Organization
We’ve heard about the different kinds of outsourcing that has been going on. This is true in manufacturing to services like call centers. Most of the work are done by companies based in China and the rest of Asia. Yet there are other forms of outsourcing which you may not be aware of like those performed by contract research organizations or CROs.
One of the largest CROs in the world is Quintiles Transnational. It’s not based in China or India but in Durham, North Carolina. It was formed in February 1982 and co-founded by London born University of North Carolina (UNC) professor Dennis Gillings and Gary Koch. Gillings got his first consulting contract and with part-time staff worked in a trailer on the UNC campus providing statistical and management consulting for pharmaceutical customers. Koch remains as a professor at the University of North Carolina.
Today Quintiles is one of the world’s largest providers of biopharmaceutical development and commercial outsourcing services. It has a network of over 27,000 employees doing business in about 100 countries. Quintiles boasts of the fact that it has helped develop or commercialize all of the top-50, best selling drugs in the market.
The healthcare environment is becoming more complex while industry players want to increase the efficiency and effectiveness in the delivery of better healthcare outcomes. To help industry players achieve this Quintiles utilizes the breadth and depth of its service offerings along with its extensive therapeutic, scientific and analytics expertise.
The company offers a wide range of clinical trials management services, including patient recruitment, data analysis, laboratory testing, and regulatory filing assistance. The firm’s consulting unit provides strategic advice at every stage of drug discovery and development. The capital and commercial divisions of Quintiles likewise aid with project funding and sales and marketing efforts.
With its capabilities Quintiles can practically do it all for a healthcare company who wants to bring a new product to the market. The firm earned revenue of $4.87 billion in 2012. Outsourcing can be a very lucrative business.