Have you been tasked to develop the clinical trial budget for your organization? Good, this is the guide for you. Of all the planned budgets across all industries, the clinical trial budget is the one put together in haste because the main focus is ensuring that the product gets to the market where it needs to be.
The problem with a fast-tracked budget is that mistakes are easily made, the filter plate is left off the equipment list, important research meetings and interviews are forgotten – there are just so many cost variables to account for. What you need, is some simple, to the point tips to ensure that your clinical trial isn’t going to be muddled and difficult to understand. You need to set a clear budget, and here we have five tips to help you do just that.
Prices – They Change. The very first thing to remember when projecting a budget for your clinical trial, is that when you least expect it, prices will change. This is usually true for the prices that are updated annually, so when you receive quotes for equipment or time spent, you need to add the set annual increase – if there is one. Don’t forget to ask about it if you haven’t had it quoted to you. Nasty surprises are not what you need when your budget is set to a tee.
Plan For The Unexpected. Okay, so realistically you cannot plan for what you cannot anticipate, but it is a given that most clinical research projects are littered with variables and at some point or another, the unexpected will happen. Things like subjects dropping out, changes in staff and unpredictable things like losing power to your refrigerated samples can all happen.
Recruitment. As part of your budget, you need to think about recruitment. In nearly every clinical trial, recruitment is necessary and even if you only plan to recruit for your trial, your time invested has to be considered.
Consult With The Clinical Trial Office. The Clinical Trials Office can provide you with the right analysis to ensure that your trial is meeting the minimum requirements to run properly. It’s also the place to gain approval for funding and the clinical trial going ahead in the first place. Speak to them in depth about yours; it will make a difference.
The Bigger Picture. Before you start out, look at the steps you’ve taken and ensure they’ve happened right. You may well have budgeted for the blood tests you undertake, but you may have to include the cost of the blood draw. This is something simple, but even the smallest changes cost you, and you have to be prepared for that.
Thinking of your project step by step can make a difference to the way that you organize your trial and all of your participants. Take your time and if you are unsure at any point what comes next, find the right people and ask – it’s the best thing that you can do before you make a very expensive mistake!
