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With the average cost of developing a new drug exceeding $1 billion and the process often spanning more than a decade, pharmaceutical manufacturers continually seek ways to improve efficiencies at all stages of the development continuum, allowing them to bring safe products to market faster and at a lower cost.
The clinical phase of drug development — which averages $361 million per drug candidate — tops the list as a target for improvement. While there are many factors that contribute to rising clinical trial costs, such as growing complexities in identifying and recruiting candidates worldwide, many pharmaceutical manufacturers and contract research organizations (CROs) are taking aim at accelerating the collection and availability of data. Electronic data capture (EDC) systems are increasingly…
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Dennis Constantinou, Senior Director, Oracle Health Sciences. Oracle is an enterprise software company. For more information, visit oracle.com.