Survey by Leading University and Foremost Standard of Care™ Company Rates the Importance of Using Standard of Care Data
PHILADELPHIA--(BUSINESS WIRE)-- Good clinical grant management requires an attitude that combines good business sense with an understanding that pharmaceutical R&D strives to bring to market new drugs that can help patient populations around the world. A survey by TTC, the foremost Standard of Care™ company, and the University of the Sciences in Philadelphia (USciences) found that most companies value standard of care data and want to rely on it to carefully budget and manage clinical grants.
News Facts:
- 73 percent of companies in a University of the Sciences (USciences) and TTC survey rated Standard of Care (SOC) information “very important” in designing and paying for their clinical trials. Most of the study participants indicated that they use SOC costs in developing clinical grants for their study sites.
- USciences and TTC’s study found no statistically significant differences in the size or type of company surveyed relative to the importance they place on incorporating SOC considerations into clinical grant budgets.
- Large and small pharmaceutical companies, as well as biotech companies and CROs, place a high value on SOC information – such as TTC’s Standard of Care™ – in developing clinical grants. TTC’s study also found no differences based on where the study participants were geographically located.
- The NIH requires Standard of Care for its clinical trial sites – Sites should be accustomed to using standard of care because the NIH requires that payments for standard of care treatment be excluded from NIH grants. Also, a growing number of states require that third party payers in commercial and NIH sponsored clinical trials use standard of care.
- TTC’s Standard of Care™ is the only tool available that provides companies with current information on what standard of care procedures entail. TTC’s Web-accessible Standard of Care™ helps companies achieve cost savings by reducing payment overlap from sponsor and third party payers.
- TTC has identified a global concern for SOC data, especially for the newer clinical research geographies in Asia and the Pacific Rim, with Eastern Europe, Latin America, and the Caribbean also identified as areas needing SOC information.
- TTC’s Standard of Care™ product eliminates the need for researching previous studies and protocols, consulting with outside experts and sites, or seeking third-party information
According to Professor Harold E. Glass, Ph.D. “Our study shows that most pharmaceutical companies are exploring how to avoid unnecessary and potentially troublesome clinical grant payments to research investigators that should be covered by third party payers. For many of these research sites this is hardly new as they are accustom to the practice. NIH studies already refuse to pay for standard of care treatment."
Professor Harold E. Glass, Ph.D. (Research Professor and TTC Principal): Drug development professionals have two key objectives for clinical trials. First, they want to avoid double payments in managing clinical grant costs. Second, they want to avoid any perception that they are overpaying physicians to take part in clinical research. In a nutshell, they want to manage costs and pay what a site deserves to be paid. For these reasons, it’s important that companies incorporate SOC data in protocol design. In fact, they now routinely include SOC information in clinical budgets. TTC’s Standard of Care™, which tracks annually about one billion medical claims submitted by physicians and 200 million claims submitted by hospitals and clinics, eliminates the guesswork and gives clinical trial managers the confidence that they are using their clinical grant dollars cost effectively.
Ying Jiang (TTC Director): While drug development professionals want to use SOC data to manage clinical grant costs and to address fair market value, most of the current SOC data sources are limited and time consuming. TTC’s Standard of Care™ data provides SOC benchmarks quickly and efficiently. Moreover, with NIH’s requirement of standard of care for clinical sites, TTC’s Standard of Care™ helps sites meet NIH’s goals while ensuring that excellent care and cost effectiveness continue to be the overarching goals.
Founded by Dr. Harold E. Glass and other principals, TTC provides drug development organizations with state of the art cost benchmarking tools and analysis. TTC’s management team is unique in the industry experience it brings to the issues of drug development cost benchmarking. The TTC principals have been at the forefront of benchmarking innovation since founding the first drug development cost benchmarking company in 1990. They have been involved in all aspects of outsourcing cost management, from the selection of vendors, to the budgeting of protocols and CRO projects, to the negotiations with clinical sites and other providers. TTC combines a strong financial base, an international outlook, and a proven customer focus to help industry professionals understand and manage both the costs and speed of drug development.
Founded in 1821 as the Philadelphia College of Pharmacy, the university has a rich heritage in the pharmaceutical industry. Six of the largest 10 pharmaceutical companies have founders who graduated from the school. Over 8,000 of its graduates currently work in the health care industry.
CONTACT:
TTC
Marie Johnston, 215-243-4103
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