Cost Per Patient on the Rise in Australia, Eastern Europe, and Latin America
PHILADELPHIA--(BUSINESS WIRE)-- While the costs for all clinical trial phases are highest in the United States and the United Kingdom, these costs are rapidly increasing in new geographies. For Phase II-III Clinical Trials (2008-2009), cost per patient increases for the United States and Western Europe (excluding the UK) have averaged 3% to 4% annually. In contrast, clinical grants in the new geographies are increasing at rates over 14%.
These rising overhead rates continue to challenge pharmaceutical professionals in managing clinical studies. While the relative cost of conducting a clinical trial in a specific geography is not the sole driver in deciding where to establish study sites, relative costs do play an important role.
TTC’s GrantPlan® Database – created in association with users from pharmaceutical companies and clinical sites around the world – offers the data companies need to evaluate overhead costs and plan for other critical components they face in developing clinical grants.
- In today's research and development efforts, companies must know how to manage costs effectively, particularly in new geographies. Developing a drug now requires about $1 billion and clinical development costs comprise the bulk of this expense. GrantPlan® ensures that you are paying the appropriate amount and decreases the time you need to develop an investigator grant budget.
- While per patient clinical grant fees vary by country, costs also vary between the different clinical sites within a particular country. The amount paid to a site represents a strategic decision for every company. GrantPlan® provides an understanding of the fair market range for every line item of the clinical grant.
- Each year, drawing upon data in the GrantPlan database, TTC reports on the relative costs of clinical grants around the world. GrantPlan® subscribers conduct more than 76% of all the commercial clinical trials.
- GrantPlan® covers the key components of grant costs, such as individual procedures, overhead rates, other direct costs, and site costs, including hourly rates, pharmacy fees, advertising fees and more.
- GrantPlan® gives contract negotiation teams the ability to begin grant negotiations with enhanced data. GrantPlan® collects data from clinical studies in 60 countries from over 100 GrantPlan subscribers.
"Specifically, countries in close geographic proximity to Western Europe often have more experience in conducting clinical trials - and their cost structures are beginning to resemble those of the west accordingly. The Czech Republic is illustrative of this...In turn high demand for Czech sites has produced a steady increase in the country's clinical research costs." - The World's Your Clinical Research Oyster
- Professor Harold E. Glass, Ph.D.
Professor Harold E. Glass, Ph.D. (TTC Principal): GrantPlan® provides companies –in the U.S., the U.K., or in any of the developing geographies – access to the current global cost data they need to reduce the time required to create investigator grant budgets, manage negotiations, and increase the confidence level of our customers. GrantPlan® – the largest database of current clinical investigator budgets – provides negotiators with the valuable data they need. We’re very pleased that most of the industry uses GrantPlan®, and we will continue to provide pharmaceutical companies, biotech companies, and CROs with the best in data for managing clinical trials.
GrantPlan®, a product of TTC, LLC, is the largest database of current clinical investigator budgets. With five distinctive database products, TTC has the largest current database of investigator site budgets from 60 countries. TTC combines a strong financial base, a global reach, and an experienced team of customer-focused professionals proud to serve the industry in the management of costs and speed of clinical trials. GrantPlan® contains extensive cost data at the Procedure, Cost per Visit, and Cost per Patient levels from countries involved in drug testing throughout North America, Europe, Asia and Latin America. For more information please visit www.ttc-llc.com.
Marie Johnston, 215-243-4103
KEYWORDS: Australia United States Europe North America Australia/Oceania Pennsylvania
INDUSTRY KEYWORDS: Technology Data Management Practice Management Health Clinical Trials Pharmaceutical Professional Services Finance