Making a concrete budget for clinical trials is always challenging yet sponsors of these clinical trials always try their best to plan adequately for every dollar they will need. However, there are still some unforeseen costs that always emerge. It is therefore always better to budget for the unseen rather than being surprised later.
Most of the established clinical research organizations have carried out many clinical pieces of research hence have the expected experience. Here are some of the mistakes that can be avoided when budgeting for a clinical trial.
Avoid Clinical Trial Delays
A lot of clinical trials always experience delays due to site start-up delays, product availability delays, and enrolment delays. The delays will increase the cost of funding hence creating some gaps in the initial budget. Furthermore, the delays in clinical trials mean more monitoring visits, site selection, and other start-up costs. The delays can be avoided by drawing up a concrete plan, have enough staff, and select the best research site that will meet the need of your trials.
A reputable contract research organization (“CRO”) will help you in many areas of your clinical trials. However, it would be best if you had a clear scope as the unintentional addition of other ranges that were not in the agreed scope may interfere with your budgeting. A clear scope will help you stick to your budget, hence success in your clinical trials. Some of the unbudgeted ranges between you and your CRO that need to be avoided include:
- Asking them to support your team with additional monitoring
- Assist your team with management of data
- Preparing your squad for inspection by conducting an audit
Improperly Managing Your Travel Expenses
A lot of traveling is always involved in the management of clinical sites, especially where an Investigational Devices Exemption (“IDE”) is required. The traveling costs associated with clinical trials can be significant, especially where a trial master file review is involved. However, some of these costs can be cut by conducting the same trial master file review remotely. It will cut new budgeting hence avoiding additional expenses in your clinical trials.
Staff layoffs are the most frustrating challenges in clinical trials. It is costly to hire and train new staff, which will impact your budget. However, for you to have successful clinical trials, you need to have a competitive crew. You can avoid team layovers by hiring a right CRO with proven records to manage your tests. It will help you save significantly in your budgeting.
Not Partnering with a Budget Friendly Contract Research Organization
Clinical trials always take long; hence having a good partnership with a reliable CRO will protect your budget. Besides, a good CRO will treat your budget as their own; thus, this will have a positive impact on your budgeting. Furthermore, they will also account for every penny spent on their operations and services to help you achieve your clinical trials. Get a good CRO, and you will not make mistakes in your budgeting.
It would be interesting to learn how seasoned sector players like Vivos Therapeutics Inc. navigated their way around the mistakes above during the initial stages before they mastered their craft.
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