Tips for Better Clinical Study Budgeting and Forecasting

  1. Don’t assume:
  • While building a multi-year study budget, don’t assume that all of the clinical studies will be happening.
  • When working with multiple studies and having multiple compounds, don’t assume that all of your compounds are going to move to the next study phase.
  • While working with a clinical trial, don’t assume that there will be no changes and the things will remain as is in the beginning. Most specifically, protocol, study design, vendor contracts and number of patients changes within a study.

 

  1. Things to do:
  • Apply some type of probability factor while making budget for studies and presenting it to senior management team for approval that if any disturbance occurs in budget certain probability factors will be applied.
  • We should have the knowledge that what will be the probability factors and what are the parameters for each.
  • Based on unique studies specifics and historical experiences, clinical and financial team apply some over and under adjustments in study budget as a probability factor, if the studies do not cost the same.

 

0 Comments

Leave a Comment

Please fill the form below to post a comment.