As we look back in our rear view mirrors at 2023, it’s a good time to reflect on the year and acknowledge the dedication and effort required in the drug development industry. Adapting to the challenges that the industry faced, GLSA proved to be flexible in adapting to the changes and continuing to focus on our passion – making meaningful connections to improve the success of clinical research and patients’ lives.
GLSA Network Growth and Industry Focus:
At the start of the year, we began with 18 GLSA Network Partners and quickly expanded to 32 GLSA Network Partners and Solutions Providers. Our diverse range of network partners covering drug formulation, study phases I-III, RWE, and commercialization, showcased our commitment to being a comprehensive solution network. From patient recruitment to language translation, we covered the entire spectrum of clinical research, collaborating with US-focused, European, Asia, Philippine and Latin American CROs, genomics labs, central labs, and biometrics experts.
Technological Advances and Innovative Partnerships:
The year brought with it exciting prospects as the industry stands on the precipice of significant technological advances. Our connections with very innovative companies allowed us to explore the application of AI in various domains. Navigating the terrain of AI implementation, validation, regulatory compliance, and quality assurance will become a focal point in 2024.
GLSA Team Expansion:
To accommodate the increasing demand for our services and connections, GLSA added valuable team members. Their dedication and expertise have been instrumental in ensuring our clients receive the best solutions and support.
Industry Downturn and Challenges:
This past year was unique in several aspects. Despite numerous meetings and discussions, projects seemed to linger in a state of limbo. The anticipated rush for project awards and study start up before year end didn’t materialize as expected, making it a notably different year from our past experiences.
The high level of uncertainty has financial investors holding tight to their funds. The uncertainty is driven by several factors:
- Ukraine – Russia conflict
- Israel – Hamas conflict
- 2024 US Presidential election
- Recession concerns
- Inflation
- Interest rates
- Inflation Reduction Act impact on small vs large molecule development
Adapting to Change:
Throughout the industry’s slow period, GLSA remained resilient, adapting our strategies to align with the shifting landscape. The small but noticeable start-up of phase 1 bioequivalence studies in December signals a return to an active period and we’re optimistic about the industry’s trajectory in the coming year.
Networking and Events:
Our commitment to fostering connections persisted through monthly online networking events typically held on the third Wednesday of each month. Notable highlights include the very successful in-person “Clinical Reconnections” event the evening prior to the DIA in Boston, co-sponsored by Zymewire, Life Science Marketplace, Language Connections, Inference, Adams Bridge, FOCM, MedSurgPI, Navitas, and PiVOT.
The evening prior to Outsourcing in Clinical Trials – Southeast saw us hosting a successful networking event. These have been a great way for industry professionals to collaborate with and find solutions to project issues.
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2024 – Look Ahead:
What are we seeing/expecting for 2024?
The Year of the Site Networks – which began expanding in 2023 with sites being bought and added to other sites has brought in investment dollars. Sites are making use of technology to manage all aspects of clinical trials requirements putting them in a position to participate on more equal footing with sponsors as to how they’ll provide the data.
We foresee consolidation in 2024 among service providers. The decentralized trial vendor segment is one such area where this is expected.
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Global Life Sciences Alliance (GLSA) is a dynamic and collaborative network of global CROs and clinical research vendors specializing in innovative solutions for Sponsors and CROs. The GLSA Team and Network accelerates clinical research timelines through innovation, leveraging extensive experience to foster collaboration and deliver superior outcomes. By mitigating the risks of vendor selection, GLSA ensures exceptional results for clinical trials. Explore the ways Global Life Sciences Alliance can assist you by visiting our Solutions Page or arranging a meeting with a GLSA Executive .