Can you provide the main highlights from Veeda Clinical Research (Veeda) in 2023?

In 2023, Veeda continued its strategic trajectory toward becoming a comprehensive integrated contract research organization. This journey over the last four years has involved expanding our service offerings to cater not only to traditional clinical research but also to the broader needs of biopharma and innovative companies across a broader spectrum of their preclinical and clinical development needs.

A key highlight of 2023 was the substantial expansion of our integrated biopharma laboratory capabilities. This expansion enables us to provide comprehensive development support, from discovery biology to clinical bioanalysis, across diverse modalities within the biopharma space including biosimilars, peptides, vaccines and biologics. Bioneeds, our group company providing preclinical solutions, further enhanced capabilities in specialized inhalation and ophthalmology studies, complex tissue distribution studies, enhanced AMES testing, neurotoxicity, and immunotoxicity assessments, besides expanding synthetic chemistry capacities to support higher volume reactions.

Alongside this, we made significant investments in technology adoption to optimize operational efficiency, strengthen quality assurance and regulatory compliance, and expedite project timelines. Could you discuss Veeda’s global focus and expansion strategy in the US?

While our operations are primarily based in India, we serve a global clientele, with the US and European markets contributing to around 50% of our revenues. The US market is crucial to us strategically, given its size and the opportunities it presents for our services across different stages of drug development. We believe there is untapped potential, especially in engaging with small and emerging pharmaceutical and biopharmaceutical companies that seek outsourcing support. These companies often lack in-house capabilities and attention from larger CROs. Leveraging our scientific, technical, and regulatory expertise, coupled with our cost advantages from operating in India, we aim to bridge this gap and form strong partnerships in the US. Looking ahead, we remain open to both organic and inorganic growth opportunities in the US market, evaluating potential acquisitions to better serve client needs onshore. Have you witnessed more interest in India-based CRO services from Western firms than pre-pandemic?

Indian CROs have significantly evolved, showcasing improved capabilities in both biopharmaceutical and small-molecule segments. This evolution has led to heightened interest from US companies in partnering with Indian CROs. With a robust ecosystem of scientific talent and a large patient pool, India is well-positioned to meet the evolving needs of pharmaceutical companies. Additionally, India's diverse population makes it an attractive destination for clinical trials aiming for global representation. How does Veeda adapt to different infrastructure requirements and regulatory frameworks globally?

For the past two decades, we have focused on meeting global regulatory standards for our clients, including those set by agencies like the US FDA, EMA, WHO, MCC Canada, and Brazil's ANVISA, among others. Our preclinical operations also have global GLP, the Association for Assessment and Accreditation of Laboratory Animal Care (AAALAC), and Office of Laboratory Animal Welfare (OLAW) accreditations. We are tracking the regulatory trends, such as towards increasing adoption of in-vitro and in-silico research, and are informing our capability strategies accordingly. In terms of technology adoption in clinical trials, we are very focused on integrating technology across our operations for study monitoring, data quality, speed, and cost-effectiveness. We are also embracing data analytics and AI, recognizing their transformative potential in the near and medium term. We are actively engaging with partners to ensure we stay ahead in this rapidly evolving landscape. Although the US may have been ahead in technology adoption initially, India has been catching up rapidly. What do you foresee as the main challenges and opportunities for CROs this year?

There is a continual quest for the next generation of drug candidates, whether they are generics or novel compounds. Companies are striving to set themselves apart through scientific and technological advancements in the search for specialized and personalized healthcare solutions. Additionally, there is a rapid evolution in technology across the board. The conversation globally underscores the importance of robust evidence generation before and during clinical trials.

Essentially, the pharmaceutical industry's pursuit of specialization and technological advancement is propelling the need for CROs to adapt swiftly. The key question for CROs lies in defining their niche and strengths. They must identify specialized areas where they can excel and differentiate and the challenge lies in selecting the right arena to dominate, whether it is service lines, therapeutic areas, modalities, or a specific intersection of these. This strategic decision will ultimately dictate the growth trajectories of various CROs. What are going to be the key priorities for Veeda in 2024?

We aim to differentiate ourselves further in complex and niche development spaces while enhancing our global execution capabilities through partnerships and acquisitions. We will focus on the rapid deployment of technology across our operations for insights, quality, speed, productivity and cost benefits.