Article | November 17, 2023

Better Data, Better Decisions

Source: Medidata, a Dassault Systemes company

By Shelley Douros

GettyImages-1433100886 budgeting

Pharmaceutical research and development encounter a myriad of opportunities and challenges, notably a pressing need to enhance the efficiency of clinical trials amid their escalating costs, complexity, and decentralization. The proliferation of data, outcomes, and protocol amendments has the potential to impede or halt research programs, while the unpredictability of global financial markets adds an element of uncertainty to budget projections.

In navigating this landscape, Fair Market Value (FMV) emerges as a recognized standard for cost determination, representing the equilibrium between what a buyer or sponsor is willing to pay and what the seller or site is willing to accept. Despite its straightforward premise, establishing a defensible FMV demands trial operational metadata, economic contextual drivers, and future projections. The intricacy of determining FMV for investigator grants and securing ample funding for clinical trials is exacerbated by the dynamic interplay of variables such as protocol endpoints, trial designs, and the ever-fluctuating financial markets. Consequently, the development of accurate budgets necessitates a multidimensional approach capable of adapting to evolving markets and anticipating future changes.

Learn how to achieve greater certainty in clinical trial financial management by leveraging adaptive, accurate, and defendable fair market value.

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