Biopharma Companies adopt best practices to improve trial performance and reduce drug development costs from other industries. Increasing drug development costs and timelines force many small to mid-sized biotech and pharmaceutical companies to seek out operational efficiencies in their clinical trials. One way these companies are doing this is by pooling their resources and collaborating on clinical trials – a process known as group purchasing. In this article, we’ll explore how group purchasing can help improve trial performance and reduce drug development costs.
In the race to develop new treatments and cures, large pharmaceutical companies have long had an advantage over their smaller counterparts when it comes to clinical trials. But that may be changing. A new trend is emerging in which mid-sized biopharmaceutical companies are banding together to pool their resources and improve their chances of success.
Group Purchasing known since decades in all industries as best practices in purchasing
Group purchasing of clinical trials is nothing new. Its been happening for decades in all big pharma companies, as part of the best practices in purchasing. However, what is new is the fact that mid sized biopharma companies are now adopting this practice to improve trial performance and reduce drug development costs.
The reason why group purchasing is so effective is because it allows companies to pool their resources together in order to get discounts from suppliers. This is especially beneficial for mid sized biopharma companies who may not have the same negotiating power as larger companies.
In addition, group purchasing also helps to improve trial performance by standardizing processes and procedures. This makes it easier for companies to build on best practices, which can lead to better quality and operational trial execution. So if you’re a mid sized biopharma company looking to improve your trial performance, quality and reduce drug development costs, group purchasing is definitely something you should consider.
By working with a larger number of vendors, GPOs can help identify best practices and processes that can be adopted by trial sponsors.
This can help reduce the time and cost of clinical trials, as well as improve the quality of data collected. GPOs can provide significant advantages to these companies, including economies of scale, negotiating power, and access to best-in-class technology and services.
By pooling resources and buying power, GPOs not only help members obtain discounts on clinical trial-related products and services. In addition, GPOs can provide access to best-in-class technology and services that would otherwise be unavailable or unaffordable for smaller companies.
There are many benefits to using a GPO for clinical trials. Perhaps the most important is that it fosters a collaboration between the sponsor and CRO, where both parties have a financial incentive to achieve excellent performance. This can lead to more efficient and effective clinical trials, which can ultimately save time and money.
And this is to the benefit of all parties. Biotechs benefit from better and constant performance and CROs experience more referrals and recurring business in this market segment where usually recurring business is less likely.
With Group Purchasing of Clinical Trial services mid-sized biopharma companies increase the visibility in the sales pipeline of CROs
The demand for clinical research is constantly increasing as the pharmaceutical industry looks to outsource more of its drug development. This has led to the growth of the clinical research organization (CRO) industry, which is now worth an estimated $32 billion.
While large pharma companies have long been the main customers of CROs, mid-sized companies are now increasingly turning to get in the focus of CROs. One way that mid-sized companies are able to tap into the benefits of outsourcing is through group purchasing arrangements. By pooling their resources, mid-sized companies are able to access the same cost savings and economies of scale that have long been enjoyed by large pharma companies.
Through these arrangements, mid-sized companies are also able to improve their visibility in the sales pipeline of CROs and get better value for their money.
Pharall is the World’s First Group Purchasing Alliance for Clinical Trails
GPOs like Pharall offer a number of advantages for clinical trial sponsors. By pooling resources and negotiating with suppliers on behalf of their members, GPOs can drive down the cost of clinical trials. In addition, GPOs can provide valuable data and analytics to help sponsors optimize their trials.
Pharall is the world’s first GPO specifically for clinical trials. Established in 2020, Pharall has already saved its members millions of dollars on clinical trial costs. With a growing global network of over 16 pharmaceutical companies and CROs, Pharall is quickly becoming the go-to source for group purchasing in clinical trials.
.Members of Pharall experience a new kind of Sponsor and CRO collaboration to improve clinical trial outcomes
As a sponsor, you are always looking for ways to improve clinical trial outcomes and reduce drug development costs. One way to do this is by group purchasing of clinical trials. Pharall is a new kind of clinical trial management system that allows sponsors to work with multiple CROs in a collaborative way. This means that you can get the best possible price for your clinical trial services, and also improve communication and coordination between all of the different stakeholders. By using Pharall, you will be able to improve your clinical trial outcomes and reduce your drug development costs.