Hurdles addressed by Clinical Trial Management Systems

The Clinical Trial Management System (CTMS) market is estimated to hike from over USD 1 billion in 2018 to over USD 2.5 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Clinical trials are an important part of the medical innovation cycle. Without this process, it would be hard to substantiate the efficacy of a new treatment such as a new drug or diet or medical device (for example, a pacemaker). As a highly regulated field of study, there are several challenges that a Clinical Trial System can address. Here are some of the hurdles that the system helps with:

Budget negotiations

When it comes to ensuring that a clinical trial is economically viable, it is important to consider all the costs that you will need from the sponsor before you accept to undertake the trial. Working with spreadsheets is not only time consuming but is also prone to errors due to omissions. A Clinical Trial Management System can help you access costs per patient and even per procedure needed thereby giving a detailed and accurate estimation of costs.

Vendor and Patient management

It is a time-consuming process to ensure that patient visits are noted, and the accounts team is informed in a timely manner to complete payments to patients as well as to vendors for clearing their invoices. The Clinical Trial Management System works as a central repository of information and allows you to seamlessly coordinate between departments with minimal duplication of effort.

Similarly, patient retention is critical to the success of the clinical trial. National Institutes of Health (NIH) study shows that more than 80% of clinical trials in the United States fail to meet patient recruitment timelines. To reduce this problem, the system helps by centralizing communications and provides after-hours support for patients thereby giving them a personalized experience that improves retention rates.

Time management

It is easy to understand how many people and effort goes into the management of a clinical trial. In today’s collaborated medical fraternity, such trails also are spread out geographically and require a large amount of collaboration to ensure there is no duplication of work or delay in sharing updated information. Manually maintained reports, on-site management by staff, manual trial oversight procedures – all these practices lead to an extension in trial timelines thereby increasing cost and resulting in late deliverables. Project management of this scale is easier and less time consuming with the use of a Clinical Trial Management System.

Regulatory compliance

Compliance with statutory requirements is a must for the success of any clinical trial. And with a large amount of documentation involved, it translates into not only a time consuming but also in some cases repetitive work that can lead to a lot of time that would be spent on paperwork with resources being diverted from the research to ensure that it's completed as required. The Clinical Trial Management System helps in the streamlining of this effort from a centralized location and allows the staff to focus on the work at hand.

In conclusion, it is quite easy to see how a Clinical Trial Management System not only frees up resources from repetitive work but also allows for the data to be stored in a central database rather than in siloes. This helps collaborators to access data and improve the findings from the trials to pioneer treatments that can make a difference. Talk to our team for more information on how we can help you identify the right Clinical Trial Management System for you.