Executive summary
Industry overview
Quintiles
Covance
Pharmaceutical Product Development (PPD)
Charles River Laboratories (CRL)
ICON Clinical (ICON)
Parexel
MDS
Kendle
PharmaNet Development (PharmaNet)
PRA International
Chapter 1 Introduction
What is this report about?
Methodology
Chapter 2 Industry overview
Summary
Introduction
Market overview
Global CRO market: size and growth
Global positioning of the top 10 CROs
Key market drivers
Key market resistors
Business models
Full-services CROs
Niche CROs
Trends in the global CRO industry
Consolidation in the CRO industry
Evolution of software as a service (SaaS) based electronic data capture (EDC)
Implementation of biomarkers in clinical trials
Participation of private equity players
New CRO destinations
Asia-Pacific
India
China
Latin America
Eastern Europe
Africa
Chapter 3 Quintiles
Summary
Company overview
Recent financial performance
Growth strategies
Investing in infrastructure
Expansion of consulting business
Acquisitions and divestments
SWOT analysis
Strengths
Depth in service offerings
Strong presence in emerging economies
Weaknesses
Exposure in limited therapeutic areas
Opportunities
Launch of interactive data analysis tool
New facility in India
Expansion in Japan
Threats
Stringent regulations
Increasing competition
Chapter 4 Covance
Summary
Company overview
Recent financial performance
Performance by business segment
Growth strategies
Attaining operational efficiency through six sigma implementation
Develop capabilities in emerging markets
Acquisitions and divestments
SWOT analysis
Strengths
Global capabilities
Stronger therapeutic base
Strong liquidity position
Weaknesses
Declining performance in late-stage segment
Opportunities
Expanding facilities in mature pharmaceutical markets
R&D collaboration with Eli Lilly
Threats
Weakening early-stage development segment
Regulatory compliance
Chapter 5 Pharmaceutical Product Development
Summary
Company overview
Recent financial performance
Performance by business segment
Growth strategies
Collaboration for development of innovative compounds
Expansion in central laboratory services
Acquisitions and divestments
SWOT analysis
Strengths
Depth in phase II-IV service offering
Strong financial performance
Weaknesses
Declining revenue contribution from PPD’s discovery segment
Opportunities
Investment in technologies
Geographical expansion
Outsourcing deal with Merck
Threats
Dependence on a small number of industries and clients
Chapter 6 Charles River Laboratories
Summary
Company overview
Recent financial performance
Performance by business segment
Growth strategies
Building capabilities for clients
Acquisitions and divestments
SWOT analysis
Strengths
Strong technology platforms for pre-clinical testing
Weaknesses
Higher debt burden
Opportunities
Expansion in China
Threats
Cost cutting in biopharmaceutical industry
Chapter 7 ICON
Summary
Company overview
Recent financial performance
Performance by business segments
Growth strategies
Developing global capabilities and reach
Acquisitions and divestments
SWOT analysis
Strengths
Strong presence in oncology solutions
Technically enhanced service offerings
Unconventional service model
Weaknesses
Rising debt load
Opportunities
Expansion in India
Agreement with Phase Forward
Threats
Government regulations
Softness in non-Critical Path studies
Chapter 8 Parexel
Summary
Company overview
Recent financial performance
Performance by business segments
Growth strategies
Expansion in emerging markets
Acquisitions and divestments
SWOT analysis
Strengths
Strong global presence
Stronger therapeutic presence
Weaknesses
Increased receivable turnover period
Opportunities
Expansion in early-phase service offerings
Threats
Consolidation in the industry
Declining R&D spending growth
Chapter 9 MDS
Summary
Company overview
Recent financial performance
Performance by business segment
Growth strategies
Internal restructuring
Investment in infrastructure across geographies
Acquisitions and divestments
SWOT analysis
Strengths
Robust performance of late-stage contract research services
Weaknesses
Limited therapeutic focus
Opportunities
Investment in technology
Expansion in Asian markets
Threats
Regulatory review
Chapter 10 Kendle
Summary
Company overview
Recent financial performance
Performance by business segment
Growth strategies
Participation in mega-trials
Acquisitions and divestments
SWOT analysis
Strengths
Strong presence in phase I-IV clinical services
Growth in operating profit
Broader therapeutic exposure
Weaknesses
Rising debt burden
Opportunities
Growth in the early-stage research segment
Expansion in Asia-Pacific
Threats
Highly competitive environment
Chapter 11 PharmaNet
Summary
Company overview
Recent financial performance
Performance by business segments
Growth strategies
Global expansion of capacity
Early-stage expansion
Late-stage expansion
Investment in technology
Acquisitions and divestments
SWOT analysis
Strengths
Extensive services spectrum
Diverse client base across geographies
Weaknesses
Late-stage project cancellations
Opportunities
Investing in laboratory capabilities to analyze complex molecules
Threats
Legal proceedings
Refinancing convertible debt
Government regulations
Chapter 12 PRA International
Summary
Company overview
Recent financial performance
Growth strategies
Capacity expansion across geographies
Increased prominence in oncology
Acquisitions and divestments
SWOT analysis
Strengths
Services portfolio
Weaknesses
Limited therapeutic expertise
Lower sales growth during 2004-07
Opportunities
Collaboration with Frontage Laboratories
Growing opportunities in India
Threats
Intense competition
Regulatory compliance
Chapter 13 Other key players
Aptuit
Company overview
Recent financial performance
Life Sciences Research
Company overview
Recent financial performance
Omnicare
Company overview
Recent financial performance
SGS
Company overview
Recent financial performance
CMIC
Company overview
Recent financial performance
WuXi Pharmatech
Company overview
Recent financial performance
Galapagos (BioFocus)
Company overview
Recent financial performance
LAB Research
Company overview
Recent financial performance
United BioSource
Company overview
Recent financial performance
Bio-Imaging
Company overview
Recent financial performance
Chapter 14 Appendix
Glossary
Index
List of Figures
Figure 2.1: Global CRO market size ($bn), 2008-13
Figure 2.2: Top 10 CRO companies market share (%), 2007
Figure 2.3: Market position of the global top 10 CROs, 2007
Figure 2.4: Comparative analysis of leading CRO companies
Figure 2.5: Comparison between India and China CROs
Figure 3.6: Quintiles SWOT analysis
Figure 4.7: Covance financial performance ($m), 2003-07
Figure 4.8: Covance SWOT analysis
Figure 5.9: PPD financial performance ($m), 2003-07
Figure 5.10: PPD SWOT analysis
Figure 6.11: CRL financial performance ($m), 2004-07
Figure 6.12: CRL SWOT analysis
Figure 7.13: ICON SWOT analysis
Figure 8.14: Parexel financial performance ($m), 2004-08
Figure 8.15: Parexel SWOT analysis
Figure 9.16: MDS financial performance ($m), 2005-07
Figure 9.17: MDS SWOT analysis
Figure 10.18: Kendle financial performance ($m), 2003-07
Figure 10.19: Kendle SWOT analysis
Figure 11.20: PharmaNet financial performance ($m), 2004-07
Figure 11.21: PharmaNet SWOT analysis
Figure 12.22: PRA International financial performance ($m), 2003-07
Figure 12.23: PRA International SWOT analysis
Figure 13.24: LSR financial performance ($m), 2003-07
Figure 13.25: Omnicare financial performance ($m), 2003-07
Figure 13.26: SGS financial performance ($m), 2003-07
Figure 13.27: CMIC financial performance ($m), 2005-08
Figure 13.28: WuXi Pharmatech financial performance ($m), 2003-07
Figure 13.29: BioFocus financial performance ($m), 2005-07
Figure 13.30: Lab Research financial performance ($m), 2005-07
Figure 13.31: Bio-Imaging financial performance ($m), 2003-07
List of Tables
Table 2.1: Global CRO market size ($bn), 2008-13
Table 2.2: Select M&A deals in CRO industry 2007-08
Table 2.3: Select private equity deals in CRO industry ($m), 2007-08
Table 3.4: Quintiles snapshot
Table 3.5: Quintiles financial performance ($m), 2003-07
Table 4.6: Covance snapshot
Table 4.7: Covance financial performance ($m), 2003-07
Table 4.8: Covance business segment performance, 2007
Table 5.9: PPD snapshot
Table 5.10: PPD financial performance ($m), 2003-07
Table 5.11: PPD business segment performance, 2007
Table 6.12: CRL snapshot
Table 6.13: CRL financial performance ($m), 2004-07
Table 6.14: CRL business segment performance, 2007
Table 7.15: ICON snapshot
Table 7.16: ICON financial performance ($m), 2003-07
Table 7.17: ICON business segment performance, 2007
Table 8.18: Parexel snapshot
Table 8.19: Parexel financial performance ($m), 2004-08
Table 8.20: Parexel business segment performance, 2008
Table 9.21: MDS snapshot
Table 9.22: MDS financial performance ($m), 2005-07
Table 9.23: MDS business segment performance, 2007
Table 10.24: Kendle snapshot
Table 10.25: Kendle financial performance ($m), 2003-07
Table 10.26: Kendle business segment performance, 2007
Table 11.27: PharmaNet snapshot
Table 11.28: PharmaNet financial performance ($m), 2004-07
Table 11.29: PharmaNet business segment performance, 2007
Table 12.30: PRA International snapshot
Table 12.31: PRA International financial performance ($m), 2003-07
Table 13.32: Aptuit Snapshot
Table 13.33: LSR Snapshot
Table 13.34: LSR financial performance ($m), 2003-07
Table 13.35: Omnicare Snapshot
Table 13.36: Omnicare financial performance ($m), 2003-07
Table 13.37: SGS Snapshot
Table 13.38: SGS financial performance ($m), 2003-07
Table 13.39: CMIC Snapshot
Table 13.40: CMIC financial performance ($m), 2005-08
Table 13.41: WuXi Pharmatech Snapshot
Table 13.42: WuXi Pharmatech financial performance ($m), 2003-07
Table 13.43: BioFocus Snapshot
Table 13.44: BioFocus financial performance ($m), 2005-07
Table 13.45: LAB Research Snapshot
Table 13.46: LAB Research financial performance ($m), 2005-07
Table 13.47: UBC Snapshot
Table 13.48: Bio-Imaging Snapshot
Table 13.49: Bio-Imaging financial performance ($m), 2003-07 | 
