By Craig Morgan, Head of Marketing, goBalto
Why are metrics important in starting clinical trials? This question may seem counter intuitive, as we are exposed almost daily to the dire performance of clinical trials and their spiraling costs resulting from incurred delays.
According to a recent study by KPMG, within the pharmaceutical industry, the return on R&D expenditure has fallen from an industry average of approximately 20 percent 20 years ago, to 10 percent now, with the average cost of developing a drug rising during that period at a rate 7.4 percent higher than inflation, with the increasing costs of conducting clinical trials responsible for most of this increase. It is estimated that it now costs upwards of $2 billion dollars to bring a new drug to market.
Metrics are indeed critical to efforts to rein in clinical trials that are either poorly initiated or have incurred unforeseen events which place the original timelines and/or budgets at risk of overages. They also drive competitive performance among those organizations performing trials.