Benchmark Survey underscores dissatisfaction with current processes in clinical supply chain industry and lack of supporting tools
Cranford, NJ ─ June 30, 2011 - Paragon Solutions, an advisory consulting and systems integration firm, and BioClinica, Inc., (NASDAQ: BIOC) a leading global provider of clinical trial services, recently announced initial findings of a survey that provides industry benchmarks for processes surrounding the management of supplies used in clinical trials. In the first release of the findings, this ground-breaking analysis of the practices at some 25 companies to date correlates a significant level of dissatisfaction with current supplies forecasting and the technologies supporting the clinical trial process.
Pharmaceutical, biotech and clinical research organization (CRO) companies are being tasked to reduce development costs for new products and streamline all R&D activities. As a result, today there is a higher level of scrutiny that has been put on drug development teams to create more efficient processes in their clinical trials.
“Recognizing the importance of forecasting capabilities to the overall success and efficiency of the clinical supply chain, Paragon Solutions and BioClinica launched a survey to benchmark current industry practices and commercial solutions that support clinical supply forecasting,” said James O’Keefe, director, life sciences clinical optimization practice for Paragon Solutions.
The responses to date find that the majority of respondents do not currently use simulation and forecasting software, and that few tools are used to help reduce cost and increase the accuracy of clinical supplies forecasting. Half of the participants stated that they are not satisfied with how their company currently forecasts. Of the half that said they are pleased, nearly 75 percent are using tools of a greater sophistication than a spreadsheet.
“There is a significant opportunity for organizations to gain hard dollar and resource efficiencies through the use of more rigorous clinical supply forecasting and simulation processes,” said Peter Benton, president of eClinical Solutions for BioClinica. “Indicators in the datasets show that the use of simulation technology, coupled with a process for ongoing re-forecasting and simulations of supply needs, can reduce the over-supply requirements by at least half. This provides a compelling case for implementing modeling and forecasting tools to support changes in clinical trial execution required to improve clinical supplies management,” he said.
The survey also uncovered a need to redefine the goals and priorities of the clinical supply chain departments. For example, supply forecasting for studies and sites is defined by sufficient availability and not accuracy. In fact, 43 percent of the respondents said they do not actively track, measure or report on supply overages. “Organizations will need to look beyond the mandate that focuses only on ensuring sufficient supply for studies and sites in order to more accurately forecast required supplies and increase efficiency,” O’Keefe said.
The survey, which was initiated in April 2011, is comprised of 75 questions focused on the practices, processes and results as reported by direct participants. Additional respondents will have an opportunity to participate in the survey through 2011.
About BioClinica, Inc.
BioClinica, Inc. is a leading global provider of integrated, technology-enhanced clinical trial services. BioClinica supports pharmaceutical and medical device innovation with imaging core lab, internet image transport, electronic data capture, interactive voice and web response, and clinical supply chain design and optimization solutions. BioClinica services maximize efficiency and manageability throughout all phases of the clinical trial process. With more than 2,000 successful trials to date, BioClinica has supported the clinical development of many new medicines from early phase trials through final approval. BioClinica operates state-of-the-art, regulatory-body-compliant imaging core labs on two continents, and supports worldwide eClinical and data management services from offices in the United States, Europe and Asia. For more information, please visit www.bioclinica.com.
About Paragon Solutions
Paragon Solutions is an advisory consulting and systems integration firm that specializes in enterprise information management to help clients leverage information assets for better business results. The company does this through its industry practices, solution accelerators and specialized technology competencies that help clients achieve operational efficiency, business scalability and regulatory compliance.
Paragon works with businesses that are focused in a few key industries ─ communications, financial services, healthcare, insurance and life sciences. The industry-focused practices work with Paragon’s competency groups to address today’s client concerns in Process Optimization, Information Management and Information Integration.
For more information, please visit the Paragon Web site at www.consultparagon.com, or call 1.800.462.5582.