fishbat Discusses How to Prepare a Clinical Trial Budget

NEW YORK, July 29, 2019 /PRNewswire/ — Preparing a clinical trial budget is always seen as a long and taxing process- with so many complicated costs to consider, it’s no wonder study budgeting has developed such a bad reputation. However, with the right resources walking you through the clinical trial budgetary process, preparing a study budget can be (almost) a breeze. fishbat lays out how to prepare a clinical trial recruitment agency budget below. Read on to simplify your next budget-making process.

Fully evaluate all the costs associated with your clinical trial. Perhaps this is a basic tip, but one must truly understand and lay out all of their costs before they can prepare an effective clinical trial recruitment and retention plan and budget. Ensure you are properly evaluating all of your major costs in your budget estimate. Some key budget players include patient recruitment, medical and scientific supplies, supporting technology, study site venue costs, as well as clinical or operational staff wages. Obviously, this list is not and could never be exhaustive, as there are many more costs associated with each unique clinical study, but they are often some of the biggest or overlooked expenses for clinical trial budgets.

Preparing a versatile budget will ensure your study can handle any reasonable process delays or unforeseen events without breaking the budget line excessively. Having too strict of a budget without this flexibility built-in will only lead to more headaches down the line, especially if the delays turn seriously detrimental or some natural disaster hits. Planning in advance for delays and emergencies is being cautious and smart with your budget, far from a waste of budget money allocation. Considering that most clinical trials have at least a 1 month delay, your study organizers and staff will be thankful to have some breathing room in the budget preparation.

Do not underestimate recruitment and site budgets, as these are both essential parts of the clinical trial’s success. If there isn’t a big enough patient pool, the study cannot run effectively or provide accurate results, Conversely, if there is a lack of site space for patients, this could lead to trial material disorganization and an unpleasant patient experience, affecting the overall atmosphere and results of the study. Two major points to learn here: first, if your study doesn’t hit recruitment requirements, you won’t have a clinical trial. Second, if you don’t have enough sites, you will not be able to shoulder the start-up costs of a new site in the midst of a clinical trial.

Building an effective and cost-aware budget provides an essential foundation for any clinical study. Having a strong budget from the beginning of the process will ensure that for the rest of the study, regular operations and site management run smoothly. Don’t hesitate to reach out to other clinical trial professionals for any more advice regarding your study budget; experience is the best teacher.

About fishbat
fishbat is a full-service internet marketing agency specializing in clinical trial advertising. The fishbat team takes a holistic business approach to their clients’ digital marketing programs but understanding the importance of business principles just as well as the nuances of the latest digital technologies. fishbat offers every digital marketing service available from digital marketing research and planning to clinical trial brand development to website and asset creation through social media management and search engine optimization programs – all custom calibrated for both B2B and B2C businesses.

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SOURCE fishbat