Academic Medical Center Improves Financial Management Of Clinical Trials

The Wayne State University School of Medicine is the nation’s largest single-campus medical school. Located in the Detroit Medical Center among specialty hospitals and research centers, the School of Medicine offers an ideal venue for both learning and research.

In addition to the School’s own research endeavors, each year it conducts more than 300 clinical trials for 140 pharmaceutical and biotechnology companies. These trials span 17 departments—reflecting the School’s wide range of medical specialties and treatment areas.

While such trials bring significant benefits to patients, clinicians and research sponsors, until recently, they were causing some administrative frustration for School of Medicine leaders. Administrators recognized that clinical trials can and should be an important source of much-needed funding for the institution. But without specialized financial management, they could not maximize the opportunities inherent in the clinical trial enterprise.

Fortunately, the School’s leaders were proactive in analyzing the situation—and then identifying and implementing a successful solution.