Master Thesis : "Strategic Expansion Analysis for CRO in Belgium: Macro and Micro Evaluation of the Belgian CRO Market Case Study : Cytel"

Abstract

This thesis asks how Cytel, a specialist contract research organization (CRO), can enter Belgium and grow. It combines a financial review of ten CROs with interviews across pharma, CROs, and regulators, and then uses standard strategy tools to shape a plan. Belgium is a strong place to run complex trials. The country has skilled people, well-run trial sites, and fast approvals. High costs and the small population limit local trial volume and the pool of experts. Top performers keep tight control of receivables and cash; weaker peers show softer cash positions and lower profits. The proposed path starts with a 12-month partnership phase with local CROs and academic centers to prove fit and build trust. After that, Cytel should set up a small Belgian unit that leads with adaptive trial design and its statistical software and hires senior clinical statistics talent. In a conservative case, this approach yields about 4% market share in two years, €8–10 million in revenue by year two, and a gross margin above 45%. Key risks are wage pressure, policy shifts, and client concentration. The study recommends lean, project-based staffing, early work with the national regulator, and early wins with mid-size biotech sponsors to reduce these risks. The takeaway is simple: a focused, statistics-led entry can turn a high-cost setting into a workable base for steady growth.