Technology has taken the world by storm with various businesses and industries going the automated way of operation rather than manual functioning to offer increased efficiency and perfect results. One of the industrial verticals that has witnessed a boom in this context is the clinical trials business.
With rising incorporation of software solutions for conducting clinical trials and ongoing investments in the space, the demand for eClinical solutions is projected to soar to new heights in the coming years, according to a recent report by Global Market Insights. This will indeed pave way for the optimum progression of the global eClinical solutions market share.
Speaking of the hefty investments being made in the marketplace, it is pivotal to state the mention of Summit Partners. In early 2020, Boston-based growth equity firm Summit Partners announced investing in a leading global provider of cloud-based enterprise software clinical data services, eClinical Solutions LLC. Official reports suggest that the capital would allow the latter to support and further expand the growth of its cloud-based Clinical Data Hub platform- elluminate and elluminate-enabled data services.
With such developments aligned and the need for sophisticated solutions potentially ramping up, the Global Market Insights Inc. report speculates the eClinical solutions market to expand beyond USD 14.5 billion by 2027 end.
Enlisted below are top 3 eClinical solutions that have been gaining massive prominence worldwide in the life sciences and other research spaces:
1. Clinical Data Management System (CDMS)
Clinical data management systems enable the institution to effectively collect and manage research data in accordance with regulatory standards to obtain quality information which is error-free and complete.
Imperatively, the introduction to CDMS has come about due to the growing demand from both the pharmaceutical industry and regulatory authorities. Ever since the drive to ‘fast-track’ the development of pharmaceutical products continued to accelerate, authorities have responded by requiring quality-assurance standards to be complied in collecting the data used in drug evaluation process, giving birth to the advent of different CDM solutions and technologies.
Major benefits associated with CDMS are:
Cited to be an active part of eClinical solutions today, randomization and trial supply management solutions are responsible for enabling important functions of a clinical trial, right from randomizing patients to site resupply. The RTSM systems serve two main purposes: First, randomization eliminates the prevalence of bias in assigning patients of the treatment group. Second, the trial supply management ensures that products being used for clinical trial are effectively and highly accurately tracked and managed.
When it comes to the management of RTSM systems, no industry standards exist. Different organizations have internal RTSM standards or elements. However, in an effort to stay ahead in the market, given below are 8 elements, researched by various industry experts, that a company’ RTSM system must have:
3. Electronic Data Capture (EDC)
Electric data capture systems are known to accumulate and manage clinical trial data on a digital platform to replace conventional paper-based data capture methodology. The use of such solutions do not just allow researchers to securely capture data but also accelerate the research process while simultaneously ensuring data reusability. An important fact to note here is that most of the EDC systems today are cloud-based, proving secured access remotely.
Following are some of the potential benefits of using EDC systems:
On account of such merits, several medical research and clinical firms have emphasized on capturing data via use of EDC systems to enhance the clinical research outcome and fasten trials. Recently, in wake of the global coronavirus pandemic, ClinCapture, along with eClinical Solutions publicized its plans of offering EDC systems free of cost to BioPharma and Diagnostic companies for conducting COVID-19 treatment trials.
The recent outbreak of SARS-CoV-2 infection has potentially augmented the need for conducting rapid clinical trials to develop treatment of the coronavirus disease. This has eventually charged up the demand for significant eClinical solutions that are potent to helping the global population recuperate from severe health issues and get their lives on track.
Adoption of the aforementioned solutions key researchers and pharmaceutical firms is expected to reap huge profits for their businesses, also providing meaningful solutions to the medical industry. Under such developments, and more lined up, the industry is soon expected to observe a brighter future over the foreseeable time frame.