There are many CROs, but not all can meet the specific needs of any project. TFS HealthScience keeps a close eye on the market and the economic climate, and how the economy affects new developments within medicine. One of the biggest challenges today is related to finding sufficient funds to take medical projects all the way through clinical trials and on to commercialization.
Meeting challenges with limited funds
So how can you overcome challenges with limited funds when a project develops further?
“One of the most important tasks that we have is to find new efficient ways to conduct clinical trials even with limited resources, ensuring all compliant measures regarding safety, verification, documentation and traceability are met”, explains Hanna Sandvall, Vice President of Strategic Resourcing Solutions at TFS HealthScience.
“Today, the economic climate places much higher demands on developers in medicine and medical technology to achieve higher efficiency in their projects. Today there is a need to be much more strategic in the selection of development partners”.
“Moving a product through a development pipeline is much more expensive today. At the same time, compared to before, there is also a higher pressure of reducing costs. This applies to many industries, not just medicine and medical devices”, says Hanna.
“In clinical trials, the financial investment is very much affected by the effectiveness and wellbeing of the targeted study population and how long it actually takes for a new therapy or drug to reach the market”, she adds. “Moreover, we should consider patient centric needs; as some of the most important requirements of patients are affordable access to medicines that reflect relevant real-world outcomes”.
“After all, we have seen a positive effect of the pandemic, calling for drug development processes to be faster and more efficient so that new therapies can reach the market in a much shorter time. Thanks, among other things, to new ways of collaborating across disciplinary boundaries”.
Should everyone only chase costs?
“There are different ways of looking at costs and different ways of keeping costs down. For example, study design, focusing from the very beginning on building a study with a certain budget, plus building partnerships are important aspects to consider before embarking on clinical trials. [LC1] Choose a partner that is flexible to your needs, and understand the importance of strong patient recruitment and site engagement. This will help you to reach a successful trial in a timely manner, reducing time to market and overall cost. This is what TFS HealthScience does best”.
“Looking at the project’s effectiveness over time, its benefits for patients, and its return on investment is more important than individual costs” Hanna continues.
By applying optimal support all the way, large costs can be saved throughout the project. The total cost can be lowered with a flexible, efficient trial process and a tailored strategy to ensure a faster route to market. TFS HealthScience is the partner to assure this.