Quintiles has signed a partnership agreement that will allow it to complement its global bioanalytical service with a local offering for South Korea and other Asian markets.
The two-year deal with BioCore will see the Seoul-based contract research organisation (CRO) provide its services to Quintiles exclusively for a two-year period.
Jenny Zhang, vice president and general manager of Asia Laboratories at Quintiles, said: “Gathering high-quality bioanalytical data early in development is crucial to biopharma companies making informed decisions that increase their probability of success in expensive later-stage trials.
“This partnership with BioCore is part of our plan to add local capabilities as needed to augment Quintiles' GLP (Good Laboratory Practice) bioanalytics lab and CAP (College of American Pathologists)-accredited network of central labs.”
Quintiles has been operating in South Korea since 2000 but the firm's global bioanalytical capability only began picking up speed with its 2011 acquisition of Advion BioServices.
Advion, which is now called Advion Bioanalytical Labs and operates as a Quintiles company, will continue to serve global customers but Quintiles will now offer BioCore as a local bioanalytical lab for Asia.
BioCore is South Korea's largest provider of bioanalytical liquid chromatography-tandem mass spectrometry services and in 2005 it became South Korea's first GLP-complaint centralised bioanalytical CRO.
Hyung Sik Choie, BioCore president and CEO, said: “This partnership expands BioCore's bioanalysis and bioequivalence studies beyond Korea to other Asian countries. Our vision is to become more global; this alliance advances our efforts to achieve that vision.”
South Korea's pharmaceutical market has seen consistent double-digit growth over the last five years and consultants IMS Health consider it to be the fastest-growing developed country.
As a result of this, and the high level of industry interest in the region, the region has seen a number of CRO deals in South Korea and its neighbours from the likes of INC Research, Parexel and PRA.