Clinical trials are today's gold-standard approach for advancing medical research. However, it's no secret that operating a study is incredibly expensive, with budgets that can efficiently run into the millions. Although much of the cost is necessary for success, some CROs using variable pricing can inflate budgets with change orders. Sponsors can rest easy with our top four strategies for reducing their total clinical trial expenditure.
1. Choose The Appropriate Audience
Ensure your study's enrollment strategies are aimed at the appropriate demographic to set up your clinical trial for success and cost savings. Spend time finding patients already participating in your target population before your trial starts. Utilize EMR smart-filtering technology to browse current databases. Trial recruitment is one of the most significant difficulties in clinical trials. Focusing on individuals who have already expressed interest in medical research is critical. Early identification of these groups will enable sponsors to speed up the screening procedure. Improved retention rates and cost savings result from patients being motivated to participate in the trial and aware of its requirements.
2. Reduce The Amount Of "Fat" In Your Clinical Research Organization (CRO) Budget
If you outsource your clinical trial work, you're paying for unnecessary tasks or spending more than you should for some clinical trial deliverables. You must deliver the necessary time to review your CRO budget in detail. Hiring a professional Contract Research Organization can be less expensive than conducting the trial in-house. Working with a CRO allows sponsors to reduce risk while increasing efficiency during clinical trials.
3. Put Patient Retention Strategies First
One of the most frequent causes of clinical trial failures is unanticipated difficulties with recruitment. It can be challenging to enroll enough patients in the study, but the real challenge—and one that can be even more expensive—is making sure patients complete their participation. Insurmountable patient burdens are the leading cause of patient attrition, and their prevalence increases over time. Participants may withdraw from trials due to scheduling conflicts, a lack of information, inconvenient logistical obligations, or discomfort with specific study procedure commitments, for example. This could be the cause of the price increase.
4. Spread The Word By Utilizing All The Resources At Your Disposal
Advertising and marketing are crucial if you want your clinical study to be successful. Sponsors can, however, stay within their budgets by developing and maintaining connections with community partners who can assist in reaching a wider audience. Local partners in a targeted area, such as healthcare facilities, non-profits, or advocacy organizations, are precious because they frequently have direct access to people who fit the target population for a study. Sponsors can increase their confidence that the information being disseminated will reach the patient type they want by adding this more affordable option to their advertising strategy.
Conclusion
Now that you've learned four cutting-edge techniques, you can use them immediately. By putting one or more of these tactics into practice, you can significantly lower the costs of your clinical trials, improve the forecasts for your clinical budget, and boost the effectiveness of your clinical organization.