The Bangalore-based Medreich Sterilab Ltd (Medreich) has recently bought 50 per cent stake in Synchron Research Services, a leading contract research company (CRO) based in Ahmedabad for an undisclosed amount.

When contacted by Pharmabiz, Shivprakash Rathnam, CEO, Synchron Research Services, confirmed the development but refused to give financial details regarding the deal.

Synchron's services in the country include meeting specific needs of the clients in clinical registration of new pharmaceutical products and medical devices, from phase I to phase IV clinical trials. The company also conducts study on bioavailability and bioequivalence (BA/BE), pharmacokinetic and pharmacodynamic studies, dermatopharmacokinetic studies, statistical analysis, data management and pharmacovigilance.

Medreich Sterilab Ltd (Medreich) is a contract manufacturer and forms part of the UK Group of companies comprising of Medreich plc. The company's plants are certified by the UK, MHRA, GA of Australia and South Africa's MCC.

According to pharma analysts, one would be able to see more such acquisitions in the near future in the CRO industry. They feel, India, with its cost effective infrastructure, multi-ethnic and naïve population could become a hub for clinical trials and BA/BE studies.

New CROs, both Indian and foreign, are setting up their offices in India. Already there are 30-35 CROs operating in the Indian market today. "Corporates, both pharma and non-pharma are already eyeing CROs with good potential," said a Mumbai-based analyst.

The current Indian CRO market is estimated at $ 70-100 million, which is growing at a rate of 60-80 per cent annually.