Clinical Trial Budgets Decreased Among Surveyed Companies by Implementing Risk-Based Monitoring Approaches, According to Cutting Edge Information
Surveyed Companies That Report RBM-Related Savings Typically Report a Significant Impact in Phase 3 and 4
/EINPresswire.com/ -- RESEARCH TRIANGLE PARK, NC--(Marketwired - February 08, 2016) - Risk-based monitoring (RBM) approaches, including remote monitoring and trigger-based monitoring, allow life science organizations to maximize their clinical trial resources, according to primary intelligence provider Cutting Edge Information. Monitoring costs can account for up to 60 percent of a trial's overall budget. RBM allows teams to reduce travel expenses and assign more sites to fewer clinical research associates. Using RBM saved surveyed companies up to an average 43 percent on overall trial costs.
"Risk-Based Monitoring: Inject Remote Risk Assessment to Optimize Clinical Trial Outcomes" by Cutting Edge Information reports that the greatest overall trial cost reductions occurred in Phases 3 (21 percent savings) and 4 (22 percent savings).
Surveyed Top 10 and Top 50 companies report the highest RBM-related savings during Phase 3, at an average 32 percent over traditional trial costs. Surveyed small and device companies see their greatest savings, an average 43 percent, during phase four. Contract resource organizations report a savings of 23 percent in phases three and four. Surveyed device companies report 43 percent savings during phase 4.
"Employing an RBM monitoring strategy will create new expenses like statistical monitoring programs and associated personnel," said Sarah Ray, Senior Research Analyst at Cutting Edge Information. "However, these costs pale in comparison to the savings that arise from reducing onsite monitoring throughout a clinical trial."
Many organizations are moving forward with these strategies in hopes of lowering overall spending. Companies must be prepared to update their technology to undertake RBM initiatives. "Risk-Based Monitoring: Inject Remote Risk Assessment to Optimize Clinical Trial Outcomes" by Cutting Edge Information provides information on budgets and staffing for risk assessment teams and RBM activities.
The study includes:
- A look at the best RBM practices amid industrywide trends in a changing clinical monitoring landscape
- Key steps to help implement RBM to help executives reduce overall costs
- RBM framework and tactics to allow clinical teams to remotely track sites' progress during trials
- Company profiles that participate in Risk-Based Monitoring
For more information on "Risk-Based Monitoring: Inject Remote Risk Assessment to Optimize Clinical Trial Outcomes," please visit http://www.cuttingedgeinfo.com/research/clinical-development/risk-based-monitoring/ or contact Rachel Shockley at +1 919-403-6583.
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Contact:
Rachel Shockley
Marketing Team Leader
Cutting Edge Information
Rachel_shockley@cuttingedgeinfo.com
919-403-6583
Surveyed companies implementing risk-based monitoring strategies observed the greatest clinical trial cost savings during phases 3 and 4, at an average 21 percent and 22 percent savings, respectively, according to primary intelligence provider Cutting Edge Information.
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