The medical world is shifting underneath our feet.
To keep up with the rising demands of empowered patients, physicians and pharma businesses regularly test innovative treatments and medicines during rigorous clinical trials.
Q3 hedge fund letters, conference, scoops etc
But one misguided move can trigger a domino effect, such as when the wrong patients are selected for a clinical trial.
Today’s infographic comes to us from Publicis Health, and it highlights why the current model of clinical trial recruitment urgently needs to change.
The Cost of Clinical Trials
Clinical trials help to determine if a new treatment, drug, or device is safe for the larger patient population.
Patients are at the heart of these clinical trials, and poor patient recruitment has dire consequences:
- 50% of sites enroll one or no patients in studies
- 85% of clinical trials fail to retain enough patients
- 80% of all clinical trials fail to finish on time
A single trial can cost anywhere from $44 million to $115 million. But here’s the kicker – according to a CenterWatch survey, delays can cost a trial between $600,000 and $8 million per day.
For these reasons, it’s crucial for pharma trial sponsors to find the right fit for clinical trials from the start.
A 360° View
The healthcare industry is moving towards a people-based marketing approach, to discover and engage the right patient one-on-one.
Advanced technology and connected patient data work in tandem with millions of real-time consumer behaviors, creating a rich and accurate profile of the perfect patient match.
The use of artificial intelligence, machine learning, and predictive analytics unearth further insights, weighting those patients with the behavioral tendencies most suited for the trial:
Omni-channel targeting
Actively reaching out to patients, wherever they are.
Predictive analytics
Continually refining media channels and messaging to further patient interest.
Ongoing communications
Nurturing relationships with patients, starting with the initial outreach.
Transforming Value
Applying a people-based approach to patient recruitment has a myriad of benefits, many of which live on long after the original trial’s completion.
| Advantage | Value added | |
| Recruitment | – Accurate insight generation – Real time optimization – Faster and improved quality |
– More efficient – Increased conversion – Reduced costs |
| Engagement | – Behavioral-based messaging – Personalized trial participation experiences |
– Precise engagement at scale – Drives patient adherence and retention during a trial |
| Long-term benefits of data collected | – Develops patient profiles for future trials – Guides the planning of the patient demographic – Informs drug launch activities |
– Accelerates recruitment and reduces start-up costs – Speeds up commercialization of new drugs – Supports disease awareness and educational campaigns |
As clinical trials are successfully completed on time – allowing new drugs to reach the market faster than before – patients will benefit from easier access to groundbreaking treatments.
This is part five of a seven part series. Stay tuned by subscribing to Visual Capitalist for free, as we wrap up with the final two transformative forces shaping the future of healthcare.
Article by Visual Capitalist
