Empower Clinics Inc. announced that its subsidiary EPW Curesearch LLC has signed an agreement to develop a program for Pharmaceutical Research and Clinical Trials Services with an established specialist medical group based in Dallas, TX. Under the agreement, the Medical Group will provide access to its medical clinic space, licensed physicians acting as Investigator's with an existing roster of patients and ensure any participating Investigator is in good standing at all times with the Texas Medical Board. EPWC will provide pharmaceutical research and clinical trial services, centralized project coordination and operations management, access to technology and systems to support the Services, and the provision of a sponsor contract for clinical trials services. On February 7, 2023 the Company announced the Signing Of A Letter of Intent To Launch US Clinical Trial Management Services for Biotech and Pharmaceutical Industries With Dr. Bharat Mocherla - a Nuclear Medicine Specialist in Las Vegas, Nevada with more than 15 years of experience in the medical and clinical trials field - to create and operate a Dallas-based Site Management Organization ("SMO"). On March 7, 2023 the partnership accelerated rapidly at the corporate level with the formation of a Joint Venture company, as well as, on the operational level with the identification and engagement of over 50 Principal Investigator (PI's) candidates. The Company reported a major milestone with the signing of its first agreement with a Principal Investigator (PI). Moreover, the Company anticipates announcing additional new PI signings in the near future. PI's are practicing medical doctors who are specialists or internists with previous research and clinical trials experience. As such, they are integral to the success of any Site Management Organization (SMO) as follows: SMO leverages the medical practice of the PI's and their patient rosters to generate new participants in active clinical trials and researhes which in turn commences meaningful revenues from the Biotech and Pharmaceutical industries. SMO will provide oversight, direction and support to the PI's and their patients. SMO will also act as a liaison between the pharmaceutical company and the assigned
Contract Research Organization. Target trials typically span two years in length and can be extended if the trial has not yet gathered enough data or has not been closed. The CRO Services Market in terms of revenue was estimated to be worth $76.6 billion in 2023 and is poised to reach $127.3 billion by 2028, growing at a CAGR of 10.7% from 2023 to 2028 according to a new report by MarketsandMarkets. Factors such as continuously growing pharmaceutical, biotechnology and medical device R&D pipelines and technological advancements in the clinical trials process are driving the growth of this market. In recent years, the costs associated with drug and product development have increased significantly, driving pharma, biotech and medical device companies to look for partnerships to drive modernizations and smarter ways of conducting business.