HOW TECHNOLOGY LOWERS THE COST OF DRUGS
By Barry Lake, CEO & Chairman of Devana Solutions LLC
February 21, 2017
A business mentor once told me that the key to accomplishing any goal or solving a major problem is simply, “To begin with the end in mind.”
At Devana Solutions® the huge goal in the minds of our passionate employees is to bring down the high cost of prescription drugs. To that end, I just came across an article that made me smile broadly as it strongly supported the point that our technology, and the rapidly growing number of research sites that use it, is clearly at the forefront of making high drug costs a relic of the past.
The article was entitled “How drug development is speeding up in the cloud” Link to BBC News Article. Devana Solutions® technology is one of the most striking examples of leveraging the cloud to speed up clinical trials.
As anyone familiar with knowledge of drug development costs will tell you, up to 90% of the cost of bringing a new drug to market is tied up in the cost of running the clinical research trials that prove that a new drug is safe and effective in treating a condition.
The time it takes to complete a clinical trial is primarily influenced by a drug sponsor or CRO’s ability to locate investigative sites that can quickly recruit, screen and enroll the right patients and gather and submit accurate clinical data to the sponsor/CRO in the same timely manner.
Which means that sponsors and their CRO’s must find a better way to identify the best research sites to shrink the cycle time of clinical trials.
Shrink the cycle time of clinical trials and you reduce drug development costs.
Lower drug development costs in a free market economy and competition will eventually force down the price of prescription drugs.
Since “finding the best research sites” is the first critical step in the process, it is the most logical starting point in the effort to lower drug prices.
This is where Devana Solutions® “Ignite” cloud-based software for clinical research sites takes over.
Investigative sites running the Devana Ignite cloud-based software aggregate and display their enrollment and trial execution metrics both historically and in real time. When (not “if”) sponsors and CRO’s mandate the Devana Solutions® platform for sites, the submission by sites of inaccurate study feasibility and historical performance data will be a thing of the past.
Most importantly, sponsors and CRO’s will be able to more effectively select the best research sites thereby reducing lengthy clinical trial cycle times and drug development costs.
Devana Solutions® technology is the beginning. Lower prescription drug prices is the end.
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 https://devanasolutions.com.