Clinical Research and Development Financial Benchmarking Survey 2024

What are the key value measures that influence performance of clinical development programs?

Which financial performance measures are most important for patients, sponsors, sites, contract research and development organizations, service providers and other collaboration partners?

What financial benchmarking practices are used to improve productivity and partnerships?

These are some of the questions that our TrialValue survey will be aiming to answer by analyzing data collected from across industry organizations.

What is the benefit of participating?
Clinical R&D teams and managers from all sides will gain 360 degree insights about the industry metrics and can use this knowledge to improve productivity, performance and achieve best value from their budgets and investments efforts.

Who: Project/Programs managers, Budget owners (Heads of Functions), Administration/Finance/Procurement/Operations (Directors & VPs) and Executives (CxO)

Interested? Register using the survey request form below.

Duration: November 2024 to March 2025.

New article on the Clinical Trial Participant Financial Burden Calculator that was launched in Nov 2023

New Calculator Could Help Trial Participants And Sponsors Determine Costs And Fair Compensation

Clinical trials come with benefits, risks, and costs that influence a patient’s decision to participate and affect their conduct during and after the trial. Financial, in addition to logistical, burdens have been shown to affect recruitment, access to study sites, and completion rate.
Read the full article here on the Clinical Leader website.

#TrialValuePatient_Financials_Navigator, #Solving4Zero_PatientBurden

Estimating and Reducing Participants' Financial Burden in Clinical Research

Participant’s Financial Burden in Clinical Research

Results from the 2020 Health Information National Trends Survey (HINTS) by Courtney P. Williams et al shows influence of Cost-Related Considerations on Clinical Trial Participation.

Conclusion

Cost-related considerations would influence many individuals’ decisions to participate in a clinical trial and reducing financial barriers to trial participation may promote equitable trial access and greater trial enrollment diversity.

Our open financial navigator solution that will assist participants and stakeholders to better estimate and minimize financial burden/impact is nearly ready for release.

Interested in helping us with the final usability tests? Please drop us a note at info@trialvalueapp.com

#TrialValuePatient_Financials_Navigator, #Solving4Zero_PatientBurden
Image credit with permission: Malcolm Willett

Extending Tripp's powers to support participants and partners with financial navigation and decision making

TrialValue Tripp Assist Bot

Studies show that fewer than 5% of cancer patients are enrolled in any type of research study or clinical trial according to a research paper titled “Creating and Evaluating Chatbots as Eligibility Assistants for Clinical Trials: An Active Deep Learning Approach towards User-centered Classification” https://lnkd.in/d8_mScTG

To address the issue of low participation rate, researchers, Chuan and Morgan (University of Miami) show that chatbot can help patients determine their eligibility via interactive, two-way communication.

”The chatbot is supported by a user-centered classifier that uses an active deep learning approach to separate complex eligibility criteria into questions that can be easily answered by users and information that requires verification by their doctors.”

Based on available clinical trial eligibility criteria collected from the National Cancer Institute's website, the results indicate that the participants who used the chatbot achieved better understanding about eligibility than those who used only the website.

”Furthermore, interfaces with chatbots were rated significantly better in terms of perceived usability, interactivity, and dialogue."

At #TrialValue, we're in the lab building a new solution to enable participants/ patients and clinical research partners, improve engagement efforts around financial decision making when designing and planning clinical research and RWE programs. #Tripp will be ready to assist you soon.
#TrialValuePatientFinancialsNavigator, #Solving4ZeroPatient_Burden

Participant Burden in DCT: Understanding the drivers to reduce cost

A recent qualitative analysis study of stakeholder views about participant recruitment, retention, and adherence in decentralised clinical trials (DCTs) published by the Trials@Home project consortium, showed that in contrast to conventional trials, DCTs are perceived as requiring greater emphasis on communication, and contact and the perceived burden was seen as a barrier to recruitment and influencing retention and adherence.

To help teams/organizations better understand the cost of patient burden and its impact on study budgets, factoring in third party provider logistics, we're making our DCT costing model available (free) to all members. The tool shows how reducing patient burden combined 'with optimized operational logistics translates to huge costs and time savings.
Register and get access
We will continue to improve the tool and we welcome your feedback and comments.

#TrialValueDCT, #TrialCostlogistics #ReducePatientBurden

Audition for Consulting Partners

We have moved to a solutions driven and partnership model to elevate our value assured promise.

To support this operating model, we are inviting accomplished Consulting Partners to join TrialValue Platform to help build the next generation clinical development financial solutions, backed by profound business knowledge and wealth of synthesized industry insights enabled by our innovative software and analytics intelligence engine.

Are you an experienced (15+ years) venture builder, advisor/partner or founder/executive with singular vision and courage to deliver compelling value and ability to deploy truly transformative solutions that solves complex problems at record speed?

Trialvalue exceptional players

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Main areas

  • Software/Analytics Intelligence Solutions

  • Financial/Budgeting Solutions

  • Training/Community Building

Details:

  • Location: EU, NA, MEA, APAC

  • Duration: Fixed term

  • Start date: Q4,2022

  • Benefit: OTE package +Equity

  • Industry Experience:
    Biotech/Pharmaceutical, Cloud Software/AI, Fintech, Consulting

    Interested? Drop us a note to arrange a chat: info@trialvalueapp.com

TrialValue AI+ Clinical Trial Cost Prediction Kit : Free and Open for COVID-19 and NTD studies

Happy to announce that TrialValue AI+ our Clinical Research Predictive Analytics Intelligence algorithm will be made available free-of-charge to all researchers and organizations that are conducting COVID-19 trials and studies in neglected tropical diseases including TB, Malaria and Sickle cell disorder.

Source Code:

We will also share the source code with institutions, companies and developers interested in open source projects focused on budget analytics, cost optimization, financial and economic modeling for decentralised/hybrid trials.

Contact us to arrange access and an introduction on how to use the platform.

In this fight to win it!

Machine Learning and Natural Language Processing for Cost Analysis - International Cost Estimating & Analysis (ICEAA) Workshop May 2019

How can machine learning and natural language processing enhance the traditional methods of cost analysis? By making it easier for humans to analyze large datasets, and by automating many of the manual, time-consuming tasks needed to cleanse and prepare the data for analysis.

This presentation examines several applications in which the authors integrated Natural Language Processing using python libraries, with various Machine Learning methods, in particular trees, randomization, and boosting, to improve prediction accuracy.

Quick Learning Resource: Random Forest - Fun and Easy Machine Learning

Here’s a great video tutorial by Augmented Startups. Please feel free to support them on Patreon. AugmentedStartups.info/Patreon

Decision tree is a type of supervised learning algorithm (having a pre-defined target variable) that is mostly used in classification problems. A tree has many analogies in real life, and turns out that it has influenced a wide area of machine learning, covering both classification and regression (CART). So a decision tree is a flow-chart-like structure, where each internal node denotes a test on an attribute, each branch represents the outcome of a test, and each leaf (or terminal) node holds a class label. The topmost node in a tree is the root node.

Random Forest - Fun and Easy Machine Learning ►FREE YOLO GIFT - http://augmentedstartups.info/yolofreegiftsp ►KERAS COURSE - https://www.udemy.com/machine-learning-fun-and-easy-using-python-and-keras/?couponCode=YOUTUBE_ML ►MACHINE LEARNING COURSES -http://augmentedstartups.info/machine-learning-courses ------------------------------------------------------------------------ Hey Guys, and welcome to another Fun and Easy Machine Learning Algorithm on Random Forests.

TrialValue A.I.+ Budget Prediction Model Workshop: Presentation Demo is Out!

Thanks to everyone who attended last week’s public online workshop where we presented use cases and demos on how our budget prediction and benchmarking model work.

We showed that you only need a few key study assumptions to predict an optimal budget with value assured confidence in less than 10 seconds!

Pharma and biotech folks can use the model for long term financial planning, benchmark proposal estimates, calculate savings, budget oversight/audit, cost control, project valuation, financial modeling and more.

The recorded demo is available on request or please contact us to arrange a training session for your team: info@trialvalueapp.com

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TrialValue Analyst

We are looking for a financial analyst to join us on a new project focused on economic evaluations in clinical research. Do you have hands-on experience in this area? Can you play chords with budget numbers? Then we can’t wait to hear you play in our “add-value” jam sessions?

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fancy being our instrumental analyst for a new gig in 2019?


Main tasks

Financial Modeling

develop financial and pricing models based on clinical research protocols, economics evaluation objectives/strategies, study plans, trial design scenarios using TrialValueapp, A.I.+ models, external data sources and industry applications

Cost Estimation and Budget Development

run simulations, review cost estimates, develop budgets and financial plans for clinical research projects and programs

Financial Benchmarking

use TrialValue tools to validate and benchmark project staffing estimate (FTE allocations), tasks/deliverables pricing, total budgets, client’s internal ballpark estimates and CROs’ proposals

Details:

  • Location: UK, Netherlands, Spain, US or Remote

  • Duration: 3 to 6 months (Part-Time/Flexible schedule)

  • Start date: January 2019

  • Experience and Skills:
    Biotech/Pharmaceutical industry, Clinical research, Clinical trials, Budgeting, Financial/Cost modeling, Health economics, Statistical data analysis and Creative problem solver

    Interested? Please drop us a note to arrange a chat: info@trialvalueapp.com

TrialValue A.I.+ Launch Workshop

The inaugural workshop for #TrialValue A.I.+ is scheduled for Thursday 8 November 2018 (Utrecht inc, Netherlands). All TrialValue community partners and PRO members are welcome to attend. Please contact us to inquire about passes: info@trialvalueapp.com. Further details on times and agenda will be posted in the coming days.

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TrialValueapp: Updated version released.

Happy to announce that the new cloud version of TrialValueapp is released. 

Main changes:
- Updates to user interface and navigation improvements
- Minor bug fixes

Many thanks to the team, our user community, colleagues and friends for all the support and helpful feedback.  The result is a better user experience and intuitive navigation.

Outsourcing and Budget Management Course: TrialValueapp partners with CILIQUE

April 2018: TrialValueapp and CILIQUE, have teamed up as training partners for CILIQUE's on-line course on Outsourcing and Budget Management in Clinical Trials: This course is the first of its kind in the industry and offers a comprehensive learning opportunity for colleagues involved in the business of clinical research. A short introduction module on how to use TrialValueapp to estimate and develop a benchmark budgets is included in the course. Check it out. (Disclosure: we will receive a commission if you sign-up). 

2017 Budget Benchmark Challenge Results

Thank you to everyone that participated in our first Budget Benchmark challenge. The challenge closed in April 2018. However, the turn out was low as we received only 9 submissions of planned costs. In view of this, the data collected wasn't sufficient to draw any meaningful conclusions or comparisons.

TrialValue's benchmark algorithm generated median per-patient-budget (all costs) for phase III studies ranged from $34,500 to $68,000 factoring various complexity scenarios and assumptions. (Data: >100K study budgets, compiled from published data, meta-analysis, simulations and expert knowledge).

Why the low rate of participation? This could be due to a number of reasons: including low publicity (challenge was only promoted on social media) and perhaps it didn't reach the right audience. Also, based on the benchmarking roundtable discussions  during this year's CBI clinical trial budget conference it appears that many pharma companies don't typically conduct analysis of final study budgets (actuals) against historical costs or compare with industry available data. Benchmarking is mainly done to obtain per-patient-cost and procedure costs at a study and site level for contract negotiations and to support FMV compliance process.

It was also mentioned that benchmarking is difficult to implement because of lack of standardization of budget components, time/resource constraints, variable study complexity and continuous changes to R&D portfolio assumptions.

Now the good news: To help overcome some of these hurdles, we're fine tuning our machine learning enabled algorithms TrialValue A.I.+ we expect to start roll out in a few weeks.