When it comes to pharmaceutical companies' G&A costs, they usually range from 20 to 60%. When a clinical trial is initiated, there are several initial expenses that need to be taken into account. These costs vary depending on the study design. It is essential to take the time and prepare a financial plan that takes into account all the expenses.
A good starting point is to examine how to use the four areas of opportunity (protocol design, patient identification and recruitment, patient retention and participation, and data management) to optimize clinical research operations. For each trial, the team should calculate the likely cost of the trial using standard cost-estimating software used by contract research organizations and other entities in the pharmaceutical industry. A meticulous application of technology can help patients understand what participation in a clinical trial entails and support them throughout the clinical trial to promote adherence to treatment and retention. Reducing costs is another major factor driving the choice to outsource to a clinical research organization (CRO). The proposed CRO management strategy consists of providing centralized management services for all countries from the CRO headquarters in Spain, and using high-level clinical research partners (CRA) operating in the second European country for specific local tasks (mainly implementation, regulation and supervision).
The RWD-derived geolocation of patient populations most likely to match a clinical trial protocol may guide a more specific deployment of non-brand awareness campaigns that allow patients to choose to receive information about clinical trials. Improving timelines and reducing spending on clinical research requires a holistic strategy that focuses both on data and on the patient and encourages a careful application of technologies to reduce, rather than exacerbate, operational burdens. The cost of a clinical trial depends on several factors, such as the size of the study (number of patients), the location (number of countries), the number of clinical centers, the therapeutic area, the type of drug and the specific tests and procedures needed according to the protocol, among other aspects. It is essential for both parties involved in a study - CROs and pharmaceutical companies - to have an adequate study budget in order for them to succeed. Therefore, it is important to take time and prepare your financial plan by thinking carefully about all expenses. Contact us to discuss how Globant can support your efforts to optimize the cost of clinical research.