Did you know that over $2.6 billion is spent on clinical trials? Many pharmaceutical corporations and research institutions use clinical trial management systems (CTMS) to control these expenses and guarantee the timely completion of clinical trials. At a CAGR of 11.4%, the market for clinical trial management systems is anticipated to increase between 2022 and 2030. Clinical trial management systems (CTMS) can enhance efficiency and streamline the clinical trial process but also have expenses and difficulties. Companies and organizations wishing to establish a CTMS and maximize their investment in clinical trials must fully comprehend these expenses and difficulties.
Following are some of the costs of a CTMS are:
1. Initial Installation Cost:
The initial setup and installation of a CTMS on-site require a specialist to visit and install the entire system.
2. Customization Cost
Every CTMS implementation is customized according to the specific requirements of the vendor for the clinical trial it has to be used for. This customization depends on the complexity of the trial and the vendor’s pricing model.
3. Training Cost
Training is crucial for a CTMS to be adopted successfully, and it might be expensive. Considering the costs associated with having your user base productive with the system and the vendor’s capacity to offer training is crucial. To maintain your team’s efficiency, product support is also essential. There might be a vast range of support choices, charges, and levels of quality. The cost of any of these things is included in every membership plan.
4. Maintenance Cost
For the smooth functioning of the CTMS, ongoing maintenance and support are needed. This cost also varies depending on the vendor’s pricing model and the type of support he requires.
5. Compliance Cost
Since validation and compliance are complicated topics, consulting with a quality professional is advised to ascertain your unique requirements. Vendors should avoid advertising an “out of the box” compliance solution. Compliance experts suggest cooperation between the client and the provider is necessary for a fully verified system. Budgeting for system validation is necessary because it may be an expensive procedure. Your team will have a powerful application designed for 21 CFR Part 11 compliance, GDPR privacy requirements, and staying in a validated state with ClinicalPURSUIT.
Explore Your Options. Click To Speak With Us
ClinicalPURSUIT is the leading provider of clinical trial systems. Our mission is to help you implement an electronic data capture (EDC) system that works for your organization.
We know that EDC is a more than one-size-fits-all solution. We offer various products and services designed to fit your needs and budget. We can help you find the right EDC solution for your particular clinical trial, and we’ll stay with you throughout the implementation process—and beyond!
Our services include; Data management for clinical trials, Randomization in clinical trials, Source data verification (SDV) in clinical trials, Clinical research EDC systems, Remote monitoring in clinical trials
Get in touch with us today.