Clinical Testing Company Seeing Rise in Profits

Covance, a contract research organization, is one company that is proving the prediction that pharmaceutical companies are starting to rely on them more heavily. This article mentions that profits have risen for the Covance by 22.7%. The contract research organization industry is one of the few that is experiencing growth in an otherwise dismal economy. As mentioned in our previous blog post, much of this is because the cost of in house procedures is much more expensive than that of outsourcing to companies such as Covance. The company is also very optimistic in its outlook, which is inline with the trend, and predicts that they will be able to post a 20% growth in profit by the end of 2008.