Indian clinical trial companies are now in a phase to showcase their competence with the highest level of tech adoption and scouting for mergers and acquisitions.
These companies from Veeda to Siro are now innovating and working on customized approaches. Wide scale technology adoption for digital informed consent monitoring, e-diary, digital biomarkers, e-health record management provides easy access to the availability of information.
Internet and mobiles have paved the way for tech-driven trials in industry. Virtual monitoring and digitization have reduced the time taken for research. Additionally, artificial intelligence has augmented human expertise like smart advisors for scientists, robots for skilled workers, and computational creativity for designers. This approach has been approved and applauded by the regulatory authorities as well. Patients have also started taking a keen interest in supporting and gaining more knowledge of trials, said Akshay Daftary, director, SIRO Clinpharm.
Technology has been leveraged to reduce the physical contact and effort by adopting techniques like virtual meetings, reviewing documents electronically, etc. Another robust intervention has been through making the drugs available to the participants via direct shipment to their residence and providing telemedicine services. This ensured that patients who are unable to visit the hospital for health and security reasons can also participate in the trial without compromising on their safety, Daftary told Pharmabiz.
Our clinical research ecosystem has witnessed a flurry of collaborative efforts which have expedited drug development. The partnerships have been critical for the clinical trial industry to move by understanding the demands of patients during the pandemic, said Dr S N Vinaya Babu, managing director, Bioneeds India.
Moreover, mergers and acquisitions are a critical component of growth strategy. To cash in on the emerging opportunities and also to make a quantum leap in terms of market presence, Veeda, a leading independent clinical research organisation (CRO) in India, has acquired a minority stake in the in the company and this is expected to help us widen our market opportunity, said Dr Babu.
India is emerging as the global development hub and will continue to evolve in this area for the next decade as well. However, implementation of some of these technologies arrives with huge investments which could be slightly challenging. People, in general, have become more aware of the importance, safety, and efficacy of clinical trials along with the need for drugs and vaccines. The pandemic has changed the outlook for many countries and innovation is the key to various ongoing and future developments, said Daftary.
