Headquartered in Sydney, Australia, the contract research organization (CRO) Novotech is partnered with 19 hospitals and medical facilities. It has offices in 11 countries and more than 550 staff.
The company recently announced that Ulsan University Hospital (UHH) and Seoul National University Hospital (SNUH) Hepatology Division, with 900 and 1,778 beds, respectively, have joined its CRO partnership program.
The deal expands Novotech’s program with up to 4m patients, according to the company, which has grown its operations in South Korea over the last few years, as the market has seen greater interest from North American and European companies.
In December 2018, Novotech’s executive director of Asia operations told us that the volume of sites opened by western small- and medium-sized biotech companies in South Korea increased by 17% over the last 12 months.
According to a report published by Frost & Sullivan, the Asia Pacific CRO market is estimated to grow at a compound annual growth rate (CAGR) of 19.9%in 2020, as opposed a 10.4% CAGR expected in North America.