Biotech companies often face challenges in product development – from finding appropriate funding to managing clinical data. Solutions like centralizing data and incorporating technology can reduce costs and improve efficiency. ARITHMOS discusses technology options for biotech companies conducting trials and preparing products for due diligence and licensing.
The European biotech picture looked bleak for a few years with a drop in funding and fewer products on the market and fewer biotech companies in the market. For example, the number of biotech companies in the UK leveled off, while products in the Phase III pipeline increased. Germany saw an increase in the number of biotechs and stagnation in the number of products on the market. In the past year, France’s biotech industry saw a funding boom and new products are entering the development pipeline.
These biotech companies increasingly need support in terms of funding and managing product development as it continues into late phases. Selecting the right technology package can be an ideal strategy.
Technology services, including EDC and ePRO solutions, pharmacovigilance applications, centralized storage and data visualization, can become part of a centralized outsourcing strategy. Using the same ePRO/EDC/IWRS reduces training and HelpDesk costs and allows for easy data integration. There would be only one set up fee for safety databases and volume discounts are applied.
How can biotech companies justify incorporating technology into their clinical trial strategy?
Centralizing data storage using a single database means there is only one database to maintain and one repository to back up. Security procedures can easily be put into place and data confidentiality is ensured, and data is easily transferable to the Sponsor via web portal containing metrics and reports. Setting up global libraries, programming macros and validation checks incur a one-time fee only. In terms of EDC, biotechs can benefit from volume discounts on licensing fees as well as pharmacovigilance database fees.
EDC Solutions: By adopting the same ePRO/EDC technology, biotechs can reduce training time and HelpDesk costs are minimized. In addition to immediate feedback and accessible trial information, EDC solutions can also increase data quality which is important for biotechs who are preparing for due diligence. EDC improves data quality by storing data in an encrypted mode, cleaning data faster with Alert and Query Manager, automated edit checks and discrepancy checks, audit trails and compliance with GCP and regulatory guidelines.
ARITHMOS EDC Solution for Biotechs: ARITHMOS has developed a simple and inexpensive EDC technology platform to effectively manage clinical trials and collect patient data. Symphony EDC is a reliable, cost-effective solution where a simple interface is needed. It is a Software as a Service (SaaS) electronic data capture solution which allows users to only pay for the functionalities needed.
For more information on the appropriate technology solutions for your biotech, contact us at email@example.com
ARITHMOS is also hosting a free seminar on Wednesday, 13th of November at the University of Milan-Bicocca in Milan on Symphony and EDC solutions to meet any budget and study requirements. During this seminar, experts will demonstrate how Symphony can increase efficiency, produce higher quality data with real-time results and improve timelines all while staying within budget.