By Daryl Fallon
Forecasting the cost of clinical drug and medical device trials has never been easy, and as trials become more complex, estimating (and re-estimating) these costs becomes even more challenging.
Lack of accurate forecasts has serious schedule and cost implications. By impeding effective cash management, inaccurate projections can lead to disruptions and delays that cost sponsors and CROs some serious cash and jeopardize the development of life-changing new products.
A good budget is critical at the outset of every trial, but on Day 1 that budget becomes a forecast as you begin accounting for enrollment of new sites, protocol amendments, and change orders. At that point, even the best-conceived budget becomes a historical artifact, and what really matters is creating a real-time rolling forecast.
Learn how by using purpose-built budgeting and forecasting tools you can see what’s happening in the moment as study parameters change and adjust quickly.