Indian CRO market captures about 3% of the global market share by value, estimated at USD 2 billion in 2021 and is expected to grow with a CAGR of about 12% from 2021 to 2026. With over 16 years of experience, Veeda Clinical Research has partnered with members of the pharmaceutical fraternity globally to deliver efficacious clinical research solutions.
Conceptualized in 2004, Veeda is one of the largest independent full service clinical research organization in India that offers scientific leadership and global quality management systems via its global execution capabilities. Veeda forayed into preclinical research by acquiring Bangalore-based Bioneeds, a CRO providing discovery, development and regulatory services to the pharmaceutical industry. To enhance its capabilities in Biosimilars, Veeda entered into a JV agreement with a Canada-based biotechnology company to establish Ingenuity BioSciences.
Speaking about the current clinical research scenario in the country, MD of Veeda Clinical Research Limited, Mr. Ajay Tandon, states, “Drug discovery and preclinical research segment is expected to witness 7% growth over the next five years (2021-2026). This is driven by increased outsourcing of early-stage activities by small-to-
mid segment pharmaceutical companies. North America and Europe are the key dominating segments for discovery and preclinical research, with more than 50% of the market for early-stage drug development, as most of big CRO participants function in these regions, followed by APAC.”(Source: Frost and Sullivan Report).
Pioneering Global Clinical Researches in India
Veeda strives to deliver high quality and complex trials across diverse therapeutic areas, including oncology, psychiatry, cardiovascular, ophthalmology, diabetology, and others. With a significant focus on developing biosimilars, bioanalytical research and therapeutics, Veeda is working with customers across Europe, US and Asia to support their clinical and preclinical research requirements.
A collaborative and innovation-driven approach has paved the way for Veeda to build a global clientele base that includes industry pioneers. Mr Ajay Tandon says, “Today, Veeda with Bioneeds and Ingenuity offers a comprehensive portfolio of clinical, preclinical and bio/analytical services to support innovator, biosimilar and generic drug development programs of our global clientele. We aim to service the growing market of biosimilars in Asia, including India”.
Journey So Far & the Road Ahead
Since its inception in 2004 in Gujarat, India, Veeda grew from a 62-bed single facility and capabilities of processing ~7,000 samples per month, to having four clinical research facilities at Ahmedabad and one at Mehsana, with a total capacity of 588 beds and a capability of processing ~100,000 samples per month. A key element of our growth strategy is the successful development of new services, entering new markets that complement our existing business through partnerships and joint ventures. Veeda is strengthening its capabilities to fully service this segment, including the development of dedicated laboratories under Ingenuity BioSciences and Bioneeds.
Mr Tandon concludes, “We intend to service the market opportunities in India and Asia and further extend these services to other regulated markets of the EU and the USA.
Veeda Clinical Research Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, an initial public offering of its equity shares and has filed a Draft Red Herring Prospectus dated September 27, 2021 (“DRHP”) with the Securities and Exchange Board of India (“SEBI”). The DRHP is available on the website of SEBI as well as on the website of the book running lead manager, SBI Capital Markets Limited at www. sebi.gov.in and www.sbicaps.com, respectively. Investors should note that investment in equity shares involves a high degree of risk and for details refer to the Red Herring Prospectus, including the section titled “Risk Factors” of the Red Herring Prospectus when available. Potential investors should not rely on the DRHP for any investment decision.
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