Parexel opens first Indian operation
the establishment of its first operation in India.
The firm has done so after edging itself into the region through a joint venture formed in July last year with Bangalore-based Synchron Research Services, after having collaborated with them since 2004.
"There's no denying that the clinical research market in India offers huge potential," a Parexel spokesperson told Outsourcing-Pharma today at the US Drug Information Association (DIA) conference in Atlanta.
"I think establishing yourself in a new marketplace through a local partnership before entering yourself, is generally a good way to conduct business and the experience in doing this with Synchron has worked out really well for us."
Parexel will now offer data management and other clinical support services such as monitoring and project management from its new site in Hyderabad.
According to Parexel chairman and CEO Josef von Rickenbach, the location was chosen because it is fast becoming an "important biotechnology hub".
The Hyderabad operations will be locally staffed and will add to the Phase I-IV clinical research services that Parexel already provides in India through its partnership with Synchron.
Parexel owns a 75 per cent stake in the joint entity called Parexel International Synchron Private Limited, into which Synchron transferred its existing clinical trial business operations, as well as a 20 per cent equity interest in the 86-bed clinical-pharmacology business of Synchron in Ahmedabad, India.
"The opening of Parexel's Hyderabad location was a natural next step to meet client demand in India for our services," said Mark Goldberg, president of Clinical Research Services and Perceptive Informatics at Parexel.
In 2005, contract research in India was valued at $100-120m (€74-90m) and ballooning at a rate of 20-25 per cent each year.
India now holds nearly double the business of its nearest rival, Italy, with a market value of $60-$70m. Parexel is one of over 15 prominent contract research organisations (CROs) and ten large multinational pharma companies who are now operating in the country.
