August 16, 2019 by Amanpreet
Clinical trials lay the foundation for the functionality of pharmaceutical companies that have been witnessing continuous high pressure to meet the accelerating demand for safe and effective treatments at justifiable prices. With so much at stake, healthcare facilities, medical device companies, and educational & research institutes have placed their focus on improving the efficiencies of clinical trials.
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Fact.MR analysis indicates that the change is already underway. Moreover, unprecedented demand for clinical trials in developing counties has been fueling the clinical trial expenditure.
Paper-based data collection represents a key issue for the accuracy of the data used for conducting clinical trials. As the entire clinical trial process is rigid and does not allow for much flexibility, organizations have to comply with strict protocols and the changes are tedious to implement. Additionally, patient adherence has emerged as a leading issue in the clinical trial processes in recent years, with 85% of them cited to fail at retaining enough patients. This has paved way for the adoption of novel technologies that have been cited to radically change the way clinical trials are conducted.
Several healthcare companies and governments are also taking initiatives to conduct clinical trials in a digital way to reduce lengthy timelines and high costs. The era of clinical trials as known to companies for years, is on the verge of coming to an end. Increasing costs of conducting a trial and the commercial risks of failure are becoming unsustainable. Such a disruptive state has already driven the adoption of novel technologies, thereby, catalyzing the digital transformation of clinical trials.
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Clinical trials are witnessing a turmoil of changes as an increased number of pharma companies have placed their focus on addressing the growing concerns around efficiency. Unleashing the power of digitization through eCOA, eSource, and clinical trial solutions, companies have set their focus on streamlining clinical trials, enhancing R&D efficiency, and cutting costs of length processes. In view of the growing demand for timely launch of drugs, devices, and healthcare solutions, coupled with the growing stringency of regulations for product approval, it is highly likely to witness a paradigm shift in the clinical trial processes.
Fact.MR analysis estimated ~1,950 Mn global spending on eCOA, eSource, and clinical trials solutions in 2018, as an increased number of companies have started leveraging digital technology to increase the number of clinical studies, and develop and test more treatments simultaneously. Digitization in clinical trials has enabled pharma companies to expand their reach to remote and even smaller patient groups to create enhanced protocols to test treatments.
While an increasing number of companies demonstrate an appetite for adopting advanced digital and mobile technologies, the eCOA, eSource, & clinical trials market spending is likely to grow in the forthcoming years. In July 2017, for instance, Mapi, a clinical outcome assessment provider formed an alliance with YPrime, a leading eClinical technology company to simplify deployment of validated assessments migrated onto YPrime's eCOA platform, which is installed on mobile devices.
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