Data analytics paving the way for Contract Research Organisations
Conducting clinical trials today is a complex set of activities that amass huge volumes of data across multiple systems. As the clinical space grows at a rapid pace, with more trials and increasingly strict protocols regulating those trials, the medical industry faces the challenge of having to quickly and easily access synthesised data. A large part of the medical industry relies on contract research organisations (CROs) to manage their trials and CROs, in turn, rely on data analytics software to facilitate their work.
The medical industry grapples with the expanding size and complexity of trials, globalisation, and more stringent regulations along with an influx of data. To handle this unprecedented amount of data rushing through the medical community gates, intricate data analytics software and systems are utilised to track patient information, manage inventory, capture patient images, enter medical records, detect issues and provide trial stakeholders with a comprehensive understanding of trial performance across the entire clinical portfolio.
Read on to explore the world of contract research organisations and how exactly they leverage data analytics.
The important role of Contract Research Organisations in the medical industry
A booming sector, Contract Research Organisations (CROs) play a pivotal role in drug development. CROs provide clinical trial and other research support services to the pharmaceutical, biotechnology, medical device industries, and also serve government institutions, foundations, and universities
Whether large, global entities or smaller, niche players, the best-in-breed Contract Research Organisations are focused on building out their infrastructures to effectively capture, consolidate, and visualise both operational and clinical data from multiple sources. Such real-time predictive analytics generates the business value that the medical industry is looking for in their CRO partners to drive better clinical decisions.
With clinical trials representing the lion’s share of drug development costs, the medical industry is keen on outsourcing – in an effort to control rising costs associated with therapeutic complexities, regulatory demands, and timelines. Outsourcing to CROs is anticipated to grow at a 7.4% compound annual growth rate through 2019, with a market penetration rate of 72% by 2020. Additionally, a report from The Business Research Company shows the global market for clinical trial services is forecasted to grow at 12% year on year to 2021, raising its value to $44.4 billion.
How CROs leverage data analytics to get the job done
Outsourcing creates a partnership between the pharmaceutical sponsor and the CRO. Therefore, the success of this partnership requires tools that will help the two parties collaborate effectively. Comprehensive informatics solutions can bridge sponsors and CROs, breaking down barriers and identifying the top data sources that are essential to the analysis. CROs, therefore, must invest in best-of-breed platforms and technologies in order to deliver optimum data-driven decision-making capabilities to their pharma sponsors.
According to Dr.Chris Smyth, the executive vice president, Oncology Division of Novella Clinical, a key motivator for outsourcing today is to enhance access to data. CROs employ complex data analytics software like SAS to break down the information and provide meaningful insights to the medical industry for them to go forward in making literally life or death decisions.
Especially in the case of trials with emerging biotech companies, access to data and the interpretation of that data plays a crucial role in efficient site selection, optimising recruitment and identifying study-eligible patients, which of course, can dramatically improve the chances of success and improved patient outcomes.
CROs continue to expand their service offerings and are becoming technology-platform providers. Offering visual, interactive dashboards to allow for rapid decision-making and deeper examination of the data, big data analytics software have become the crowning jewel of the service offered by CROs. The opportunity to effectively manage, analyse, and gain insights from data is a growing incentive for the medical industry to outsource their research work to CROs.
Key takeaways
The volume of data in healthcare is growing at a massive rate. As the industry enters the exciting realm of, genomics, historical control arms, and high-frequency sensor data, the value of such data will only be leveraged if it is properly integrated, standardized and analysed,
For more information on leveraging data analytics to improve decision-making, lower R&D costs, and shorten clinical research timelines in the medical industry, stay tuned to our blog.
