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Medidata Introduces Payment Technology for Clinical Trial Sites
Trending Now: The market’s first end-to-end cloud-based reimbursement tool uses clinical trial data to calculate costs and disburse payment to investigative sites in real time.
Medidata has launched Medidata Payments. A new component of the Medidata Clinical Cloud, Medidata Payments enables clinical trial sponsors and contract research organizations (CROs) to calculate reimbursements to investigative sites in real time and automatically disburse payments, eliminating a key operational pain point in the drug development process.
Payment for clinical trial work is often plagued by slow reimbursement, calculation errors and inaccurate payments, putting financial strain on investigative sites that are already facing rising operational costs. According to an ongoing research project conducted by the Clinical Trials Transformation Initiative (CTTI), lengthy delays in payment result in high turnover rates among clinical investigators, with 40% of sites dropping out of FDA-regulated clinical trials. This high turnover rate drives up the cost of drug development, with onboarding rates averaging $40,000 per new site.
Mike Capone, Medidata’s chief operating officer, says: “Medidata’s cloud-based payment technology adds a new dimension to the current trial landscape, fostering stronger partnerships between sponsors, contract research organizations, and clinical research sites. It’s a powerful new tool for sponsors and their outsourcing partners who conduct trials in more than 160 countries around the world, using more than 125 different currencies.”
Intouch Solutions Launches Insight Media Marketplace
Intouch Solutions, a leading marketing agency serving the pharmaceutical industry, has launched Insight Media Marketplace, a new in-house advertising trading desk built specifically for the life-sciences industry. Insight expands Intouch’s standard media planning and buying services to include a programmatic option for media buying.
The new platform provides automated access to ad inventory on hundreds of thousands of websites, enhanced creative possibilities across entire media programs, and the flexibility to adjust and optimize media campaigns on the fly based on real-time results. The automated platform and ultra-targeted approach provide scale, cost, and time efficiencies.
“We are excited to roll out this new offering, which reflects how media buying, like online bill pay and shopping, is becoming increasingly automated,” says Faruk Capan, CEO of Intouch Solutions. “Programmatic media buying is becoming more feasible and safe for regulated industries. Insight features the best of the next generation in media planning and buying services.”
Insight was created based on the early success of Intouch Solutions’ initial programmatic media buying services, which began in 2014.
Simulations Plus Releases Next-generation Software for Data Analysis
Simulations Plus, a provider of simulation and modeling software and consulting services for pharmaceutical discovery and development, has released version PKPlus, its next-generation software for analysis of preclinical and clinical trial data.
This solution has the capability for two important types of analysis: noncompartmental analysis (NCA) and compartmental analysis (CA). The company designed this new stand-alone PKPlus around a relational database — Microsoft SQL Server Express — to provide new capabilities and a streamlined workflow that makes many analyses simple point-and-click operations.
“PKPlus combines sophistication and simplicity, providing the capabilities to meet the needs of scientists across departments at pharmaceutical companies, contract research organizations (CROs), and other non-pharma markets, and with the value pricing and flexible licensing policies we have implemented, we believe it has the potential to become a significant contributor to revenue and earnings going forward,” says John DiBella, VP for marketing and sales for Simulations Plus. (PV)