Virtual Clinical Trials: Analyzing its Role in Reshaping the Future of Life Sciences Industry
What are Virtual Clinical Trials? Conventional clinical trials that adopt sequential processes are widely accepted and are proven to adhere to the industry standards to help ensure the efficacy and safety of new medicines. However, certain factors are now extending the length of clinical trials and also contributing to high failure rates. That’s where virtual […]
What are Virtual Clinical Trials?
Conventional clinical trials that adopt sequential processes are widely accepted and are proven to adhere to the industry standards to help ensure the efficacy and safety of new medicines. However, certain factors are now extending the length of clinical trials and also contributing to high failure rates. That’s where virtual clinical trials come in. Virtual clinical trials can improve clinical cycle times while reducing the cost of clinical drug development.
Virtual Clinical Trials or VCTs, also called remote or decentralized clinical trials, are a relatively new, underutilized method of conducting clinical trials taking full advantage of technologies such as apps, electronic monitoring devices, and online social engagement platforms.
We have several years of experience in helping life sciences companies to optimize clinical trial processes by combining data, analytics, and technology. Speak to our experts to know more.
Healthcare has now become a costly matter as every country now spends a higher percentage of its gross domestic product for the healthcare sector. Also, the growing expectations of the taxpayers and patients are forcing the life sciences industry to increase the quality and quantity of information and evidence generated during normal clinical trials. This is also leading to complex clinical trial design. The increasing adoption of virtual clinical trials amid the crisis can be attributed to several challenges associated with the traditional clinical trial methodology, including:
- Increasing time duration of clinical trial
- The success rate of a drug depends on the disease, which might not work properly on another individual from a different demography
- Data security and storage
Our clinical trial data analysis solutions can help companies to access the critical trial data in near-real-time on interactive visual dashboards. Request a free proposal to gain comprehensive insights into our solutions portfolio.
Apart from these three main challenges the clinical trials have a huge cost factor associated with it, including costs driven by:
- Patient recruitment
- Outsourcing cost
- Patient retention
- Site recruitment
- Site retention
- Clinical trial data management cost
- Tech cost
The patients who sign up for a clinical trial on them also face numerous challenges we have however noted the most significant ones which are-
- Patient safety
- Unclear regulatory acceptance
Amid the growing complexities in today’s healthcare systems, leading life sciences companies are turning to virtual clinical trials owing to its capacity to change the drug development scenario. Technologies like artificial intelligence and machine learning have been proven to transform the traditional clinical trial data analysis methodology, making it an essential aspect of all clinical trials. Virtual clinical trials can change the current protocol layout design to a study execution which will result in improving the success rate of the trials and also lessen the burden of research and development.
Virtual Clinical Trials and Modern Life Sciences Industry
The life science industry is ready for some significant changes. From chronic diseases and cancer to radiology, there are numerous opportunities to leverage clinical trial data analysis and advanced analytics to deploy more efficiency and impactful innovations in patient care.
As healthcare becomes costlier patients are expecting and demanding more from the providers. The volume of available healthcare data is thus increasing at a high pace bringing in more complexities to the highly regulated healthcare environment. As a result, virtual clinical trials are now the new ray of hope for driving improvements across the healthcare sector.
Virtual clinical trials offer a number of advantages over conventional clinical trials. Learning algorithms can become more accurate as it will interact with clinical trial data analysis, which will allow the life science industry to gain unprecedented insights into care processes and patient outcomes.
Virtual clinical trials offer the ability to reduce risk in drug development. Data from such trials can be accessed by scientists in real-time and will create more chances of success. It gives a remote monitoring capability that allows improvements in trial designs based on accumulating data thus drug termination decisions can also be made faster than usual. Virtual clinical trial data analysis can also give insights about patient conditions and it can reduce expenditure on failed trials.
Using technology to communicate is no more a new idea but creating interfaces between computers and the human mind and body is a new innovation in the field of research and it has numerous benefits. Neurological diseases can take away a human’s ability to speak and explain at times it seizes the ability to move, virtual clinical trials and artificial intelligence in such cases can restore these basic experiences and abilities. Thus virtual clinical trials enhance the success of clinical trials in a much shorter time.
To know more about how our virtual clinical trial data analysis solutions can help you identify unexpected patterns and predict treatment responses, request a free solution demo.
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