HOW TO LOWER THE COST OF DRUGS – AND GET PRESIDENT TRUMP AND THE NATIONAL MEDIA ON THE SAME PAGE
By Barry Lake, CEO & Chairman of Devana Solutions, LLC
January 23, 2017
Our new President has roiled several US industries with his tweets and announcements. Automotive and Aerospace to name but two.
in his own phrase, he also has an “ongoing battle” with the media.
Yet, oddly, a major US newspaper endorsed Trump when he recently launched yet another attack.
At his January 11th news conference, the then President-elect criticized the pharmaceutical industry for the high price of drugs. The industry subsequently lost around $25bn of stock value.
And the headline in the USA Today?
‘Trump’s right about drug prices’.
This all added to the enormous pressure on Pharma to reduce the cycle time and lower the cost of developing new drugs.
Here at Devana, in our modest way, we think we can help.
We believe we have an answer that would please everybody, including patients, the pharmaceutical companies – and maybe even our new President and USA Today.
A large part of the cost of developing new drugs is the expense and length of time it takes to test and develop a new compound before it is approved and commercially available.
One of the keys to making drug trials effective is selecting the right clinical research site to participate in a trial. But that is difficult to get right.
There are 6,000 sites in the US alone. It is a cottage industry, fragmented, relationship driven and there’s little data that would distinguish a ‘good’ from a ‘bad’ site.
We crunched the numbers and concluded that up to $20bn is wasted annually on clinical trial sites that end up recruiting one or even no patients to a trial.
But what if there was data? What if there was a standardized scorecard for trial sites, the equivalent of the FICO score that is used to test the creditworthiness of us all when we apply for loans.
That is where Devana steps in.
Devana SolutionsⓇ’ cloud-based platform automatically tracks a multitude of disparate site timing and performance data points for a clinical research site or a group of sites.
This information captured by the platform is standardized into reports for easy reference by Pharma sponsors and CROs when they are selecting sites for new trials.
We call this the Devana Scorecard.
Nowadays, no homeowner would get a good rate on a mortgage loan without a strong FICO score.
In the same way, CROs and the Pharma will begin to demand a clinical research site shares its Devana Scorecard – and only those with strong scores will win.
Then CROs and Sponsors would become more effective at identifying the right sites to participate in trials and we could begin to make a dent in the $20bn that is wasted annually.
That would make everyone happy.
It might even get President Trump and the media sharing a moment together.
ABOUT DEVANA SOLUTIONS LLC:
Devana Solutions® is a SaaS provider driven by a core belief that data transparency and data analytics technology to aid in selection of the top-performing Research Sites to align with pharmaceutical sponsors and CROs is key to reducing drug costs and curing disease. Devana Solutions® IGNITE FOR SITES cloud-based technology adds value to top Research Sites by centralizing study leads and contacts, automating pipeline administration and study document tracking to cut management time in half while proprietary algorithms simultaneously track site timing and performance metrics from study lead through trial completion. With a couple of mouse clicks, these metrics can be standardized into robust reports for drug sponsors and CROs to validate the sites’ capabilities. Devana Solutions® MATCH PERFORMANCE reduces site selection risk for sponsors and CROs by providing dashboard and report capabilities not limited simply to a site’s historical trials; but, real-time site performance & timing metrics on currently running trials, improving trial feasibility and performance while reducing clinical trial cycle time and costs. Devana Solutions® technology is leading a transformation of the clinical trials industry and each investigative site’s “Devana Score” will become the “S&P Global Ratings”-equivalent for the clinical trials industry against which clinical trial performance by sites is measured. To learn more visit http://devanasolutions.com.