As a follow-up to last night’s presentation from our consulting team, while I think a leap into the digital age in 2001 is a hurdle we will need to get over, I feel that of our alternatives, the Web enabled EDC will assist the most with our main problem – time to data lock for drug trials. Looking at our two other alternatives (enhancements to the paper based model and digital imaging), while improvements over our existing method, are not substantial enough to really cut down on the time to data lock. These methods while not significantly cutting time also come with added costs; express shipping for paper based enhancements and significant data storage costs for digital imaging.
As we all know, for each day a drug is not on the market, there is possibly $1MM in revenue that we are missing out on. The evidence has proven that although we will need to get some sites up to speed with the EDC technology, over time we can expect to cut the time to data lock by approximately 4 – 5 weeks, which could increase revenues by $28MM – $35MM per trial. The EDC model will also be beneficial in cutting close to $500k in costs (per trial) just on paper and shipping alone. It would appear that from a time, revenue and cost perspective EDC is the option to choose for P&G.
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