The Top Three Clinical Data Analytics Challenges for SMB Pharma…Solved!
Despite significant technical advances over the past several years, a few clinical data issues remain hard to solve. Pharma companies of all sizes grapple with fragmented data, operational inefficiencies, and cost overruns in clinical trials. And while AI holds promise for improving clinical trial efficiency, few clinical trials utilize tools with such technology.
Clinical data challenges affect small- to medium-sized (SMB) pharma companies more acutely than the average Big Pharma. For an emerging start-up, unexpected delays or budget overruns could make it harder to secure the next funding round. Without funding, a promising therapy may not make it to Phase 2.
Based on internal research, we’ve outlined the top three clinical data analytics challenges SMB pharma face at the moment. And while there are no quick fixes, we do share realistic solutions.
Third place: Unrealized expenses
Lack of control over clinical operations leads to unexpected expenses for SMB pharma. Lack of control, whether real or perceived, is associated with lack of visibility. Project managers don’t immediately know whether staff are performing tasks in a timely manner or whether sites are meeting their goals. Data managers don’t discover anomalies until weeks after the fact. When clinical operations cannot detect issues right away, they become more difficult (and expensive) to correct.
Second place: Total cost of ownership (TCO)
SMB pharma struggles to reduce TCO given the rising costs of clinical trial supplies, staff, and technology. Without a unified platform for clinical data acquisition, management, and analysis, sponsors spend too much time and energy implementing solutions utilizing multiple vendors. Large enterprises may not blink at taking a “best of breed” approach, but for an SMB pharma operating on limited resources, that wasted time has a big impact on budget.
First place: Fragmented and disparate data
Integrating diverse clinical data from EDCs, EMRs, lab results, and heterogenous architectures leads to system failures and delays. When integration problems occur, IT teams must create workarounds and staff must spend extra time managing and cleaning data. Labor required to complete these tasks increases TCO.
The Solution: A Unified Clinical Data Analytics Platform
A clinical data analytics platform with data management capabilities gives SMB pharma the tools needed to improve operational efficiency with little increase to technology costs. Here’s how the right platform solves SMB pharma’s top three data analytics problems:
CTRenaissance, the leading clinical data analytics platform from MaxisIT, includes the Clinical Trials Oversight System and Data Management Workbench. Together, they deliver a comprehensive suite of features for managing clinical trials with greater efficiency and accuracy. Here’s what you can accomplish with CTRenaissance:
SMB Pharma Challenges Bottom Line
Clinical operational efficiency, cost effectiveness, and technology ease-of-use are issues that have persisted in clinical trials for years. Advanced data analytics platforms like CTRenaissance enable SMB pharma to conduct their studies with more control and simplicity than before.
To see how CTRenaissance can transform your clinical trials, request a demo today.
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MaxisIT helps pharmaceutical and biopharmaceutical companies of all sizes plan and execute effective clinical trials. Our source-agnostic integrated clinical data analytics platform unifies data across clinical systems and CROs to enable real-time monitoring and on-time insights.