Saama is pleased to continue our Clinical Trial Excellence for Tomorrow and Beyond blog series, each installment of which will be authored by one of our six new Clinical Board of Advisor members. This week, John Fox, Vice President of Global Payroll at Johnson & Johnson and Vice President of Information Technology at Pharmaceuticals Group, addresses the financial considerations that will drive critical global clinical trial decision making over the next decade.
Cost has always been a critical factor when planning and conducting a clinical trial. The price tag to bring a drug to market today is more than $2 billion USD. As regulatory authorities throughout the world become more demanding regarding data quality and volume, it is crucial from both a financial and operational perspective to manage data sets optimally. In the past, the industry dealt with smaller and less complex data sets. It’s a lot more challenging today. Hence the need for more efficient data management applications.
The reality is that the cost of collecting, analyzing and utilizing the unprecedented amount of data available to life sciences companies today will continue to rise. Consequently, drug development costs will also rise. However, this increase in expenses can be offset by leveraging data management platforms that efficiently apply state-of-the-art solutions. Such platforms enable pharmaceutical and biotechnology companies to speed safe and effective new products to market, thereby benefiting the patients who need them as well as the companies that produce them.
The life sciences industry may have deep pockets, but they are not bottomless. The ability to control costs while still ensuring quality is very important to the continued viability of drug development. Clinical data analytics platforms can play a key role in achieving this objective. To be economically viable, any data management solution must be capable of quickly accepting and analyzing data from multiple sources in multiple formats, including digital images, while harmonizing the data, ensuring its quality, and meeting compliance standards. Speed and flexibility are key, but not solely because sponsors will reap economic benefits in the form of accelerated development. Platforms that are nimble and rapid will contribute to improved disease prevention and management for patients, which is our industry’s ultimate goal.
The demands for and issues associated with computing data are higher than ever before, as are the stakes for doing so efficiently and effectively. Smart fiscal management of the clinical trial decision-making process can be informed and supported with clinical analytics platforms that speed the drug development process by quickly turning massive amounts of data into valuable and actionable insights.
Saama’s Clinical Trial Excellence for Tomorrow and Beyond blog series concludes next week with Jay Kaminsky, Chief Operating Officer, Celularity; former Senior Vice President, Global Clinical Research & Development Operations, Celgene Corporation. Mr. Kaminsky will explore the challenges and considerations that are unique to biotechnology clinical trials, and how data analytics can help address those issues.