Global Clinical Research Industry & India Advantage
The global Clinical Trial market size is projected to reach USD 71150 million by 2026, from USD 42900 million in 2020, at a CAGR of 8.8% during 2021-2026. Global Clinical Trial Market report 2020 provides unique insights into the current development states and the future growth potentials of the global clinical trial service market.
Scope For Clinical Research In India
India is an emerging hub for clinical research, because of advantages of conducting clinical trials in India:
- Indian clinical research industry has very strong fundamentals including
- Genetically diverse patient pool
- Vast population in need of medical treatment
- Qualified medical professionals
- Availability of required infrastructure
- Clinicians and data specialists
- Good regulatory policies
The field of clinical research is well suited for jobs after B.Sc. or after M.Sc. in Life Sciences, Microbiology, Biotechnology, Zoology, Biochemistry or Chemistry. It has got great scope of jobs after B. Pharm. Or M. Pharm. Or MBBS, BAMS, BHMS, BDS or nursing graduates.
Struggling to make a career decision in Clinical Research
With required knowledge of clinical research guidelines and regulations, one can get various types of jobs like CRA, CRC, Medical Writer, Clinical Data Coordinator, Clinical Data Manager, PV specialist, Data Analyst, Safety Data Scientist. A certified CRA or a certified CRC would have better chances of getting hired and promoted. A CRA job often requires travel to different clinical trial sites, making it a perfect fit for a travel enthusiast with clinical research knowledge.
There is a huge gap between demand and supply of well-trained and certified clinical researchers in the industry, making it quite a lucrative career option. The clinical research professionals may earn up to 3.8 -4 lacs per annum. Even as freshers, clinical research professionals earn 1.8 -3.2 Lacs per annum. The average CRA salary in India would be 2.8 Lacs to up to 6.5 Lacs as the experience builds. The average CRC salary in India would be 1.8 to 3.2 LPA.
Many Pharma companies, CROs, Hospitals and IT companies offer attractive career in Clinical Research. Some of the major players in the industry are Quintiles, ICON Plc, Parexel, PPD, Inventive, Pfizer, TCS, Cognizant, Syntel, Cipla, Novartis, Novo Nordisk, Johnson and Johnson, Nicholas Piramal among many other reputed companies involved in various domains of clinical research including Clinical Data Management (CDM) and Pharmacovigilance (PV).
In addition to the vast domestic market of clinical trials in India, there is a booming market of clinical trials outsourced to India, the prospect of clinical research in India is much better. There are multiple career opportunities for highly competent and trained professionals in different related segments to pursue career in clinical operations, clinical data management, medical writing, pharmacovigilance and medical coding etc.
