The global contract research organization (CRO), Phastar, announced it will add new offices in Tokyo, Japan, and the West Coast of the US in 2020 to serve as operational hubs for Japanese and North American customers. It has also partnered with Medidata to use clinical data solutions as its operations expand.
The company, which provides statistical consulting, clinical trial reporting, data management, and data science services, stated that the addition of these new offices is part of its current five-year plan for growth to both its talent pools and access global biotech hubs.
Phastar already has offices throughout Europe, the East Coast of the US, Kenya, and Australia, but Kevin Kane, CEO of the company, said in a statement that opening offices on the West Coast of the US and Japan will give the company greater access to clinical study design and reporting experts.
According to Kane, the Japan office will enable the company to have greater access to the local pharmaceutical and biotech market. The locations were also chosen as they are close to its existing customers, and the senior staff at the new sites will be able to continue to enhance the company’s customer interface.
Kane told us, “We are already 18 months into the plan and saw a year one full-time employee headcount growth of 34%. In terms of statistical CRO groups, our competitor intelligence lists us as the tenth largest team globally – we aim to be one of the top five by the end of the five-year plan.”
He added, “We are looking to double our revenue over the five-year period and are well on target, with a 36% growth in year one and an estimated growth of around 30% for year two. If this increases, we will deliver our five-year plan in a shorter timeframe.”
Despite the growth already seen, Kane told us that the company is seeing new challenges and has taken steps to mitigate the risks associated.
Phastar has set up a management subgroup that is developing data science offerings using both machine learning and artificial intelligence techniques for clinical trials and real-world data analysis.
Phastar also announced it has partnered with Medidata, as it continues to grow its market share in data offerings. Through this partnership, Phastar will use Medidata Rave Clinical Cloud, which includes Rave electronic data capture (EDC), Coder, electronic clinical outcomes assessment (eCOA), and randomization and trial supply management system (RSTM).
With this platform, Phastar is able to design and conduct complex clinical trials while developing the large volumes of data collected into insights.
The CRO’s Kenya and UK offices have also seen an expansion of its data operations team, as the organization enhances its data services offerings.
In a statement, Andrew MacGarvey, managing director of Phastar, said, “Our data sciences group is developing tools and techniques to help our customers maximize the data they collect. Medidata understands that the types of data collected during clinical trials are changing and the amount of data underpinning clinical research is increasing extremely quickly.”
Phastar also opened a second office in Boston and will use its partnership with Medidata to enhance its US expansion plan.