Medical tests are essential , but they come at an astounding cost. Typically, usual pharmaceutical firms tend to spend between 100 to 800 Billion Dollars for every medicine applicants. With all this, medication organizations seek the cost reducing methods to minimize the clinical trial costs. Of course, pharmaceutical organizations pull in a lot of money
Recent trends have suggested that the rising costs of conducting clinical trials seem to hinder the discovery and development of new medicines and equipment. This might seem to be disturbing news for the pharma companies all over the world and those patients that are expecting to see some newer health drugs coming their way. A study conducted by the Tuft Center for Study of Drugs and Development indicated that the drugs costs have increased to 5 times faster than the preclinical costs.
This has led to a widespread debate on the increased cost of the trials. Reduction in clinical trial cost is definitely essential for the greater good of the common man. It has been estimated that the drug costs have increased at a rate that was higher than inflation for the past 20 years. Some attribute this rise in cost due to industry’s success over a couple of decades. The research and development part of the new drugs have made it really difficult to prove that that the products of the pharmaceutical companies are superior to what are presently available in the market.
Pharmaceutical companies have realized the need to press and gather more data in order to show the modest benefits over the competitors resulting in increased recruitment for clinical trial. The need to search for new and innovative products have pushed these companies to develop treatment options for chronic health conditions. However, the clinical trials still tend to be long, complex and expensive in the long term. Other factors that contribute to influencing the drug costs are developing the clinical trial protocols, more emphasis on site monitoring, increased use of imaging technologies, different interpretations for compliance regulations among others.
The increased cost has affected the market in multiple ways. Most companies are conducting their clinical trials in countries like China and India where the prices are lower by 60% and the industry tends to be more cautious. No one wants to take a chance with novel medicines.
In order to minimize the cost, organizations are eliminating the inefficiencies by streamlining the trial process. There has also been a reduction in the later stage failures of the drug trial process, which helps to greatly reduce the overall cost. Improving the successful review process at critical end points, weeding out failed subjects at the preliminary phases etc. make the entire process cost effective. However, still there is no denial to the fact that clinical research offers the best and most reliable solutions for the development and discovery of new drugs.