The CRO industry is growing as pharmaceutical companies look for new ways to cut their expenses. Pharmaceutical companies must submit clinical data to regulatory authorities in order to gain approval for new drugs.

This can be expensive and time-consuming. However, outsourcing research work to CRO can boost a company's success rate, speed up drug discovery, and improve profits. Meanwhile, increasing investments in healthcare are also propelling the CRO industry to grow further.

CRO provide several services for clients in the biotechnology, pharmaceutical, and medical device industries. These services range from developing biopharmaceuticals and biologic assays to managing clinical trials and pharmacovigilance.

The industry is predicted to grow at a 11.4% CAGR through 2022. The contract research organization industry is growing as clients outsource R&D budgets to CRO. Clinical trials conducted by CRO save clients an average of four to five months when compared to those conducted in-house.

NCBiotech is working with academic and industry partners to support the Contract Research Organization industry in North Carolina by expanding the clinical-based workforce and promoting the state's CRO community. In the early 80s, two major CROs, Quintiles and PPD, were founded in the state. Today, there are many CROs throughout the state, with major clusters located in the Research Triangle region and southeastern NC.