Clinical trials are essential to ensure that a drug a treatment is safe for the mass market. However, the cost of conducting a clinical trial for a drug is rising like mercury on a hot summer afternoon. Jaya Kumawat discusses the benefits of Risk Based Monitoring to combat this challenge.
Clinical trials are scientific research studies where new drugs, treatment methods, and diagnostic procedures are applied to treating human patients in order to determine their safety and effectiveness. Clinical trials are essential to ensure that a drug a treatment is safe for the mass market. However, the cost of conducting a clinical trial for a drug is rising like mercury on a hot summer afternoon.
In the year 2003, health researchers in the US estimated that the average cost required to bring a drug to market is USD 802 million. Presently, this cost has risen to USD 5 billion, as reported by Forbes.com. 70-80% of this drug development cost is attributed to the clinical development program of the drug.Â
Risk Based Monitoring: What is it and How Can You Benefit Print
Modified on: Tue, 9 Feb, 2021 at 1:13 PM
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