Veeda to conduct bulk of $8.4 mn clinical research projects in India
Nearly 60% of its global TO comes from India.
Columbus headquartered Veeda Oncology, a full service Oncology clinical research organisation (CRO) with facilities in North America, Europe and India, plans to conduct the bulk of the recent $8.4 million of new clinical research programs it has been awarded in the last one month in India itself. The awarded work will be conducted in India, Europe and the US. A large part of the clinical trials and data management and biostatistics work would be conducted in India. Matt Bowman, president and CEO of Veeda Oncology, said “”We are enjoying our continued repeat business from our existing clients as well as these five new clients””.
The CRO has invested around Rs75 crore in its Indian operations so far, and employs around 400 people. “”We plan to recruit more people in India,US and Europe””, the company said in an e-mailed response. Veeda Oncology is part of Veeda Group, the largest Phase I CRO in India also engaged in early clinical development and Phase II clinical research since 2005 having 6 offices across India, UK, USA & Europe.
”India currently contributes to over 60 per cent of Veeda’s global turnover, and $64 billion clinical research market is turning towards destinations like India to outsource various functions, Veeda hopes that the Indian CRO industry is likely to show a positive curve in growth graph””, the company informed.
Its Indian operations have grown at the rate of more than 35 per cent per annum for the last five years. By 2012, analysts project that more than 65 per cent of all FDA regulated trials will take place outside the United States.
This is reflected in the Indian biotechnology market, which is expected to grow at a compounded annual growth rate of 30 per cent, and the Indian CRO market, which is expected to see growth of 49 per cent annually.