As more and more drug manufacturers and biosimilar companies expand their offerings, so too does the need for effective clinical trials, making the clinical trial industry one of today’s fastest-growing sectors. However, making long-term decisions for your business might be tough without a bit of expert advice at your disposal. That’s why Visiongain has highlighted below some important issues to keep an eye on.

Here, you’ll find some of the new trends and restraints affecting the clinical trial industry these days.

Blockchain for Clinical Trials

The Institute of Electrical and Electronics Engineers (IEEE), the world’s largest technical professional organization dedicated to advancing technology for the benefit of humanity, recently announced exciting news regarding clinical trials. To increase efficiency and make remote researching easier, they’ve created a new initiative incorporating Internet-of-Things (IoT) technology, artificial intelligence, virtual reality, and blockchain solutions to streamline processes.

The organization cited several reasons for the new initiative, including some of the challenges the clinic trial industry faces, such as regulatory policies and rising costs, patient recruitment and retention, and more.

Small & Medium-Sized Biotechs Facing Huge Challenges

One of the major trends affecting small-to-medium businesses (SMBs) in the biotech industry are the growing intricacies involved with new drug creation and discovery, as well as rising financial costs. This is especially true for smaller manufacturers or startups, where the in-house resources and research tools required to compete in the larger marketplace are virtually non-existent.

However, SMBs in the biotech industry will find some solutions to their problems in the form of contract research organizations (CROs), especially where clinical trials are concerned. SMBs can employ CROs to handle every aspect of the process, from the research and development phase all the way through the execution of clinical trials.

Although CROs will complete much of the necessary processes and duties early on, it’s still essential for SMBs to select a vendor that they can have the final say with. This will help ensure all national and global policies and requirements are met. To do so, employing a reliable vendor management platform is important and will provide all the necessary oversight for outsourced tasks and applications.

Contact Visiongain today for more clinical trial industry info!

If you own or operate an SMB involved in the clinical trial industry, partnering with CROs or outsourcing some tasks early on can help you generate the success needed to carve out a niche in the industry over the long term. Contact the team of experts from Visiongain today by calling +44 (0) 20 7549 9987 or visit our website for more about our in-depth market forecasts and reports.