The Value of Private CRXs
The public marketplace is an excellent tool for most researchers, but it became increasingly apparent it wasn’t the right solution for large enterprises. Large pharmaceutical companies have very different issues than an academic researcher or small pharma, which meant that we had to be able to customize to their needs. Our dissatisfaction led us to an even more invaluable idea: private marketplaces. A common refrain from people inside and outside the pharmaceutical industry is that drug development has become too difficult and cost-ineffective. The private contract research exchanges (CRXs) empower the scientists at various companies to communicate and build relationships with new academic institutions or CROs while maintaining their existing relationships. A recent article in Xconomy outlines a private CRX developed for Pfizer.
The CRX offers a lot of extra value for a private enterprise compared to the public storefront. A private CRX is a single location only accessible by employees of a specific company or organization. The CRX is fully customizable to fit the needs and intricacies of the company. Want to list internal services, past transactions, or preferred vendors? A CRX can easily accommodate any new features while maintaining the core management tools Scientist specializes in. A side by side comparison of the public site vs. a private CRX:
|Reports not available storefront users||Activity and Service Reports|
|Ratings from customers worldwide||Company specific ratings and reviews|
|Can only view personal past transactions||Past Transactions company-wide|
|Unable to indicate existing agreements with CRO||Legal documentation badges (e.g. MSA, NDA etc..)|
|Only publicly listed services available||Internal services can be listed|
It’s easy to see the value a pharmaceutical company can derive from the CRX model; we look forward to announcing other partners that have adopted the CRX model.