From the CEO’s Desk
The global clinical trials market size was estimated at USD44.2 billion in 2018 and is anticipated to expand at a CAGR of 5.7% over the forecast period. Clinical trials bring various socioeconomic benefits to the country and its people. However, it is unfortunate that only RM 128 million worth of clinical trial studies was brought into the country, contributing to only 0.07% of the market share.
Through the establishment of CRM and its close collaboration between CRC, the various ethics committees and the regulators, the country managed to reduced its start-up timeline from 306 days in 2015 to 150 days in 2018. Earlier this year, CRM was also successful in obtaining the ISO 9001:2015 accreditation, a feat we are very proud of as being the only research management company in the region with this accreditation.
Yet, we cannot be complacent with our achievements. There have been several major challenges that Malaysia has to overcome in order to be competitive in the global clinical research field and to attract more sponsored research into the country. In order to stay competitive within the region, issues with regards to GMP PIC/S, electronic medical records and comprehensive/updated registries needs to be addressed. We also need to recognise sponsored research as a foreign direct investment as it creates new job opportunities, provides treatment to our patients at no cost and at the same time develops our clinicians to be world class investigators.
With this in mind, CRM has been engaging with the relevant stakeholders and policy makers to ensure these challenges are acknowledged and addressed, especially in being actively involved in the Technical Working Group of the Rancangan Malaysia ke-12 (2021-2025). It is our hope that clinical research is recognized as an industry in Malaysia that contributes significantly to the people and the country.
Dr Akhmal Yusof
CEO of Clinical Research Malaysia