Clinical Research is a Multinational, Multibillion and Multidisciplinary Industry
What is Clinical Research?
Clinical Research is a systematic study for new drugs in human subjects to generate data for discovering or verifying the Clinical, Pharmacological (including pharmacodynamic and pharmacokinetic) or adverse effects with the objective of determining safety and efficacy of the new drug.
Phase I Trials
This is the first time the new drug is administered to a small number, around 20-80 healthy, informed volunteers under the close supervision of a doctor. The purpose is to determine whether the new compound is tolerated by the patient’s body and behaves in the predicted way.
Phase II Trials
In this phase, the medicine is administered to a group of approximately 100-300 informed patients to determine its effect and also to check for any unacceptable side effects.
Phase III Trials
In this phase, the group is between 1000 and 5000, for the company to use statistics to analyze the results. If the results are favourable, the data is presented to the licensing authorities for a commercial licence.
Phase IV Trials
This is a surveillance operation phase after the medicine is made available to doctors, who start prescribing it. The effects are monitored on thousands of patients to help identify any unforeseen side effects.
The clinical trials market worldwide is worth over US$ 26 billion and the industry has employed an estimated 2,10,000 people in the US & over 70,000 in the UK that forms one-third of the total research and development staff.
There are more than 2,50,000 positions vacant globally & salaries vary in the region of approximately USD 40,000 per annum for a Clinical Research Coordinator.
A career in Clinical Research offers excellent job opportunities in USA, Europe, Singapore & India.
India has numerous Clinical Research players with a global standard infrastructure and manpower. They are ready to support the drug development initiatives of several pharma companies and entrepreneurs. As the number of studies carried out by these major players is on the rise, the career prospects for Clinical Research professionals look positive. The number of players in the Clinical Research industry in India has risen to over hundred from less than eight, three years ago.
Healthcare Industry is growing at a tremendous pace owing to its strengthening coverage, services and increasing expenditure by public as well private players. During 2018-2020, the market is expected to record a CAGR of 16.5 per cent.
The total industry size is expected to touch US$ 280 billion by 2020 generating over 10 lac job in India which makes a doctoral degree in Healthcare Management a lucrative opportunity.
Healthcare is one of the fastest growing industries in terms of revenue and employability. According to the Bureau of Labor Statistics, more than 14.3 million people are employed in the healthcare industry, and it’s projected that 3.2 million new healthcare related jobs will be created over the next 8 years.
Healthcare is not just about doctors and nurses anymore. Healthcare consists of hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment. Such transitions in the healthcare industry have made healthcare management as a promising career option.
India is experiencing 22-25 per cent growth in medical tourism and the industry is expected to double its size from US$ 3 billion to US$ 6 billion by 2018.
India is full of opportunities for players in the medical industry. India’s healthcare industry is one of the fastest growing sectors and in the coming 10 years it is expected to reach $275 billion.
Moving forward in 2019, single specialty hospital and clinics are growing rapidly in India and this is going to change the facade of the underpenetrated healthcare sector.
India’s healthcare industry is one of the fastest growing sectors and it is expected to reach $280 billion by 2020.
New medical facilities, including hospitals, assisted living facilities, doctors’ offices, and ambulatory healthcare services are being built with this the global healthcare revenue continues to increase.
Many prominent names in the healthcare sector are expanding their setup by establishing hospitals in different parts of the cities. Here are some of the key players in the healthcare sector:
These hospitals have their network in different parts of the countries covering cities such as Chennai, Madurai, Hyderabad, Delhi, Ahmedabad and many more. This means that you will have job options in different corners of the country.
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