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How to manage the budget is a crucial part of each clinical trial and needs special attention. In this article, we present to you the methodology we have created throughout the years and that we use as a basis for the development of Clinicubes CTMS.

We all have used and are still using Microsoft Excel, Google Forms, and some other instruments for collecting data. But the world is changing dynamically and the processes are getting more and more complex. Clinical trials are not an exception. They are progressively getting sophisticated, including new stakeholders, and more data, they need to comply with new regulations, and enormous security issues, which are hot topics every day.

Launching a new drug on the market is an expensive and long process. It can take up to 10 – 15 years from the discovery to its release and cost around 1,3 billion USD, showing different reports. The proper management of this costly and time-consuming process is crucial for the success of every clinical trial and budget management is one of the key factors for it.

Technology has become mandatory for the healthcare sector for some time, but the pandemic has given a new impetus to its adoption. IoT and all its directions as IoMT (Internet of Medical Things), IoHT (Internet of Healthcare Things), and IoB (Internet of Bodies) have become an integral part of medical services, clinical trials, and manufacturing of medical equipment and drugs.

In part 1 of the article, we presented the top cost drivers of clinical trial expenditures across study phases and the largest barriers to conducting clinical research. In this article, we’ll focus on a special aspect of the process – the clinical trial payments to patients and the role of the CTMS in managing the budget and financial flows.

Conducting clinical trials is a complex process, involving numerous different stakeholders in different phases. It should cover the needs of every organization, engaged in the process - from the sponsors, through the CROs, to the clinical centers and sites. Each of these stakeholders should be able to monitor and track the expenses, revenues, and profits and allocate the budget to different heads and participants.

According to Global Market Insights, the Clinical Trial Management System Market is estimated to grow with an 11.4% market CAGR between 2022 to 2030. The report also marks that the number of clinical trials has significantly increased in the past two decades.

50% of the clinical trials lack behind the time planned by 6 months. And it's not about time only. The extra time means more money and invested human resources, as 40% of the total clinical trial spending is generated within the R&D phase. The trials are getting more complex, and the costs are rising tremendously. So the old fashion manual approach with forms created by hand and data entered into spreadsheets manually does not apply to the new reality.

Our previous article marked some of the benefits that hospitals can take advantage of by using a clinical trial management system to manage clinical trial processes. Today we will continue reviewing the advantages that Clinicube CTMS provides to its users.

The digital transformation opened many opportunities for optimizing cumbersome processes, minimizing burden, and maximizing the productivity of clinical trial staff. Thankfully, the days of using endless spreadsheets to track patient enrollment and visits, budgeting and finance details, reporting, and any other aspects of a clinical trial are finally over for many clinical trial sites.