By Blake Adams, Florence
Clinical trials can’t avoid fluctuating economic conditions. Changes in the market can especially impact emerging and early-stage biotech companies with limited cash reserves. A clinical trial’s fate can hang in the balance when funding conditions change, especially in early phases.
In an informal survey of 43 CROs in June 2022, Florence found that:
- 57% of sponsors and CROs say the 2022 economic downturn is impacting their operations
- 70% of sponsors and CROs say their budgets have been reduced or they expect them to be reduced
Numerous factors affect the cost of a clinical trial, but one of the largest expenses is site and study management. Sending an army of CRAs to dispersed research sites quickly adds up. Additionally, limited visibility into site operations leads to wasted resources, costly delays, and even missed trial milestones.