According to the Tufts Center for the Study of Drug Development, bringing a new drug to the market through research and development (R&D) takes at least 10 years, and the average capitalized cost, factoring in the shared cost of compounds that fail, exceeds US$2.6billion. Clinical trials are the largest contributor, with costs as high as $700M.
The problems occurring in clinical trials vary from errors in protocol design to patient’s drug adherence. An estimated 11% of sites in any multi-center global clinical trial fail to enroll patients, almost 40% fail to meet initial recruitment targets, and 49% of all enrolled participants drop out before study completion. With a rate of over 30,000 new trials a year, these problems contribute significantly to the rising industry costs. In addition to that, there is an urgent need to increase access to clinical trials, and subsequently to the innovative treatment options for everyone, and not just people living next to large academic medical centers.
While many areas of the healthcare system are evolving fast and are already benefiting from the meaningful use of technology, clinical trial research still represents a very slowly changing cost and labor intensive system relying heavily on traditional pen and paper methods. Listen to this lively discussion to hear what the clinical trials of the future look like.
Speakers
Olga Elizarova
Behavior Change Director | Mad*Pow
Kathryn Hautanen
Director | Mad*Pow’s Center for Health Experience Design
Leyla Rich
Associate Director, Clinical Trial Engagement & Enrollment
Global Clinical Operations | Bristol-Myers Squibb
Eugenia Payseur-Strother
Senior Regional Site Monitor, Regional Clinical Operations
Global Clinical Operations | Bristol-Myers Squibb
