The global pharmaceutical industry was pegged by some studies to reach USD 1.57 trillion by 2023, based on some market drivers, growth trends and current and upcoming challenges. Meeting these growth predictions will require the industry to master the management of clinical trials and plug the loopholes which were exposed only too well, by the current pandemic situation around the world. This question will need to be answered, even as the industry is focused on fighting the deadly virus and its spread.
As organizations focus on progressing further with the various clinical trials, which are as necessary as ever, there’s a need to move away from many of the earlier processes which required physical access to patients. Thousands of suspended clinical trials can be resumed with a little tweaking of their original operational models provided of course, there’s adoption of suitable technology. The realization that ‘hybrid’ or virtual trials help to reduce costs, increase patient engagement, improve patient experience and compliance has significantly increased the interest in these models.
All these considerations and technology developments are giving rise to interesting trends in patient engagement, healthcare delivery as well as clinical trial management.
Mobile devices: Mobile devices are helping healthcare providers to keep patients informed and engaged. They also help to measure and collect health-related information like blood pressure levels.
Decentralized trials: Sponsors will have to respect the need of trial subjects to stay safe in place and send the supplies and resources needed to participate in a trial to their doorsteps. Technology is set to play a huge role in enabling such virtual trials.
Wearables and Implants: These smart electronic devices with micro-controllers are seen to be useful to track a person’s fitness and health parameters, till recently. Now they are seen to be reducing the costs for pharma companies and CROs by allowing them to collect clinical trial data, even as the wearer goes about their daily life. Few visits, and no in-clinic monitoring with remote data transmission and collection using technology eliminating any errors in manual collections and calculations! There’s absolutely no downside to this, once the compliance with using the medical data is taken care of.
Personalized medicines: Riding high on the FDA’s commitment to accelerate personalized medicine, pharma products in oncology and neuroscience are especially revolutionizing the go-to-market model of medicine delivery to change healthcare delivery drastically with minimally priced therapies in the coming years.
AI and ML: Accessing an integrated view of the entire trial data for clinical trial oversight and actionable insights using AI-powered technologies with machine learning capabilities is set to revolutionize the design of drugs as well as the conduct of clinical trials to make hyper targeted drugs and precision medicines available.
Cloud computing: The cost savings, competitive advantages and superior efficiencies driven by cloud computing are highly attractive. There’s also a need for better security and lower technology maintenance costs, to which more pharma companies are being drawn.
Pharma as an industry is constantly affected by emerging healthcare needs and rising customer expectations. The need for ongoing research into better treatment options is a constant driver to the industry’s continual research efforts. Rare and orphan diseases are also adding an impetus to these initiatives in developing suitable drug candidates. With billions of dollars being invested into the industry, there’s a lot at stake in the worldwide pharmaceutical markets. This makes it an imperative for the industry to keep pace with the disruptions caused by technology and the changing times.
MaxisIT’s Clinical Trials Oversight System (CTOS) enables “data-driven digital transformation” by its complete AI enabled analytics platform from data ingestion, processing, analysis to in-time clinical intelligence by establishing value of data, improve efficiency and empower clinical stakeholders to mitigate risks or seize the opportunity. The CTOS platform helps clinical operations, clinical data management, biostatistics, and clinical R&D portfolio management by bringing clinical operations and patient data together in a single, central data hub (i.e. single-source of truth). The platform allows self-service analytics and role-based clinical intelligence enabling insights, time & cost efficiency, risk mitigation and the effective management of portfolio, data quality, patient safety, CRO/site performance management. In short, it helps you maintain an ongoing health-check on your portfolio of clinical trials, using real-time data, analytics and visualization to drive rigorous analysis of the entire dataset, allowing for proactive trial risk management.
We simplify the monitoring process, feeding all data through a single repository, running robust analytics and ultimately producing visualizations that are fit for human consumption. Because, yes, complex data analysis can produce simple insights. Real-time data ingestion, analytics and visualization empower researchers to identify errors as they occur.