The Importance Of A Sophisticated Budgeting Tool In Participant Convenience Strategies

By Katie Rothstein, Associate Director, Data Delivery

Time is a pivotal factor in the success of clinical trials, influencing various stages from protocol design to participant visits and site activation. Budget and contract negotiations can become bottlenecks, especially with recent cost increases due to pandemic-related supply chain issues and inflation. Delays in negotiations can push start dates and frustrate sites, jeopardizing participant screening. A well-structured budget reflecting fair market value and accounting for protocol demands and effort supports clear cost comprehension. This enables realistic planning, efficient negotiation, confident sites, and timely enrollment for meaningful data analysis.

In recent years, the industry has also witnessed substantial cost increases attributed to pandemic-related supply chain disruptions and subsequent inflation trends. These rapid shifts have underscored the difficulties arising from budget negotiations, cascading downstream to affect trial timelines. Setting budgets based on outdated fair market rates essentially sets the trial commencement point further back, accentuating the importance of addressing these challenges.

Sponsors and CROs must acknowledge the significant time and financial demands of clinical trials. Early consideration of methods to alleviate this burden using tools and services can enhance trial success, diversify participant representation, and expedite product development. Factors like travel expenses, participant support services, and streamlined payment approaches all impact trial adoption and achievement. To delve deeper into this topic, read this insightful article. Your informed approach can reshape the future of clinical research.