Greenphire, the global leader in financial lifecycle management for clinical trials, announced results from its 2022 annual market trends survey which examined top challenges and opportunities for sponsors, CROs, and sites across the globe. While survey respondents represented a variety of therapeutic areas, including cardiovascular, medical device, rare diseases, infectious diseases and oncology, responses across the board revealed payments as a central concern for all stakeholders.
A total of 784 industry representatives (274 from sponsors/CROs and 510 from sites) from 51 countries and regions, including the United States, the United Kingdom, Germany, France, Canada, Australia, and Poland participated in the study, which covered the most critical issues while conducting a clinical trial in today’s dynamic, complex landscape.
Comparing data from Greenphire’s 2020 and 2021 market trends surveys indicate there is a clear shift in focus for the research industry. Increasing the availability of patient convenience solutions was an immediate need to support sites in the wake of the pandemic; while still a priority cited today, gains have been made to increase flexible options for participation. However, 2022 numbers emphasize that grant payments are a high priority for sites across the globe. In fact, the survey showed the most important activity sponsors and CROs can do to enhance relationships with sites is to streamline site payments and invoicing.
Key highlights include:
- 82% of sites indicated that delays in site payments from study sponsors have a direct negative impact on their business operations
- 56% of CROs are dissatisfied with their organization’s site payment process
- 85% of sites would prefer to work with a sponsor or CRO who invests in technology that alleviates their challenges such as: invoice creation, distribution, reconciliation
“While patient-focused issues, such as access and retention, remain important, it’s vital to remember that sites and their staff are what keep trials running and enable new drugs to come to market,” said Jim Murphy, CEO, Greenphire. “This data emphasizes the importance of streamlining processes, like payments, to help sites make better business decisions and enable staff to be more productive.”
- The top response, at 50%, of what makes sponsors and CROs most optimistic about working in this field today is new technology solutions available to improve study operations
- 61% and 65% of sponsor and CRO respondents, respectively shared their number one obstacle is resources (people, time) to implement new initiatives
- 69% of sponsors and CROs feel that if their study budget build, negotiation and amendment process was more efficient, their organizations could deliver new drugs and treatments to market faster.
“As technology continues to penetrate the trial industry, it’s imperative not to lose sight of the fundamentals that keep clinical trials on track. Payments drive movement and the simpler and more efficient for sites, the more time they can spend enhancing the patient experience,” continued Murphy.