Pharmaceutical companies all over the world constantly work to develop new and more impactful drugs to improve health for all mankind. However, in the last 20 years new drug submissions to the FDA had almost halved, while Pharma companies’ expense in R&D tripled.
One of the main reasons behind this trend is the complexity and duration of the trials required, which is also a reason why 50% of drug tests fail. According to Jeffrey Liden, COO of Abbott, “to help overcome this problem, the industry first of all needs better tools for choosing and validating successful targets.”
Putting Numbers into the Problem
To get a sense of how much do Pharmaceutical companies spend during trials, a research showed that for every $10 spent in trials, $7 were allocated to administrative staff and site monitoring, among other administrative items (Martinez, 2016). In order to reduce the administrative cost burden during drug trial, Pharmaceutical companies could seek to use lower-cost facilities, as well as in-home testing tools, the same research suggests.
In the three separate phases of drug trials, the amount of resources that Pharmaceutical companies can save are: $0.8 million during Phase 1, $4.3 million in Phase 2, and $9.1 million on Phase 3. The research mentions that these amounts may vary according to the therapeutic area for which the drug is being developed. (Martinez, 2016)
XRHealth
VRHealth Platform
VRHealth, an FDA cleared and HIPAA compliant platform, contains VR medical applications accessible for a wide range of programs. The applications create immersive environments that enable cognitive and physical measurements, as well as pain distraction. XRHealth’s Data Portal delivers real-time analytics for every completed session. All of this can be done via remote monitoring, which opens the possibility for drug trials to be done remotely with the clinicians having complete control of the trial and real-time updates on the patient’s reactions.
Feel free to contact us to know more about XRHealth’s remote monitoring, telehealth and tablet control. We’ll be happy to help you customize your solution.
Sources:
Martinez, J. 2016. Driving Drug Innovation and Market Access: Part 1-Clinical Trial Cost Breakdown. Retreived on August 2019, from:
https://www.centerpointclinicalservices.com/blog-posts/driving-drive-drug-innovation-and-market-access-part-1-clinical-trial-cost-breakdown/
Sertkaya, A.,Birkenbacj, A., Berlind, A., Eyraud, J. 2014. Examination of Clinical Trial Costs and Barriers for Drug Development. Retrieved on July 2019, from:
https://aspe.hhs.gov/report/examination-clinical-trial-costs-and-barriers-drug-development
