Is your enterprise capitalizing on this year’s biggest trends? Evaluate your competitive edge with the 2022 Virtusa Trend Almanac. View report
In this first of a two-part series, we will look at emerging trends and the challenges that clinical trials bring to the life sciences industry. In the forthcoming part, we will look at how life sciences enterprises can effectively respond to those challenges in a way that not only saves costs but also creates a competitive advantage for them in the market.
Changing landscape of clinical trials
Ever increasing complexity of clinical trials, highly complex and varying regulatory guidelines, high patient drop-out rates, increasingly remote teams with fast-evolving roles and responsibilities, and rapid technological breakthroughs are putting enormous pressure on the life sciences industry. According to a research report on top challenges faced by clinical trials, top challenges in the life sciences industry are:
Many new players, powered by modern technology, are already responding to these challenges with their innovative offerings. ePatientFinder, a start-up that provides clinical trial exchange platform, claims that a recent chronic conditions trial accepted 78% of the participants through its platform compared to just 3% enrolled through traditional, direct-to-consumer marketing methods. VCT, another start-up, developed a worldwide database to prevent dual enrollment. Icertis helps streamline contracts and other documentation required for a clinical trial that allows the user to access and analyze documents for risk reports, obligation tracking, etc. VitalTrax provides search, eligibility identification, application, reminders, messages and alerts, electronic diary and various other services that significantly improve patient experience.
These challenges, along with other pressures such as decreasing autonomy of physicians, increasing consumerism, and growing consolidation in the healthcare market, are pushing the life sciences industry to redefine the way business is conducted.
Unfortunately, the industry's response to these challenges, until now, can be described only as lackluster and half-hearted, at best. The industry did take a few initiatives such as digitizing information streams in the form of electronic outcome assessments, electronically informed consents, and few patient engagement apps. However, these initiatives did not really make life easier for patients as much as was expected mainly because patient journeys continue to stay fragmented within a swathe of poorly integrated processes. Patients continue to face challenges such as:
The industry itself has not been able to significantly reduce its operating cost as essentially there were no improvements at a process level. Furthermore, the industry is yet to properly leverage the high-value insights present in diverse new and high-quality data sources such as wearables and sensors, social media, and other data platforms leading to missed opportunities.
A company that provides mediocre experiences to its customer cannot survive for long in today's highly consumerized market. It is high time for the life sciences industry to rethink the way business is conducted and to come up with solutions that not only significantly reduce operating costs but also create highly fulfilling and meaningful relationships with patients.
Stay tuned for our forthcoming article in this series. We will delve into a multi-dimensional solution that can solve a $300 BN problem!
* Any companies, referred to in this article, are named for illustrative purposes only.
Subscribe to keep up-to-date with recent industry developments including industry insights and innovative solution capabilities
Download ‘Healthcare Contact Centers powered by AI and the Metaverse’ whitepaper to know how technology is transforming customer service like never before.
by digitizing and automating end-to-end sample collection processes