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Rising Financial and Regulatory Pressures on Western Pharma Will Continue to Drive the Clinical Trial Market Growth in Argentina
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Emerging Market for Clinical Trials in Argentina - Major CostAdvantages over the US in Conducting Clinical Trials WillEncourage Drug Development
Rising Financial and Regulatory Pressures on Western Pharma Will Continue to Drive the Clinical Trial Market Growth in Argentina The pharmaceutical industries of the US and Europe have been facing severe financial constraints over the past few years, and these are expected to worsen in the coming years. With constraints such as the cost of introducing an NME increasing to reach more than $3 billion in 2008, tightening regulatory pressures resulting in fewer FDA approvals, blockbuster drugs worth more than $100 billion set to expire by 2014 and the drying pipelines of the pharmaceutical industry, pressures are mounting on pharmaceutical companies to cut costs, especially the big ones. These pressures are expected to drive these companies towards low-cost countries such as Argentina to perform their R&D activities, one of their major expenses. Argentina has developed significant capabilities in clinical trials over the last decade, along with certain capabilities especially for diabetes indication. Argentina is able to provide significant cost savings in the range of 50–60% for clinical trials. With discovery research occupying close to onethird of the R&D expenditure for the western pharmaceutical industry, outsourcing to low-cost countries is logical. As the financial and regulatory pressures grow on the US and European pharmaceutical industry, it is expected to further propel the growth in the Argentine clinical trial market.
Access to Large Patient Pool and Lower Costs are the Main Drivers for Outsourcing Clinical Trials to Argentina The figure above depicts the population of Argentina according to age groups from 1980 to 2050. As evident from the figure, Argentina’s population will experience a dramatic shift in its age structure. In 2030 its total population is expected to be above 50 million, with 14.5 million of its people above the age of 50. In 2050, it is estimated that this number will rise to nearly 19.5 million. This means that there will be a rise in chronic diseases, which generally affect this population age group. Argentina has a physician density of 32 per 10,000 of the population. Dentistry staff have a density of nine per 10,000 of the population, approximately 20,000 pharmacists are presently rendering services in Argentina and there are around 6,400 primary healthcare units and centers. Clinical Trial Market in Argentina will Experience a Steady Growth from 2010 to 2016 In 2010, the Argentine clinical trial market was worth $49.4 For further details, please click or add the below link to your browser: http://www.gbiresearch.com/Report.aspx?ID=Emerging-Market-for-Clinical-Trials-in-Argentina-Major-Cost-Advantages-over-the-US-in-Conducting-Clinical-Trials-Will-Encourage-Drug-Development&Title=Pharmaceuticals_and_Healthcare&ReportType=Industry_Report
Cost reduction is one of the main reasons for outsourcing clinical trials to Latin American countries. Argentina due to its large patient population and improving infrastructure is attracting major pharmaceutical companies to conduct the clinical trials in the country. Language barriers and a lack of government incentives are the problems faced by the multimational companies currently, but if these problems are resolved then in the future the market may grow at exorbitant significant rate. Linguistic Issues and Cultural Attitudes Restrict Growth Linguistic issues and cultural attitudes remain the major restraints for conducting clinical trials in Argentina. The majority of the people in Argentina speak Spanish, the official language. All the key regulatory documents required for clinical trials need to be translated into Spanish using the proper translation procedures and this adds to the time required for the submission of applications. This may also result in miscommunication if not properly addressed. Cultural attitudes differ in the Argentine population and these differences should be well understood and taken into account to ensure that do not affect the conduction of clinical trials. For example, many people in Argentina take herbal medicines, which if not reported may affect the outcome of trials For further details, please click or add the below link to your browser: http://www.gbiresearch.com/Report.aspx?ID=Emerging-Market-for-Clinical-Trials-in-Argentina-Major-Cost-Advantages-over-the-US-in-Conducting-Clinical-Trials-Will-Encourage-Drug-Development&Title=Pharmaceuticals_and_Healthcare&ReportType=Industry_Report
GBI Research, the leading business intelligence provider, has released its latest report, “Emerging Market for Clinical Trials in Argentina - Major Cost Advantages over the US in Conducting Clinical Trials Will Encourage Drug Development”, which provides key data, information and analysis of the major trends and issues affecting the clinical trial market in Argentina. The report provides a comprehensive insight into the reasons for outsourcing clinical trials to Argentina and the key services provided by the CROs of Argentina. The report provides a detailed analysis of the Argentine market in terms of its size and the major service offerings of the CROs in Argentina. The report also discusses the factors that are driving the clinical trial market in Argentina. The report delves into the key documents required by the investigator and the sponsor before, during and after the conduct of clinical trials. The report also provides key alliances between the CROs of other countries and the local CROs of Argentina. The report also looks into the major challenges that could restrict the growth of the clinical trials market in Argentina. Visit our report store: http://www.gbiresearch.com For more details contact: email@example.com North America: +1 646 395 5477 Europe: +44 207 753 4299 +44 1204 543 533 Asia Pacific: +91 40 6616 6782