Adapting technology and tools to address the issues of increasing research and development (R&D) costs, slow results, lack of funding, regulatory requirements, multiple databases, and shortage of qualified investigators and patient recruitment will define the new trends in the coming year. In fact, Icon has already made some great progress in this area.

Icon's technology offerings, in particular Iconik and Firecrest, are leading the market and are driving efficiencies to improve trial data quality and maximise operational resources to allow ICON to continuously meet and exceed sponsor expectations.

With the introduction of new guidelines from India's Central Drugs Standard Control Organization, the industry is undergoing a dramatic change. As we get better clarity on the new regulations and its implementation we expect to see improvements in conducting clinical trials.

In the recent past we have also witnessed a consolidation of the CRO business through various acquisitions and mergers that will go a long way in reinforcing the clinical research industry in India.

Driven by advances in science and technology, the clinical development industry has immense potential for future growth. India is fast becoming a hub for global clinical trials and we hope to see the trend continue in the coming years.

In 2013, we need to focus on utilizing technology to complete trials more cost-effectively and in more innovative ways so that the spiral of increasing development costs can be curtailed. We need to start challenging some of the "norms" and continue to innovate in our industry. Icon has great expertise in all areas of drug development and we would like to get these people more involved in shaping the way we develop drugs for the development of the industry.

Icon's strategy is to be the CRO of choice for our customers in Asia Pacific and around the world. We are planning to grow all of our capabilities across the region to be a full service CRO partner of choice to our customers with access to all the countries in Asia Pacific.

At a region and country specific level, we will continue to invest and grow our staff to ensure we are meeting our customers' requirements. Icon will listen to our customers and their clinical development needs and how we can, as their CRO partner together, achieve their goals in Asia Pacific and globally.