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.
Association of Retina practices partners with TrialValueapp
Dec. 2017: Pleased to announce that a large US based association of retina practices has licensed our PRO plan. We're delighted to be supporting them with their financial planning process.