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Financial Aspects of Clinical Research

  • 1.  Financial Aspects of Clinical Research

    Posted 09-18-2019 18:50
    Hello Research Community Forum,

    I am interested in hearing how others are financing their research.

    • What are your top challenges with financing clinical research?
    • What are some best practices you've used to help overcome those challenges?


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    Lora Black RN, MPH, OCN, CCRP
    Sanford Research
    Sioux Falls, SD
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  • 2.  RE: Financial Aspects of Clinical Research

    Posted 10-23-2019 18:37

    Hi Lora,
    Great but broad questions! I would be happy to share learned outcomes and tools if you could guide me with specific area of interest or question(s).
    Best wishes, 

    Therica Miller MBA, CCRP



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    Therica Miller CCRP, MBA
    Hartford HealthCare
    Hartford, CT
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  • 3.  RE: Financial Aspects of Clinical Research

    Posted 10-25-2019 13:15

    Therica,

    Thanks for responding.

    Is your trial portfolio mostly composed of federally-funded research, or commercial (or maybe investigator initiated). Do you formulate an approach that evaluates funding at the outset of the trial? Do you have benchmarks that your budgets must meet before proceeding?

    Also curious, how do you handle prioritizing underfunded, unfunded research and what to move forward at your institution?

    Best,
    Lora



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    Lora Black RN, MPH, OCN, CCRP
    Sanford Research
    Sioux Falls, SD
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  • 4.  RE: Financial Aspects of Clinical Research

    Posted 10-27-2019 09:30
    Financing a clinical trials research operation requires creativity, accountability, and a lot of help. This issue has been addressed previously at the annual research form and that information is archived. It can be reviewed. Clinical trials operation is unlikely to be financially sustainable if the only trials being done or observation and cooperative group financed. There are some institutions that we will subsidize these efforts to allow the focus to be on such trials but most will not. As such, need to also build into your clinical trial portfolio Pharma sponsored trials which tend to pay significantly better and should cover your costs. You need to know your costs up front and then look at your trial mix and reimbursement to project whether or not you will be covered.

    In the beginning, a research site does need to be subsidized as the money comes in slowly. An argument had an institutional level to support research was made very well by Dan Flora last year at the annual meeting as well. Again this information is available and archived.

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    David Waterhouse MD, MPH
    Oncology Hematology Care, Inc
    Blue Ash, OH
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