Competition among the top CROs, many of which are conglomerations of smaller peers, is “ferocious” right now on nearly every level, Parexel CEO Josef von Rickenbach told Outsourcing-Pharma.com at the 51st annual DIA conference.
Although Parexel’s consolidated service revenue increased by only 2% for the quarter, the company reported that its backlog included gross new business wins of $942.4m, which was 5.3% higher than the same quarter as last year.
One quarter after announcing a disappointing book-to-bill ratio, CRO Parexel has now renewed its strategic partnership with GlaxoSmithKline and seen its book-to-bill ratio jump to its highest level since 2012.
As small and medium sized biopharma companies continue to raise cash through IPOs and elsewhere, CROs will see an uptick in outsourced work, Parexel founder, chairman and CEO Joseph von Rickenbach predicted in the company’s earnings call last week.
There are currently three key market trends that play to Parexel's
strengths and one of them is the globalisation of clinical trials,
the company's CEO claimed during a healthcare conference earlier