TFS is contract research organisation (CRO) that offers services for the pharmaceutical, biotechnology and medical device industries as well as associated industries. TFS offers broad medical competence and niche expertise, and provides clinical trials and services within pharmacovigilance to its customers in a regulated and safe manner all over the world. TFS has offices in Europe and North America and conducts clinical trials in a total of 40 countries.
The estimated value of the global CRO market is about USD 35 billion. The expanding market is driven by pharmaceutical companies increasingly focusing on their core operations (R&D) as well as the need to adhere to the increasing requirements and complexity of the regulatory frameworks. TFS’s core expertise lies in serving pharmaceutical, biotechnology and medical device companies where there is a growing outsourcing trend for clinical trials. The CRO market is expected to grow annually by approximately 6–8%.
The most important sustainability issues for TFS involve equal opportunities, talent development, patient safety and data integrity, compliance with regulations, business ethics and anti-corruption. Patient safety and data integrity are TFS’s top priorities. TFS’s employees are its most valuable resources and in order to retain and attract talent, TFS focuses on creating a work environment based on mutual respect and trust where people can develop. TFS makes active efforts to ensure that no corrupt practices take place within the TFS Group.
Restructuring process to realise profitability
The company is in a restructuring phase, focused on building up two main operations; Strategic Resources & Solutions (SRS) and Clinical Development Services (CDS). SRS is focusing on establishing a long-term partnership with the customers, while CDS is developing an offering that includes total responsibility for all or parts of a clinical trial – primarily targeting small and medium-sized pharmaceutical and biotechnology companies.