Taking into consideration discovery, preclinical testing, clinical trials (Phases I, II, and III), and regulatory approval, the average time for a drug to go from development to market is approximately 10-15+ years. Of course, this can be less or more depending on various factors like therapeutic area and drug complexity.
So what does that time look like as a cost? In 2016, according to Tufts Center for the Study of Drug Development (Tufts CSDD), this can vary widely but typically the cost ranges anywhere from $1 billion to $2.6 billion or more.
Let’s break down the cost of running one clinical trial for a drug, keeping in mind this can vary depending on a multitude of factors -
Some of these costs cannot be helped, but there certainly ways we can reduce the cost burden in some areas, and decrease the time to getting life-changing, and potentially life-saving treatments to people who need it.
Cloudbyz Solutions
By using the Cloudbyz eClinical suite of modules, and their user-friendly, cloud-based features, you will be able to shave months off of study activities and manage your study budget down to the last penny.
Site’s can take advantage of the Cloudbyz Patient Recruitment solution as it offers complete end-to-end recruitment support across all types of clinical trials. Take website creation into your own hands and create a study recruitment website with point-and-click configuration. No coding or hosting required!
Hone in on your targeted population with the ability to filter your volunteer database for specific demographics and diseases. Reduce patient dropout rates by automating email notifications and reminders. Take it a step further and easily integrate with an SMS provider to extend your reach to potential subjects, reducing the time to reach subject enrolment quotas.
The Cloudbyz EDC is flexible enough to be used as-is, or adapted as an eSource. Both feature a Form Library of templates that accelerate study build times to only a matter of days. The simplified Form Builder allows you to build eCRFs, eConsents, eCOAs and more. Feel more confident in your data with the ability to build your own edit-checks, and make mid-study changes with little to no down time.
With the ability to precisely identify only the critical data we need data review and SDV completed on, reduce the huge chunk of budget being allotted to Site Monitoring. With additional features like Randomization and Medical Coding, the Cloudbyz EDC should be the core of your clinical trial data management process.
Free up storage space, storage costs and the time spent maintaining physical binders by leveraging our eTMF. You’ll always be audit-ready with a centralized and searchable repository of all your study documents. When the time comes for submission, export an entire Study’s documents at the click of a button.
The Cloudbyz CTMS will address the chunk of budget labeled Project Management & Administration. Shorten the time to SSU with the ability to send out Site Feasibility Questionnaires with built-in analytics for faster site selection. Track IRB approvals and contract negotiations all in one place, while staying on top of study milestones with notifications and reminders on outstanding tasks.
When you pair the Monitor Visit Reporting available in the CTMS with the Cloudbyz RBM and EDC, you can pinpoint those Sites at risk and in need of an in-person IMV sooner based on key risk indicators. While those 5-star Sites that need less hand-holding can be remotely monitored at a fraction of the cost.
To learn more about Cloudbyz products, contact info@cloudbyz.com.