From BBQ Deals to Clinical Breakthroughs: Can Dynamic Pricing Revolutionize Research?

Most of us don’t like the idea of another customer getting a better deal on the exact same item, at the exact same time. What's significant about dynamic pricing is the extensive possibilities for companies to implement variable optimization strategies, and for customers to track and compare those price changes and make decisions accordingly.

Despite the increased use of dynamic pricing today, it's not a new phenomenon. Restaurants like Cali BBQ have been demonstrating the power of dynamic pricing, where prices adjust based on real-time demand. This strategy goes beyond simple supply and demand fluctuations.

Technology now enables restaurants to analyze factors like:

• Day of the week and time of day: Prices might be lower on a weekday afternoon to drive traffic during off-peak hours and higher on a busy Friday night to capitalize on increased demand.
• Order method: Delivery orders could have higher prices than dine-in purchases due to the added cost of fulfillment.
• Special events: Menu prices may increase temporarily near a sports stadium on game day or a concert venue during a show.
• Customer loyalty: Restaurants might offer personalized discounts through their app to incentivize repeat customers.

What about, say, the price of Spanish ICF translations? Or for that matter could this same strategy transform the world of clinical research at large?

Imagine participant compensation fluctuating based on enrollment needs – incentivizing participation and accelerating the process. This isn't pie-in-the-sky dreaming; the success of dynamic pricing in other industries hints at its potential in the clinical trial setting.

What is Dynamic Pricing?

Now imagine a scenario where your coffee price fluctuates based on the queue behind you and your apparent caffeine craving. That's the idea behind dynamic pricing! It's a strategy where businesses dynamically adjust prices in response to real-time market factors (Learning Loop, n.d.).

Factors Driving Dynamic Pricing:

• Supply and Demand:?Economics 101 – higher demand, and limited supply, can drive prices up.
• Competitor Prices:?Businesses monitor their rivals, adjusting their prices on the fly to remain competitive. Of course, this helps buyers too.
• Time:?Peak hours or specific events can trigger "surge pricing" to take advantage of increased demand.
• Customer Segment:?Companies may use data to personalize pricing based on factors like purchase history, loyalty or location.

How Does it Work?

• Data Collection:?Businesses gather vast amounts of data on sales, inventory, consumer behavior, and market trends.
• Algorithms and Software:?Sophisticated software analyzes this data, generating real-time pricing recommendations aimed at maximizing profit and resource utilization.

?Benefits of Dynamic Pricing (for sellers/providers):

• Increased Revenue:?Charging more during high-demand periods can significantly boost profits as well as improve staff scheduling in order to accommodate peak demand times.
• Optimized Resource Use:?Dynamic pricing can incentivize purchases for perishable goods or services with limited supply chain availability.
• Market Responsiveness:?Companies can rapidly adjust prices up (or down) in response to competitor actions, market changes, or unexpected world events.

The Price of Progress...

Clinical trials are the backbone of medical innovation, but they're notoriously slow and expensive (Hardman et al., 2023).? We all know that recruiting participants is a typical bottleneck, often setting back research developments for years (Chaudhari et al., 2020).

So here's where dynamic pricing could be a game-changer…

Imagine, during slower enrollment periods, studies could offer higher compensation to attract more participants and streamline the process.? The concept could mirror how restaurants adjust their delivery prices throughout the week.? And just as a BBQ customer might find a better deal on a pulled pork sandwich on a Tuesday afternoon than a Saturday night, clinical trials could leverage dynamic pricing to boost participation based on need, location and circumstances.

Specifically, compensation could be dynamically adjusted based on factors like:

• Rarity of the disease: Studies for rare diseases could incentivize participation with higher payouts.
• Trial complexity: Highly invasive or lengthy trials might offer more compensation to offset the burden on participants (Alcance Clinical Research, n.d.).
• Urgency of the research: Trials for life-threatening diseases could offer premium compensation to fast-track enrollment.

How Dynamic Pricing in Clinical Trials Could Impact Translation of Informed Consent Forms

Accurate clinical trial translations are a critical ingredient in the research process.?By prioritizing accurate, culturally appropriate, and accessible translations, researchers can improve patient recruitment and retention rates, leading to more effective and ethical clinical trials and better outcomes for patients. The introduction of dynamic pricing in clinical research, where participant compensation fluctuates based on enrollment needs, presents interesting considerations for the translation of informed consent forms and other patient-facing documents.

Here's how it could impact the process:

Increased Complexity:

• Informed consent forms (ICFs) need to be clear, concise, and easy to understand for all participants. Introducing dynamic pricing adds another layer of complexity, requiring precise language to accurately reflect the changing compensation structure.
• Translators must ensure clear communication of the factors influencing compensation changes (e.g., enrollment rate, disease rarity) and how it will be calculated.

Version Control and Consistency:

• With dynamic pricing, ICFs may need to have translation updates more frequently to reflect changes in compensation levels. This necessitates an increase of robust version control capabilities to track translations and ensure consistency across languages.
• Translation teams need efficient processes for rapid updates while maintaining accuracy and cultural relevance across all languages.

Ethical Considerations:

• Ensuring informed consent requires participants to fully understand potential benefits and risks. Dynamic pricing introduces a variable element that translators must convey accurately.
• Translated ICFs should emphasize transparency around compensation adjustments and avoid any language that could be perceived as exploitative or manipulative, especially considering international cultural differences among different patient populations.

Potential Solutions:

• Standardized Layering:?Develop a standardized framework for presenting dynamic pricing information within the ICF. This could involve clear sections outlining the base compensation, factors influencing adjustments, and a mechanism for participants to stay informed about changes.
• Technology Integration:?Utilize electronic translation management systems (eTMS) with functionalities to streamline version control and ensure consistent updates across languages.
• Collaboration between Translators and Research Teams:?Open communication between translators and researchers is crucial for ensuring the translated ICFs accurately reflect the dynamic compensation structure and all relevant details.

By proactively addressing these challenges, researchers and translators can ensure informed consent in a dynamic pricing environment. The goal is to empower participants to make informed decisions regardless of their native language.

Is Money the Universal Lingua Franca? Dynamic Pricing's Role in Clinical Research

Dynamic pricing has revolutionized how we buy burgers and book flights. Could it do the same for clinical trials? While intriguing, this approach needs careful consideration. People may well understand the cost of familiar things like lattes. But even the appearance of tinkering with human expectations in the context of medical research could backfire.? We also need to be acutely aware of how compensation changes are communicated across different cultures.? Will translations effectively convey these fluctuations, or will they erode trust – and potentially impact enrollment and retention as a result?

Trust is the real currency here: charging a buyer who purchases on a regular basis with higher prices can potentially damage trust, credibility, and could reduce repurchase intentions. Trust is defined as a buyer’s willingness to engage in some form of risk-taking behavior. Trust is critical for a company's success and is fundamental when building a long-term relationship between a firm and its customers…Or in a research study and its patients.

Dynamic Pricing: Revolutionizing Research with Responsibility

Despite these potential pitfalls, dynamic pricing could streamline clinical research. By carefully considering ethical guidelines, ensuring transparent and easily understood informed consent processes, and harnessing the power of AI, we may usher in an era of faster, more efficient, and more inclusive medical research.

Key Takeaways:

1. Dynamic pricing offers a possible strategy to address the recruitment bottleneck in clinical trials.
2. Careful implementation is crucial, with a focus on ethical guidelines and ensuring clear communication with participants.
3. Collaboration between researchers, translators, and technology experts is vital for successfully integrating dynamic pricing models.

The Fundamental Challenge in Clinical Trials:

Slow and low participant recruitment, coupled with high costs, hinder research progress.

What is Dynamic Pricing?

A pricing strategy where prices adjust based on real-time factors like supply, demand, and time.

Potential Benefits for Clinical Trials:

Could dynamic pricing models incentivize participation, expedite enrollment, and address challenges in recruiting for rare diseases or complex studies?

Key Considerations:

Informed Consent:?Clear, translated communication of the dynamic compensation structure is crucial.

Ethics:?Transparency, fairness, and avoiding exploitation are essential.

Technology:?Systems to manage updates and translation workflows are needed.

This article was the thoughtful collaboration of Sandra Warne (BS, CDC, CRC) , Duncan R. Shaw , and especially Kelvin Peek, MHA, PMP . We are life science industry resources who invite you to connect with or follow us.

At DTS Language Services , Every Word Counts, and Every Person Matters. Let’s grow together!

References

1.????? Alcance Clinical Research. (n.d.). Equitable compensation for clinical trial seekers & participants. https://alcanzaclinical.com/equitable-compensation-clinical-trial-seekers-participants/

?2.????? Chaudhari, N., Ravi, R., Gogtay, N. J., & Thatte, U. M. (2020). Recruitment and retention of the participants in clinical trials: Challenges and solutions. Perspectives in Clinical Research, 11(2), 64-69. https://doi.org/10.4103/picr.PICR_206_19

?3.????? Hardman, T. C., Aitchison, R., Scaife, R., Edwards, J., & Slater, G. (2023). The future of clinical trials and drug development: 2050. Drugs in Context, 12. https://doi.org/10.7573/dic.2023-2-2

?4.????? Learning Loop. (n.d.). Dynamic Pricing. [Business Model Patterns]. https://learningloop.io/plays/business-model/dynamic-pricing

?5.????? Schonbrun, S. (2023, January 25). The best time of day to book a flight, according to a Google Flights study. Travel + Leisure. https://www.travelandleisure.com/travel-tips/best-time-of-day-to-book-flights

?6.????? Wendy's to Test Surge Pricing on Menu in 2025. (2024, February 27). Spectrum Local News. https://spectrumlocalnews.com/nys/central-ny/food-and-dining/2024/02/27/wendy-s-will-start-testing-surge-pricing-on-its-menu-in-2025