Pharmaceutical companies and contract research organizations (CROs) are looking for ways to work within tight budgets. This leads them to explore new and innovative ways to conduct clinical research and clinical trials that will reduce costs.
Studies show that the top cost drivers in clinical research are:
clinical procedure costs (15%-22% of total)
administrative staff costs (11%-29% of total)
site monitoring costs (9% - 14% of total)
There are numerous ways in which these and other cost drivers can be reduced, but all require new approaches to clinical research, working practices and technology.
Improving Data Capture and Use
Data is critical in clinical research; it is evidence that allows you to move forward, or it sends you back to the previous step.
How data is collected, stored, and analyzed can affect financial and clinical outcomes. Adopting efficient electronic data capture is critical to improving outcomes across the board.
Improving data capture reduces errors and the risk of lost data and, in turn, lowers staff hours by removing the need for retracing steps and redoing tests.
Putting Patients First
Changing clinical research models to reflect a patient-centric model improves the experience for the patients. It also increases the likelihood of their full participation, significantly lowering the costs associated with study volunteers dropping out before the trial is complete.
The solutions may include adapting how you monitor patients by making use of remote or mobile pathways, such home health nurse visits. New technologies make it even easier to conduct remote clinical trials.
Adapting to New Technologies
Advances in technology have aided the scientific research and medical sectors, enabling researchers and clinicians to provide portable or wearable technologies to their study subjects and patients.
These portables and wearables (i.e., smartwatches, wearable heart monitors, etc.) enable remote care or study participation. Because these technologies don't require clinic visits or assistance from a healthcare professional, they help reduce costs in research studies, clinical trials, and health monitoring programs.
Study participants appreciate the convenience and autonomy of using these technologies at home.
Remote microsampling tools, such as the Mitra® device, enable people to collect their own blood samples and mail them to the laboratory.
With a quick fingerstick, people can self-collect blood samples for science and medicine while sitting at the kitchen table.
Microsampling not only allows for fast and easy sampling, it also lowers the costs associated with conducting blood draws in facilities. Additionally, because Mitra microsamples can be stored and mailed and ambient temperatures, you can cut the cost of cold-chain shipping and storage.
Changing How You See Risk
Generally, every single data point is monitored during clinical research. However, by focusing on how to improve essential data elements, costs could be significantly reduced.
By considering remote approaches and new technologies for easier, more budget-friendly workflows, you can cut costs without impacting patient safety or clinical outcomes.