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Business Plan: Executive Summary - Essay Example

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EXECUTIVE SUMMARY by [Author’s Name] Executive Summary Within the United States, at least 38,000 clinical trials are open for patient enrollment. With numerous parties enrolled in clinical development, it is no wonder that clinical trials last longer than expected…
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Business Plan: Executive Summary
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Download file to see previous pages Potential customers are Clinical Research Organizations, which cooperate with and provide services to pharmaceutical companies. The pharmaceutical market is declining, and CROs are pressured to reduce their fixed operating costs and refocus their business, through manpower consolidation, divestiture, and better infrastructure. The coming years will witness increased participation of CROs in clinical research activities, and further expansion of pharmaceutical market will create new opportunities for entry. Quintiles, Icon, and Covance are the three largest Clinical Research Organizations in the world and currently account for one-third of the world’s market. ICON is a global contract clinical research organization, which serves the needs of pharmaceutical companies and specializes in developing and managing strategic programs to support clinical research and development. Quintiles is a pharmaceutical services provider and is currently the most influential organization in its field. The company operates in more than 60 countries and employs a total of 22,000 workers. Covance is one of the leaders of the clinical research field, which provides pharmaceutical companies with a wide range of drug development services. Charles River Laboratories specializes in pre-clinical and clinical laboratory service provision for pharmaceutical companies. ...
The tool involves the use of the RXHub National Patient Health Information network and takes advantage of smartphone video and camera opportunities. Customer experiences play a critical role in the development of the future product. With this in mind, another platform will be created, to allow for flexibility and adjustability of the discussed application. Clinical trial sponsors will be able to define and set the categories and functions they need in each particular situation. Selection, adjustability, and flexibility will help clinical trial sponsors reveal and utilize the clinical and commercial potential of their business endeavors to the fullest. None of these pieces and elements can operate without a well-developed infrastructure. The product is not an instrument of data analysis but a business tool, creating a bridge between the data collected from patients and the data captured by the Clinical Research Organization. The product facilitates the integration of data gathered from multiple sources. Seamless integration is ensured through the use of IT of the corresponding CRO. The average cost of the application is currently between $22-48K per patient. The price for each application is charged in the following manner: (a) one-time set up fee for customization is fixed; (b) subscription fees vary, depending on the number of patients enrolled in the trial and the length of the trial (the number of months the trial lasts). Therefore, depending on the trial, the product is developed at three price points: high, medium, and low. The pharmaceutical and CRO markets are becoming more competitive. The product can readily become a source of ...Download file to see next pagesRead More
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