Clinical trials cost too much, take too long, and are too risky. They make up over half the cost of new drug development and can reach or exceed $400M. The length of time to conduct clinical trials can take as long as 4-5 years. Only about a third of drugs that enter clinical testing ever progress to large-scale phase III studies.
According to the Center for the Information & Study on Clinical Research Participation reports, nearly 75 percent of studies are delayed from a month to six months. At an estimated cost of $35,000 a day, one month trial delay equates to $1,050,000. A six-month delay means over $6M. Protocol complexity, missed enrollment targets, inefficient site-based monitoring, mid-study changes, and lack of collaborative process management are potential causes for these delays. Bottom line is, delays are extremely costly.
Solutions that can help minimize the cost, time, and risk of clinical trials are extremely valuable for improving new drug development productivity.
Ensuring the trials stay on track as a result of mid-study adjustments.
Certain clinical trials may benefit from the use of simulation for supply chain planning. When medications are expensive or scarce, studies contain complex stratifications, or studies are likely to change during the trial period, CT-SCS can help evaluate the supply chain strategy to minimize the time, cost, and risk.
evaluate productivity gains provided by technologies such as BPM (Business Process Management) or IVR (Interactive Voice Response).
supply chain algorithms for re-order process.
if medication is not available due to supply delays, the number of patients affected and the wait times, amount of supply left at the sites at the end of the study.
For more information about our Clinical Trials Operations Planning, please contact Technology Multipliers.