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Costing Strategies for Sustainable Drug Development

Track:
Innovative Partnering Models and Outsourcing Strategies

Day & Time:
June 18, 1:30PM - 3:00PM (Pacific Standard Time)

Session Number:
357

Room Number:
5A

Level:
Basic

Type:
Symposium

Title:
Costing Strategies for Sustainable Drug Development

Chair(s):
Stella Stergiopoulos
Senior Project Manager
Tufts Center for the Study of Drug Development, United States

Description:
As the cost of drug development continues to rise and drug development cycles are shortening, pharmaceutical and biotechnology companies are now under greater pressure to achieve high levels of efficiency and operating speed. There is a growing premium placed on capturing performance costs to determine return on investment. This symposium will open with a discussion on forecasting and planning metrics to identify best practices and strategies that contribute to process improvements. It will segue to a presentation of an analytical cost-benefit analysis of different CRO-Site partnership networks and models. It will close with discussion on a holistic analysis and view of all outsourcing costs incurred by both sponsors and CROs in sourcing clinical trials, thus providing a directional benchmark for enabling more mutually beneficial partnering discussions and potential cost savings.

Learning Objective(s):
Characterize critical steps in clinical study planning; Glean best budget planning and forecasting practices; Describe how to optimize partnership networks to decrease clinical trial costs and increase overall value of retaining clinical trial partners; Discuss how to apply an analytical framework for estimating sponsor outsourcing costs; Provide a directional benchmark on partner/vendor selection process costs.

Presentation(s) & Speaker(s):
Benchmarking the Clinical Budget and Outsourcing Processes
Stella Stergiopoulos
Senior Project Manager
Tufts Center for the Study of Drug Development, United States

Under Which Network Conditions Does Outsourcing to a CRO Reduce Clinical Trial Costs?
Erika Buonansegna, MSc
PhD Student
Technical University of Denmark, Denmark

Tracking Cost Savings During Transformational Change: A Focus on Risk-Based Monitoring
Kyle Given
Principal
Medidata Solutions Worldwide, United States