One of the major challenges in the pharmaceutical industry is the increasing cost of clinical trials. The cost of clinical trials has increased by more than 50% in the last five years.
- If the responsibility of data collection is taken away from research sites and handed over to patients, the cost of data collection can be saved helping in reducing the cost of clinical trials.
- The overall cost of the clinical trials can be significantly reduced by reducing the number of monitors. One of the best approaches to accomplish this is to adopt risk-based monitoring that focuses only on the key data elements.
- Patients and other participants contributing to the trials can be enrolled prior to activating the website. This will help in reducing the time required for completing trials and bringing down the cost of trials.
- Operational efficiency of the websites related to clinical trials can be made cost effective by creating a local group of websites within a market.
- The data acquired through study visits can alternatively obtained through health nurses which will cost much lesser and reduce the overall cost of trials.
- Eliminating inactive websites that do not contribute enough to the clinical trials will not only save cost, but also boost the overall performance of participating websites.
- Centralization of patient recruitment will help in reducing the expenses made on repetitive recruitment of patients for multiple trials related to same disease or product.
- Having a site repository is extremely helpful in reducing the cost on trials by reducing the time for activating websites and ensuring proper document handling.
- Creating awareness about the clinical trials by using social media websites and other online communities in the time span where trials are planned can help to cut cost too.
- Promoting the use of wireless medical devices to make data collection easier and faster helps in saving money spent on collection and management of data in clinical trials.
Clinical trials are an important segment of the pharmaceutical industry that contributes largely to the cost of testing of drugs. It is necessary to use several cost-cutting measures in combination with reducing the cost of clinical trials.