Cost Of Medical Research

 

 
 
Cost Of Medical Research  

Cost on medical research is huge. Pharmaceuticals companies spend nearly $100 to $800 million for each drug applicant. Studies conducted by CMSInfo, Chesam, UK says that the US research companies had spent approximately $24 billion in the year 2005 and this figure is likely to touch $32.1 billion in the year 2011 which gives an average growth rate of 4.6 percent per year.

Similarly, the clinical trials carried out in the year 2005 were 8,386 which is assumed to reach 13,000 figure by the end of 2011 at an average growth rate of 5.8 percent. The pharmaceutical companies are predicting a tremendous growth in this sector. But at the same time they have to find the ways and means of cutting the cost involved.

Carol Rozwell’s, Gartner Inc., Stamford, Conn. Gives certain suggestions of saving the cost to by approximately $9 billion. If the research companies maintain clinical data standards like those given by the Clinical Interchange Standards Consortium (CDISC), it may advance the processes in just one clinical trial which in turn saves eight months cycle time. It would also save and reduce costs involved in study initiation, conduct analysis and reporting. Such measures if adopted would save $8.7 billion annually by the year 2010 this indicates a huge cost cutting.

Rozwell explains further that almost all biopharmaceutical companies are presently taking unnecessary more time and expenditure to finish clinical research than what is actually required. An estimated cost of approximate 25 billion dollar for one research can actually bail out an insurance company or has the ability of funding almost all the clinical researches in the US. This shows that how much the company lack in maintaining performance metrics.

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