CHICAGO, June 21, 2011 /PRNewswire-USNewswire/ -- According to a new study released today at the annual meeting of the Drug Information Association in Chicago, the greater Kansas City region is home to a significant cluster of contract research organizations (CROs) and contract service providers (CSPs), with more than $1 billion in annual revenue.
Commissioned through an innovative partnership consisting of the Kansas Bioscience Authority, the Kansas Bio Organization, the Kansas City Area Life Sciences Institute and the Kansas City Area Development Council, the study also found that the Kansas City region is home to approximately 70 CROs and CSPs employing more than 9,000 people.
"Working with our regional partners, we commissioned this study because we knew there was a wealth of contract research and service activity in the region," said David Vranicar, interim president and CEO of the Kansas Bioscience Authority, "but it was surprising – even to those of us who know the space well – to learn that this is an industry that exceeds one billion dollars in revenue locally. Of equal significance is the diversity of the region's CRO and contract service provider offerings, spanning every stage of drug development required to identify and bring new drugs and devices to market."
Nearly every major global pharmaceutical company has utilized contract research services in the Kansas City region.
Increasing pressure on pharmaceutical and biotech companies to address unmet medical needs is driving demand for CROs and CSPs to deliver high-quality contract research. Outsourcing these activities gives drug developers increased flexibility to accommodate research and staffing constraints in their development pipelines. By leveraging the specific research experience provided by CROs and CSPs, outsourcing can significantly lower costs and shorten timelines.
"Research sponsors need to be confident that CROs and CSPs can deliver rig