Studies suggest that each prescription drug requires around 10 years and over USD 2.5 billion in working capital before it reaches the market. Further, it is estimated that, in the US, 40% of the pharma industry’s R&D budget is spent solely on conducting clinical trials. Estimates suggest that nearly 85% of Novel Clinical trials fail to retain enough patients for successful study conduct. The market has recently witnessed a surge of vendors, offering a diverse range of services and solutions for conducting and managing various aspects of trials.
I have highlighted below some of the most interesting insights from our study. You can also access additional details here.
Excessive capital requirement and a myriad of other complexities associated with clinical trials have prompted pharma industry to intensively search for opportunities to incorporate innovation in clinical research
Several companies are actively leveraging modern technological breakthroughs to transform the pharmaceutical research landscape, offering a variety of innovative solutions to optimize costs and time spent on clinical trials
North America is presently considered to be a major hub of innovation in this field, serving as the base for companies of all sizes, developing novel technology platforms for diverse applications
An analysis of recent activity on Twitter reveals interesting insights related to prevalent trends, highlighting the increasing interest and ongoing efforts of industry stakeholders in reshaping the way clinical trials are conducted
Pharmaceutical companies are also leveraging real world data insights for end-to-end product development and product lifecycle management; over 1,000 real world clinical studies have been registered across the globe
Case Study 1: Leading companies in the industry have conducted various virtual clinical trials, having identified key constraints with the conventional approach and ways to overcome them
Case Study 2: Among other innovative trial designs, multiple big pharma players have also sponsored a number of basket and umbrella trials focused on the treatment of different types of cancer
Opinions expressed by eminent industry stakeholders acknowledge the overall cost benefits that can be reaped through the utilization of innovative technology platforms for managing various aspects of clinical trial operations
Several investors have funded the initiatives of different companies that are realizing the benefits of applying modern technological solutions to clinical research; over USD 1 billion was raised across 80+ instances
Innovative clinical research technologies and trial management solutions are poised to grow at a substantial pace, offering significant cost-saving benefits, with the opportunity distributed across various market segments
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