The clinical research industry is currently dealing with a great deal of uncertainty, with various solutions providers announcing layoffs often. This trend has, understandably, led to concerns among many in the research space regarding the stability and reliability of their research partners and the impact of this instability on both current and future trials.
Understanding the Current Climate
Recent layoffs in the clinical research industry are, of course, a reflection of broader economic challenges. Yet it cannot be ignored that some in our industry may have rushed to grow to meet research demands. To scale up, many organizations have turned to investors to accelerate both staffing and product development. This has coincided with an unprecedented global economic environment being impacted by the COVID-19 pandemic, the emergence of unpredictable crypto currencies, the rise of tools that utilize artificial intelligence, and widespread political instability. As a result, game-changing clinical trial advancements such as decentralized study approaches and passive data collection through wearable medical devices have not gained the level of usage expected over the last few years. There is no doubt that these solutions will become commonplace in trials, but investors are rarely willing to wait longer-than-expected periods of time to see returns. Ultimately, solutions providers are forced to cut costs in order to improve bottom lines in the short term. Obviously, this creates issues for customers who are engaged in long-term clinical trials and require partners to maintain steady hands.
While there are several organizations experiencing varying degrees of trouble at the moment, there are still partners ready and able to provide study sponsors and CROs with the reliability they need. At Crucial Data Solutions, we have worked hard to make TrialKit as nimble as possible so that users can easily build out studies with the features they need most. At the same time, we have maintained an organizational philosophy based on independence and smart growth, a philosophy that helps us deliver the continuity and stability clinical researchers require for their increasingly complex studies.
With this in mind, we think it can be helpful to share some tips that can help you as you consider potential partners to ensure that your trial needs are met regardless of industry changes and challenges. Based on our experience, we have identified some key factors that have allowed us to weather the inevitable storms that impact both our business and our industry.
- Privately Funded Stability: Maintaining private funding means that organizations are not subject to the expectations of venture capital or public market investors. Independent financial stability translates into a more consistent and reliable operational approach. For researchers, this helps ensure that trials are not disrupted by external financial pressures.
- Proven Solutions: The success of your trial hinges on your ability to collect data effectively and efficiently. We built TrialKit to give researchers the power to build studies their way. The unified, self-service solution means that as external factors impact studies, users can easily make changes to their trials within TrialKit to accommodate any issue.
- Adaptability and Resilience: The ability to adapt to changing industry dynamics is a core strength of TrialKIt. Our agile approach to design allows us – and our customers – to swiftly adjust to new regulations and technological advancements, as well as other issues that may impact studies.
- Personalized Attention: More controlled growth and leaner team designs allow us to offer and maintain a high level of connection with customers. Building and nurturing strong, collaborative relationships means that our customers always know who they can talk to for help solving study challenges. Smart growth leads to continuity and no repeated mass personnel changes that force customers to interact with different people every time they need help.
In an environment marked by uncertainty, partnering with a stable and proven solutions provider can help maintain trial continuity and launch new studies without interruption. It is important to consider partners that can demonstrate strong financial stability and industry expertise backed by reliable support. Doing so will allow you to build lasting relationships that you can count on whenever you need them.
Questions about TrialKit and how Crucial Data Solutions can support your clinical trial needs? Contact us today.
