COVID-19 has accelerated the need for a faster, more accessible clinical trial process. During the height of the pandemic, in-person follow-ups for ongoing trials were replaced with hand-held devices that essentially built an ecosystem for home health care support services that can be easily leveraged to avoid or reduce participant dropout rates. Major companies are exploring technologies to achieve more than 30% cost reductions by 2025, more than 50% performance efficiency by 2030, and more than 40% virtual/hybrid trials by 2040.
To improve clinical trial efficiency, pharma companies are turning towards cloud-based electronic data capture (EDC), randomization and trial supply management (RTSM), and integrated platforms that offer them a unified trial workflow view. The biopharmaceutical industry is witnessing a departure from traditional value-driven development model as personalized intervention and technologies support outcomes measurement thus driving clinical development. As such, participants are slowly realigning their go-to-market strategies to optimize the end-to-end customer experience.
Frost & Sullivan’s research indicates that using their experience deploying electronic clinical (eClinical) solutions, vendors can create smart and connected IT solutions that focus on decentralized and virtual hybrid trials.
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