Tech Challenges In The Phases Of Life Sciences Organizations: The Clinical Trials Phase

After the IPO phase, we get to the next phase’s tech challenges: life sciences clinical trials phase.

We know that your life sciences organization may go to the clinical trials phase before you go public with your IPO. Regardless, in terms of the tech challenges of this phase, it’s common to make clinical trials a highly manual process that organizations typically perform at the end of the month. It can typically take two to three days of a person’s time to manage this process, especially from a finance perspective.

With clinical trials come audit concerns. What also comes with that is a lot of communication regarding their trial both externally to the vendor and internally with the project manager. The manager needs to know what is going on with the project, how it is going, how complete it is, etc. With that, there’s a lot of collaboration between finance and the business. There’s typically approval processes in place, both in terms of purchasing and spending perspectives.

Lastly with the clinical trial phase comes the legal documentation. Before you can go sign off a large purchase order with a CRO, legal will get involved to ensure all of the right contracts are in place. This could lead towards integrating with third parties from managing that process.