Averion jumps on the Indian CRO bandwagon
organisation (CRO) to offer combined services to pharma and biotech
companies.
Averion International, CRO specialising in oncology, has signed a non-exclusive agreement with Apothecaries, another oncology CRO based in New Delhi - a deal that allows the US firm to reach the lucrative Indian clinical trials market.
"This strategic alliance enhances our global capabilities as an established CRO in the oncology market segment as we gain Apothecaries' substantial experience in conducting well-run oncology clinical trials," said Philip Lavin Averion's CEO.
"We believe the strategic alliance will bring mutual clinical research opportunities to each group."
India's clinical trials industry has been experiencing unprecedented growth due to its vast patient pool, English speaking clinicians and low cost base in the past few years.
The country is already holding the largest part of the world's contract research business as activity in the pharma market continues to explode in this region.
In 2005 contract research in India was valued at $100-120m (€77-93m) and growing at a rate of 20-25 per cent each year, according to a report by the Chemical Pharmaceutical Generic Association.
Western companies like Averion have spotted the opportunity and this latest deal could be a smash hit for the CRO.
Averion will benefit from Apothecaries' know-how in the clinical trials area - the Indian firm has conducted a multitude of early- and late-stage trials in indications including breast, head and neck, and cervical cancers.
"Averion and our Millennix Oncology specialty service brand will also obtain access to leading clinical sites in India with competent staffing and access to a significant patient population, further building on our strategy to expand our global oncology development programs," said Gene Resnick, Averion chief medical officer.
On the other hand, it's an opportunity for Apothecaries to get a chunk of the US market without taking too many risks.
"We are pleased to partner our extensive capabilities in India with Averion and its solid reputation for offering clinical trials that are executed to the highest standard," said Brijesh Regal, Apothecaries CEO.
