BIRMINGHAM, AL / ACCESSWIRE / August 26, 2022 / Global clinical trial spending is expected to increase to $68.9 billion per year by 2025. That The median cost of a lawsuit is estimated at $48 million and the number of patients is the largest factor in the overall cost of clinical trials. The average cost to bring a drug to market is $1.3 billion. All of this, in turn, leads to rising treatment costs.

Why are studies so expensive:

A study published by PhRMA found that the average cost for one patient in a US-based clinical trial was $36,500. These costs vary by therapeutic area—more expensive for rare and hard-to-recruit patients (e.g., $59,500 per patient for cancer drugs) versus easier-to-recruit patients ($16,500 per patient). Efficient patient identification, recruitment and retention are extremely challenging. MESM estimates that approximately 85% of clinical trials are delayed, with 94% experiencing a delay of more than a month. The financial impact can be huge, ranging from $600,000 to $8 million for each day of delay.

Despite robust investments in data-driven patient identification, there are huge Major pharmaceutical companies compete to recruit patients at prestigious academic medical centers. There is a need to increase awareness of trials in the patient population and to facilitate access to and registration for clinical trials. Companies like SubjectWell, Trial Match, etc. are filling the knowledge gap, but much of the opportunity remains unexplored.

We have with Dr. Deepak Patil, a real-world data expert and life sciences strategy consultant, to understand the levers to improve clinical trial design and execution. Below are some highlights of the discussion.

Breaking down real-world data silos (RWD).

Industry’s ability to advance data-driven identification of sites and investigators must be supported by Break down silos of real datato encourage the sharing of anonymized insights between stakeholders. Real world data (e.g. clinical study…