Identifying value in a Phase 1 clinical trial budget
How can you be certain you are receiving the best value possible from your research sites when they provide you with a budget for your Phase 1 clinical trial? There are a number of key elements which can be identified within any given budget which can give insight into whether or not a Phase 1 site is providing its sponsors with a fair-market priced services.
If a site has a thorough understanding of its internal operations, costing procedures, and staffing needs, it is far more likely that the site will be able to produce an accurate, fair-priced budget for your Phase 1 clinical trial. Additionally, budgets should be able to demonstrate that there was consideration for your unique protocol when determining the services required for clinical conduct.
This white paper aims to educate sponsors and CROs on how to properly analyze a budget for a Phase 1 clinical trial. By learning how to do this, sponsors will be equipped to better understand and evaluate the sites they are using for their Phase 1 programs, and by doing so, make better decisions regarding their usage.
Additionally, by evaluating Phase 1 sites more in-depth, they will be encouraged to take more factors into consideration when costing out their services. While it may be burdensome for the site to produce a detailed budget on costs specific to your Phase 1 clinical trial and cost specific to their staffing needs for the protocol, it is key in determining an accurate fair market value.
WCCT Global is a full service strategic development partner. Since 1998, WCCT has conducted well over 500 Phase 1 clinical trials at its corporate-owned Phase 1 unit in Cypress, CA, with experience in conducting large volume studies requiring over 200 patients. WCCT is the industry leader in Japanese bridging and has recognized expertise in multiple therapeutic areas, including Ophthalmology, Gastroenterology, Vaccines, and Influenza.
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White paper on properly analyzing a budget for a Phase 1 clinical trial.