Parexel International Corp., Waltham, Mass, has teamed up with Bangalore-based Synchron Research Services in a move to cut clinical trial costs. This is Parexelâ€™s first collaboration with an Indian firm. Josef von Rickenbach, chairman and chief executive officer of Parexel, says, â€œAs demand for clinical research in India continues to increase, we decided to expand our collaboration with Synchron.â€Â The purchase will extend Parexelâ€™s presence in India and allows the company to provide phase I to IV clinical research services including quality assurance, statistical analysis and data management at low cost. The company is now known as Paraxel International Synchron Private Ltd after Synchron transferred its existing clinical trial business operations to Parexel. Many industry players are looking towards countries such as India to achieve cost-effectiveness in clinical trials. Contract research in India alone was valued at US$100 to US$120 million in 2005. The market is currently growing at a whopping rate of 20 to 25% each year.