Description

COVID-19 has accelerated the need for a faster, more accessible clinical trial process. During the height of the pandemic, in-person follow-ups for ongoing trials were replaced with hand-held devices that essentially built an ecosystem for home health care support services that can be easily leveraged to avoid or reduce participant dropout rates.

To improve clinical trial efficiency, pharma companies are turning towards cloud-based electronic data capture (EDC), randomization and trial supply management (RTSM), and integrated platforms that offer them a unified trial workflow view.? Major companies are exploring technologies to achieve more than 30% cost reductions by 2025, more than 50% performance efficiency by 2030, and more than 40% virtual/hybrid trials by 2040.

In the biopharmaceutical industry, personalized intervention and technologies to support outcomes measurement drive clinical development, a departure from the traditional value-driven development model. As such, participants must realign their go-to-market strategies to optimize the end-to-end customer experience.

Today, the industry strives to build an inclusive partner ecosystem that will integrate technology, data, and regulatory standardization-enabled innovation into clinical trial delivery. Doing so will drive adoption of decentralized clinical trials (DCTs) and reduce the burden on investigators and sites during the next 3 to 5 years.

Frost & Sullivan’s research indicates that using their experience deploying electronic clinical (eClinical) solutions, vendors can create smart and connected IT solutions that focus on decentralized and virtual hybrid trials.

The Frost Radar™ reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar™ methodology. The document presents competitive profiles on each of the companies in the Frost Radar™ based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyzes hundreds of companies in an industry and benchmarks them across 10 criteria on the Frost Radar™, where the leading companies in the industry are then positioned.

Author: Aarti Siddhesh Chitale