PharmaNet aims to put bad times behind it with expansion
The office in Sao Paulo, Brazil is the contract research organisation’s (CRO) second in Latin America, following the opening of a site in Buenos Aires, Argentina in 2003.
These two sites complement the network of field staff it has in Peru and Mexico, which gives it a presence in many of the attractive clinical trial locations in Latin America.
The four countries PharmaNet is active in are, together with Colombia and Chile, the hotspots for the regions clinical trials and account for around 80 per cent of population.
A large population, which is concentrated into some very big cities, is one factor attracting CROs to the region, with the US time zone among other benefits of operating their.
Fernanda Duran, executive director, Latin American operations, said: "The number of clinical trials in Latin America has experienced significant growth over the past ten years.
"Our clients are more actively requesting Latin American sites in order to meet aggressive timelines for patient recruitment, thus bringing their new drugs to market sooner. I am thrilled about opening this office in Brazil which will enhance our infrastructure in the region."
This upbeat expansion comes shortly after PharmaNet was acquired by a private equity buyer, a move which it hopes will mark the end of a challenging time in the company’s life.
A spate of cancelled and delayed contracts led to disappointed financial results and the share price dropping from a 52 week high of $42 to just $0.68. The acquisition has resulted in a slight rise to $4.95 but this still falls a long way short of the giddy heights reached a year ago.
