22% of Clinical Trial Procedures Can Be Covered by Public and Third Party Payers
PHILADELPHIA--(BUSINESS WIRE)-- TTC:
- TTC’s Standard of Care™ data includes smaller procedures outside oncology: TTC’s analysis of US Phase I and III clinical studies, outside of oncology, shows that 22% of clinical trial procedures paid for by pharmaceutical companies would be covered by public and commercial third party payers as part of their standard of care treatment (SOC) for these patients. TTC’s Standard of Care™ product saves money across all procedures, not just oncology.
- All therapeutic areas can benefit from TTC’s Standard of Care™: Many pharmaceutical and biotech companies routinely include SOC payment considerations in their clinical grant payment agreements with sites conducting oncology studies. SOC has a broad acceptance in oncology, but TTC’s SOC data can help all therapeutic areas.
- TTC’s Standard of Care™ saves valuable clinical funds: TTC’s Standard of Care™ provides a ready data source for U.S. clinical sites, and can even be used where SOC data has not already been used to design a clinical grant.
- TTC’s Standard of Care™ responds to a global concern for additional SOC information: Many clinical sites that incorporate SOC considerations into developing clinical grants think they need more information. While those working in oncology are more comfortable with the SOC information they receive, even in oncology one in four participants see the need for more information.
- One-stop shopping: TTC’s Standard of Care™ enables users to identify which of the protocol’s visits and procedures are covered by standard of care – with data based on actual payments to physicians.
Professor Harold E. Glass, Ph.D. (Research Professor and TTC Principal): Clinical trials are the largest single area of R&D operating expenses, and clinical investigator grants represent the bulk of these costs. With the pharmaceutical industry facing major and growing costs for developing new drugs, cost controls represent an effective way to rein in costs while providing effective treatment. Avoiding double payments for activities that would be normally covered by third party payers, including Medicare and Medicaid in the U.S., as part of the standard care that any patient would receive at a clinical research site, makes good economic sense. TTC’s Standard of Care™ helps sites control costs with quality, accessible standard of care data.
Ying Jiang (TTC Director): One TTC study found that incremental cost savings in the study sample averaged 22%. Certainly, if companies could their U.S. clinical grant payments by 22%, they would eliminate paying double for unnecessary medical procedures and free up considerable funds for more valuable activities. TTC’s Standard of Care™ data can make that a reality.
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.
Marie Johnston, 215-243-4103
KEYWORDS: United States North America Pennsylvania
INDUSTRY KEYWORDS: Technology Data Management Health Biotechnology Clinical Trials Oncology Pharmaceutical Professional Services Insurance Managed Care