RESEARCH TRIANGLE PARK, NC--(Marketwire - May 20, 2009) - On average, pharmaceutical
companies spend 34% more than necessary to compensate principal
investigators across all phases of clinical development, according to
"Managing Clinical Investigator Compensation," a new study from Cutting
Edge Information (available at
www.ClinicalInvestigatorCompensation.com).
Cutting Edge Information's new research finds that Phase 3b trials present
the greatest opportunity for pharmaceutical companies to negotiate lower
costs for running their clinical trials. During Phase 3b development,
companies budget an average $32,513 for principal investigator
compensation. According to data collected from clinical investigators,
however, they receive an average of only $13,436 for running a Phase 3b
study, 59% less than budgeted.
The significant differences in the amount budgeted for primary investigator
compensation and the total that investigators actually receive emphasize
cost-saving opportunities for drug and device manufacturers. Cutting Edge
Information's benchmarks validate the notion that pharmaceutical companies
have more negotiating room with CROs and other sites than they previously
believed.
"When pharmaceutical companies understand current market compensation
ranges, they can take a stronger position to lower clinical trial costs
when negotiating contracts," said Jordan Stone, research analyst at Cutting
Edge Information.
The study also finds that clinical development teams will soon feel the
same scrutiny that commercial and medical teams face regarding payments to
physicians. In fact, instances of investigation have already occurred,
such as the one concerning Emory University's Charles Nemeroff's work for
GlaxoSmithKline.
"Managing Clinical Investigator Compensation" examines clinical
investigator compensation data, collected from drug and device makers, as
well as directly from investigators. The study is designed to help
pharmaceutical executives:
-- Cut clinical development costs across all phases for more than a dozen
therapeutic areas.
-- Compare investigator compensation with other companies or against
industry standards.
-- Prepare for increased scrutiny around physician payments and implement
formal processes that promote transparency.
-- Negotiate better rates with contract research organizations (CROs)
around investigator compensation.
-- Eliminate the risk of a compliance audit by implementing the best
practices contained in the study.
Download a complimentary report brochure at
http://www.cuttingedgeinfo.com/clinicalinvestigatorcompensation/PH126_Download.asp#body.
Contact Information: CONTACT:
Jordan Stone
919-433-0376