TTC Survey of 100 Studies Shows More Than 20% of Procedure Costs Covered by Third Party Payers
PHILADELPHIA--(BUSINESS WIRE)-- TTC, llc:
News Facts:
- TTC analyzed 100 U.S. studies to gauge SOC savings: Findings showed that more than 20% of procedures costs should be covered by third party payers – a savings of more than $1.6 billion.
- $1.4 million in savings for just one study! One TTC analysis – an ulcerative study with 600 patients – found an average per patient cost of almost $2400 using TTC’s Standard of Care™ data.
- TTC analysis of insomnia study shows significant savings: Before SOC, per patient costs were almost $10,000. The total SOC savings were 21% -- more than $460,000.
- TTC SOC analysis of Type II diabetes study shows total savings of 45%! Per patient costs cut in half. Almost $1 million saved for all study patients.
- Alzheimer’s disease analysis shows $6.3 million saved. TTC’s Standard of Care™ product cuts per patient costs by more than $6,000.
- TTC’s Standard of Care™ data includes many smaller procedures: The bottom line: companies are concerned about fair market value and more effective clinical grant management. A TTC survey shows that 85% of companies want to avoid paying for procedures covered by third parties; 83% want to ensure they are paying fair market value by avoiding possible double payment; 81% want to use SOC to assist in protocol design.
- All therapeutic areas can benefit from TTC’s Standard of Care™: Many pharmaceutical and biotech companies routinely include SOC payment considerations in their clinical grant payment agreements with sites conducting oncology studies. Even with its broad acceptance in oncology, TTC’s SOC data can help all therapeutic areas.
- TTC’s Standard of Care™ creates savings industry-wide. Based upon a global study of 2,300 sites, there is no evidence that paying above the industry median improves data quality or reduces study completion time. Most companies rely upon laborious processes and sources, e.g., sites and internal experts, for information. TTC’s Standard of Care™ makes finding SOC data easy.
Quotes – or Talk to Us Directly
Professor Harold E. Glass, Ph.D. (Research Professor and TTC Principal): Drug TTC’s Standard of Care™ helps sites control costs with quality, accessible standard of care data. No study wants to pay more than it must for per patient care. As the pharmaceutical industry uses standard of care data to ensure that it is using financial resources effectively, it can also ensure that it is paying appropriate fair market rates. Eliminating the potential of double payments to clinical investigators represents another step in the process of improving the pharmaceutical industry image worldwide.
Ying Jiang (TTC Director): We know from TTC analyses of thousands of companies that almost three-quarters of them consider SOC an essential part of developing clinical grants. Companies are concerned about fair market value and more effective clinical grant management and TTC’s Standard of Care™ data gives them the cost saving information they need.
Founded by Dr. Harold E. Glass and other principals, TTC provides drug development organizations with state of the art cost benchmarking tools and analysis. TTC’s management team is unique in the industry experience it brings to the issues of drug development cost benchmarking. The TTC principals have been at the forefront of benchmarking innovation since founding the first drug development cost benchmarking company in 1990. They have been involved in all aspects of outsourcing cost management, from the selection of vendors, to the budgeting of protocols and CRO projects, to the negotiations with clinical sites and other providers. TTC combines a strong financial base, an international outlook, and a proven customer focus to help industry professionals understand and manage both the costs and speed of drug development.
CONTACT:
TTC, llc
Marie Johnston, 215-243-4103
[email protected]
KEYWORDS: United States North America Pennsylvania
INDUSTRY KEYWORDS: Practice Management Health Biotechnology Hospitals Oncology Pharmaceutical Professional Services Insurance General Health Managed Care
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