5 Ways to Keep Your Clinical Trial On-Budget

So, you are well on your way to a successful clinical trial. Like all projects, there is one key element to achieving success: staying on-budget! At Trialfacts, we not only want to keep you connected with viable volunteers and patients, but we are also here to help you through the entire process of executing a successful trial.

Read on to learn more about our 5 tips to help you stay on-budget.

1. Always include recruitment in your budget.

This is a “no-brainer,” but can sometimes be overlooked, primarily within university trials and grant applications. Recruitment is the key to your clinical trial – with no participants, you have no trial. It is worth investing in the right recruitment strategy to ensure a quality study.

2. Don’t rely on your research sites to wisely handle your advertising budget.

It’s not wise to rely on research sites to allocate your funds in the most effective way. Unless you are very familiar with the site and they have a proven track record of successful clinical trial recruitment, it’s a risky move to trust them with advertising budget allowances.

Consider using a centralised recruitment strategy by hiring a marketing company with clinical trial experience and knowledge of the industry. General marketing companies are not a wise choice due to the various restrictions of clinical trial marketing. Examine all the angles to best invest your funds and ensure all marketing and ethical obligations are met.

3. Plan resources and personnel accordingly.

Planning – and better yet, managing – your resources and personnel is a huge part of staying within your budget. All staffers working in your research team should have a clear understanding of the project and should be properly trained. Utilising staff who have successfully recruited for similar studies is one easy way to ensure their understanding and efficiency in procedures.

4. Avoid last minute advertising.

Advertising can be tricky. Our expertise tells us that it is better to allocate your advertising budget throughout the whole research period. Avoid using a “wait and see” approach, leaving you hustling and paying top-dollar for ads at the last minute.

Newspaper and radio ads only get more expensive the sooner you need your message broadcasted, so it is best to start the recruiting phase as soon as possible. Make a plan to advertise with these mediums over the course of your entire recruitment period.

Consider this example:

You need 100 participants and choose to use radio advertising. It will cost you less to run more ads over 3 months from the beginning of your patient recruitment period, as opposed to running fewer ads closer to your recruitment deadline. If you wait until the last minute to reach those numbers and run your ads, it could cost you much more. Moreover, you will not receive the cumulative effects of the long-term ads.

5. Utilise previously existing, cheaper or “free” resources.

One way to save money on a clinical trial is to rely on “free” strategies. Give thought to:

Think outside the recruitment box and get creative, but be sure you are taking all privacy and ethical concerns into account.

The clinical trial industry is competitive and regulatory, but it is growing with many opportunities. It is essential to manage all of your resources, assets and people so you can stay on-budget.

Need help getting your patient recruitment completed? Concerned about going over-budget? Contact Trialfacts to schedule a consultation. We’re here to help you succeed.

Get a free, no obligation recruitment plan:

We’ll undergo our due diligence process and determine how many patients we can provide for your study (guaranteed).

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We’ll undergo our due diligence process and determine how many patients we can provide for your study (guaranteed).