From Cost Savings to Revenue Boosts: Why Cloud Migration is Critical for Modern Clinical Trials
In a recent analysis from Ken Getz (See page 12 in June 2024 Applied Clinical Trials), it was indicated that a day saved in a clinical trial is worth $0,5 million per day in additional sales.
While this figure is lower than the original $0,8 million per day estimate, it still presents a compelling case. When combined with the daily cost savings of running a clinical study (from $7K/day for a phase 1 to $55K/day for a phase 3) and the efficiency gains from new technologies (from 50% to 80% of data managers time), there’s a strong business argument for pharmaceutical companies to migrate their Clinical Data Management Systems (CDMS) and Statistical Compute Environment to the cloud, considering that datamanagrement and BioStat represents 20% to 30% of a clinical study cost.
This shift, along with investments in solutions to improve site and patient identification and recruitment, is crucial. Add to this the ongoing focus from Pharmaceutical companies on study optimization and clinical trial simulation, and you have the key ingredients driving the innovation in Clinical trial Management.
