One of the biggest competitive advances for Pharmaceutical companies in recent years has been the emergence of software solutions designed to track and monitor clinical trials. Before a new drug can earn regulatory approval, pharmaceutical companies must conduct extensive clinical trials to test the drug for safety and efficacy. Clinical trials require massive investment in terms of funding and time; they can last on average 5-7 years. The drug development period is typically divided into 4 distinct phases.
The first phase requires in-depth research and development to identify new active ingredients, the second phase involves initial clinical testing of the new drug, while the third phase involves clinical trials with humans, with a view to achieving regulatory approval. This brings us to the fourth or final phase when the drug is launched on the market. Before companies get to this final stage they have to conduct market-wide analysis to see if their competitors are advancing any trials for treating similar diseases. The inability to identify critical issues at this stage in the development process can result in poor trial outcomes, risks to patient safety, and failure to obtain drug approval. Pharmaceutical companies want to mitigate these risks by adopting intelligence tools to actively monitor clinical trial activity.
Digimind’s clinical trials dashboard provides some of the leading global Pharma companies with comprehensive real-time monitoring of clinical trials, gathering information from over 120,000 active trials in 178 countries. Digimind’s clients can easily identify what trials are being conducted in each geographical region of the world, the current stage of the trial, the estimated enrolment number, estimated completion date, what disease the drug aims to treat, any reported outcomes and lists of participating laboratories. In addition, Digimind’s interactive timeline enables our clients to see up to 50 clinical trials at a glance.
With Digimind you get on-demand access to a wide range of intelligence issues and obtain answers to the following critical questions:
- Who else is competing in this market segment?
- Where is the opportunity for this type of drug?
- When will trial enrolment end?
- How many people are enrolled in this trial?
- Where are trials taking place?
- Which trials had successful outcomes?
As a result of the global economic crisis and the spiraling costs associated with the development of new drugs, the pharmaceutical industry is under pressure to carefully manage and minimize the risks inherent in the early stages of drug development. It is crucial that opportunities are unveiled and threats are identified through intense monitoring of competitors and their activities. Armed with Digimind’s clinical trials dashboard, pharmaceutical companies have up-to-date details of every stage of the clinical trial process – from the drug discovery and development phase, to queries regarding the chemical properties of the ingredients involved, drug pipeline and drug licencing deals and financial partnerships.
For more information about Digimind’s Clinical Trials Dashboard please contact us today to arrange a web demonstration.