Clinical trial expense management is critical to the success of growing biopharmas.
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Clinical trial expense management is critical to the success of growing biopharmas.
Best-in-class clinical trial expense management will improve efficiency, drive insights and reduce reporting risks.
Excel is an outdated solution for the unique challenges of clinical trial expense management.
An efficiently run clinical trial is the foundation for any growing biopharma company. From setting up protocols and testing methodology to identifying test subjects and data analysis, there’s much for an organization to track, assess and report on. And, to add to the clinical trial complexity, organizations must also be diligent with their accounting efforts and cost management during the various trial phases.
“Clinical trial expense management, in particular, can be a manual, complex, Excel-based process often burdensome for biopharmas focused more on science, innovation and development,” said Justin Culbertson, senior analyst for the life sciences industry practice at RSM US LLP. “Inaccurate and delayed reporting can impact accounting, finance and clinical operations. For public biopharmas, or those looking to go public, these challenges significantly increase audit risk, too,” he said. While optimal expense management may be one of the areas that is neglected during clinical trials, Culbertson emphasized it could be a game changer for many growing biopharmas.
“A specialized solution, underpinned by technology and geared precisely to the challenges of clinical trial expense management, is the key to improvement,” said Culbertson.
A technology solution can consolidate financial and clinical data to streamline financial close and mitigate audit risk.
“A technology solution can consolidate financial and clinical data to streamline financial close and mitigate audit risk,” Culbertson said. “It can also allow you to own your numbers without excess reliance on contract research organizations and other third-party vendors, and removes the need for spreadsheets too. And, very key to the organization, it can realign clinical operations and finance so areas are integrated rather than working in silos.”
How do you know your organization needs to upgrade from spreadsheets to a best-in-class, technology-enabled solution? Culbertson indicates the following questions might provide some insight into your next steps:
Culbertson said answering yes to any of the above questions might signal a change is needed. A technology-enabled solution could mean the following benefits:
Your biopharma is embarking on a vital phase of your organization’s growth journey. Just like the focus on innovation and testing is essential, equally important is the ability to track, report, assess and forecast expenses. While a spreadsheet might have been sufficient to track those expenses in the early days of your startup, complexity, integration, sophistication and accuracy are now driving your needs, and a smart solution, one that is enabled by technology and can grow with your organization, may be the answer for your future.