Clinical Research during Recession: How Unified eClinical solutions are helpful?

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Economic recessions cut across many industries; the clinical trials sector is no different. As with most other sectors, the recession puts pressure on the clinical trials to remain innovative yet maintain patient care at the forefront while operating within financial restrictions. In this blog we delve into how past economic downturns influenced the clinical trials market, look at statistics and insights of therapeutic areas and funding trends, and pinpoint how central technology can be in overcoming the challenge.

Historical Impact of Recessions on Clinical Trials (1950-Present)

1973-1975 Recession: An oil embargo by the OPEC nations spiked the prices of oil and induced economic unrest.

Pharmaceutical companies were under huge budget pressures and had cut their R&D expenditure by 15%, forcing it to delay or stop many of the ongoing and planned trials.
In general, the total number of initiated clinical trials dropped by about 25%, where the reduction in the research applied in the fields of dermatology and lifestyle amounted to about 20%.
Companies redirected their focus to therapeutic areas that were more profitable—for example, cardiovascular diseases, which have relatively stable funding due to high prevalence.

Early 1980s Recession: High-interest rates, inflation, and oil price shocks.

Pharmaceutical companies started focusing only on drugs with high market potential and hence cut down 10% in spending on R&D.
Investments on research of cancer continued while the oncology trials gained 5%.
Rare disease trials decreased by 30%.
Total clinical trials have gone down by 20%, as companies are more and more dependent on CROs for containing cost.

Early 1990s Recession: Tight monetary policy, cutting down of consumer spending, and the Gulf war.

R&D budgets were cut by 10-20%, which required strategic prioritization of high-impact therapeutic areas.
The most marked decrease, equivalent to a 25% drop, was for neurological and psychiatric trials.
The number of new clinical trials dropped by 15%, focusing the outsourcing to raise efficiency and bring cost reduction.

Dot-com Bubble Burst (2001): The economy was painfully hit, with more so the technology and biotech industries being the most affected by the burst.

Venture capital investment in biotech start-ups was down 20%, with severe impact on early-stage clinical trials.
However, even when facing financial constraints, there was a persistent increase in technology-driven studies on HIV/AIDS and oncology.
There was a 10% decline in biotechnological trials, counterweighted by an addition of technological facilitation for efficiency.

COVID-19 Recession: The COVID-19 pandemic has caused a global economic recession affecting almost every business sector.

More than $10 billion was mobilized worldwide for COVID-19-related trials, while other research related to the pandemic was experiencing temporary funding disruptions.
Infectious disease trials grew greater than 300%, whereas other areas such as oncology and cardiovascular research stay robust due to criticality.
The number of clinical trials in total increased by 5%, led by the upsurge in research on COVID-19, with significant growth in virtual and decentralized trial models.

How an Unified eClinical Platform can ease the burden of Recession
In times of economic uncertainty, technology can be part of the solution to allow clinical trials a way to minimize the risks that come from a potential recession. Unified eClinical platforms are integrated solutions that streamline various aspects of clinical trials, from data management and patient monitoring to regulatory compliance and reporting. Here’s how they can help overcome recession challenges:

Cost Efficiency

Streamlined Operations: Unified platforms consolidate multiple trial processes into a single system, reducing the need for separate software solutions and minimizing operational costs.
Resource Optimization: By centralizing trial data and processes, these platforms allow for better resource allocation and utilization, reducing redundancies and lowering overall trial expenses.
Savings: According to industry reports, implementing a unified eClinical platform can save up to 30% in operational costs, making it an attractive solution during economic downturns.

Enhanced Data Management

Centralized Data: Unified platforms offer a centralized repository for all trial data, facilitating easy access, analysis, and reporting.
Improved Accuracy: By reducing manual data entry and integrating automated workflows, these platforms enhance data accuracy and reduce errors.
Real-time Insights: Advanced analytics tools provide real-time insights into trial progress and performance, enabling timely decision-making and adjustments.

Increased Efficiency and Speed

Faster Trials: Streamlined processes and automation reduce the time required to conduct trials, accelerating the overall timeline from study initiation to completion.
Regulatory Compliance: Unified platforms incorporate regulatory requirements, ensuring compliance with global standards and reducing the risk of costly delays.
Scalability: These platforms can easily scale to accommodate trials of varying sizes and complexities, making them adaptable to changing research needs.

Improved Patient Engagement and Retention

Patient-Centric Features: Unified platforms often include patient portals and mobile applications that enhance participant engagement and retention by providing easy access to trial information and communication tools.
Remote Monitoring: The integration of telemedicine and remote monitoring capabilities allows for continuous patient engagement, even during travel restrictions or lockdowns.
Increased Retention: By improving the patient experience, these platforms can increase retention rates by up to 20%, ensuring the trial’s success.

Facilitated Collaboration and Innovation

Collaborative Environment: Unified platforms provide a collaborative environment where researchers, sponsors, and CROs can work together seamlessly, sharing data and insights.
Innovation: By integrating advanced technologies such as AI and machine learning, these platforms foster innovation in trial design and execution, improving outcomes and efficiency.

While recessions pose significant challenges to the clinical trials industry, they also present opportunities for innovation and transformation. Unified eClinical platforms offer a comprehensive solution to enhance efficiency, reduce costs, and deliver life-saving treatments. By embracing these technological advancements, the industry can sustain its momentum and continue to thrive in the face of economic uncertainties.

Cloudbyz Unified Clinical Trial Management (CTMS) is a comprehensive and integrated solution designed to streamline clinical trial operations. Built on the Salesforce cloud platform, our CTMS provides real-time visibility and analytics across study planning, budgeting, start-up, study management, and close-out. With features like automated workflows, centralized data management, and seamless collaboration, Cloudbyz CTMS can help you achieve greater efficiency, compliance, and quality in your clinical operations. Contact us today to learn more about how Cloudbyz CTMS can help your organization optimize its clinical trial management processes.

To know more about Cloudbyz Unified Clinical Trial Management Solution contact info@cloudbyz.com

Sources:

ClinicalWave.ai

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