Clinical Trials Arena Excellence Awards 2024: IQVIA
The pharmaceutical industry is witnessing a transformative era where technology is reshaping the landscape of clinical trials. IQVIA has been at the forefront of this revolution with its groundbreaking Supply Automation Value Engine (SAVE). The tool has garnered the company an excellence award in the Innovation category in the 2024 Clinical Trials Excellence Awards.
The Clinical Trials Arena Excellence Awards celebrate the greatest achievements and innovations in the industry. Powered by the business intelligence of GlobalData, the programme provides a platform to recognise the people and companies that are driving change.
Streamlining Clinical Supply With Advanced Automation
Clinical trials are the backbone of pharmaceutical advancements, but they come with their own set of challenges, particularly in data management and supply chain logistics. IQVIA’s SAVE tool addresses these issues by automating and centralising the supply management process. This not only reduces the manual labour involved in managing Investigational Product (IP) shipments, but also minimises the risk of errors that could jeopardise patient safety and data integrity.
The SAVE tool leverages real-time data from Interactive Response Technology (IRT) to optimise supply strategies at trial sites. It dynamically adjusts buffer stock levels and forecasts patient needs, significantly reducing the frequency of shipments and preventing wastage of valuable IP. By continuously monitoring and adapting to changes in trial design, SAVE ensures that overstocking or stock-outs are mitigated without overburdening site staff.
Moreover, the adaptability of SAVE to trial design changes, such as the duration of the screening period or fluctuations in patient numbers, is crucial for maintaining supply chain efficiency. This responsiveness to the dynamic nature of clinical trials exemplifies the tool’s advanced capabilities in simplifying data management and enhancing the patient journey.
Cost Savings And Efficiency: A Win-Win For Clinical Studies
The financial implications of inefficient supply management in clinical trials are substantial. With the SAVE tool, IQVIA has demonstrated the potential to save upwards of $20,000 a month through automated supply optimisation. Customer case studies showcase impressive annual savings ranging from $150,000 to over $1 million in drug and shipping costs for their partners. These savings are not just monetary; they also reflect a commitment to sustainability by reducing the carbon footprint associated with frequent shipments.
The ability to make 16,621 automated supply strategy changes, achieve a 93% reduction in failed dispensing transactions, and cut down shipments by 74% year-on-year are just some of the remarkable outcomes from using SAVE. These results underscore the tool’s effectiveness in creating a more streamlined, cost-effective, and environmentally conscious approach to clinical trial supply management.
The Future Of Clinical Trials: Embracing IRT Innovations
The role of IRT in clinical trials is expanding beyond patient randomisation and drug dispensation. As trials grow in complexity and data generation, the need for sophisticated IRT applications such as SAVE becomes increasingly critical. By using real-time IRT data for predictive analytics, IQVIA’s SAVE tool optimises clinical supply management, reduces waste, and ensures that patients receive the right medication when they need it.
Furthermore, the mitigation of trial supply stock-outs is a significant advantage of SAVE. Ensuring the availability of the right drug at the right time is paramount to maintaining patient safety and adherence to the trial protocol. The predictive analytics capabilities of SAVE play a crucial role in preventing stock-outs, thereby avoiding potential trial delays and extensions that can be costly and disruptive.
“IQVIA IRT is truly honoured to receive the Innovation Award in Clinical Trials from GlobalData. This recognition showcases IQVIA Technologies’ commitment to empowering clinical sites and sponsors with innovative technologies to maintain their focus on groundbreaking research and away from administrative and logistical burdens.” – Kevin Landells, Vice President, Digital Products & Solutions, Patient Delivery
Company Profile
IQVIA (NYSE:IQV) is a leading global provider of advanced analytics, technology solutions, and clinical research services to the life sciences industry. IQVIA creates intelligent connections across all aspects of healthcare through its analytics, transformative technology, big data resources, extensive domain expertise and network of partners. IQVIA Connected Intelligence™ delivers actionable insights and powerful solutions with speed and agility – enabling customers to accelerate the clinical development and commercialisation of innovative medical treatments that improve healthcare outcomes for patients. With approximately 87,000 employees, IQVIA conducts operations in more than 100 countries.
IQVIA is a global leader in protecting individual patient privacy. The company uses a wide variety of privacy-enhancing technologies and safeguards to protect individual privacy while generating and analysing information on a scale that helps healthcare stakeholders identify disease patterns and correlate with the precise treatment path and therapy needed for better outcomes. IQVIA’s insights and execution capabilities help biotech, medical device and pharmaceutical companies, medical researchers, government agencies, payers and other healthcare stakeholders tap into a deeper understanding of diseases, human behaviours and scientific advances, in an effort to advance their path toward cures. To learn more, visit www.iqvia.com.
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