Pharmatech, Inc. To Revolutionize Clinical Grants To Research Centers
DENVER, Dec. 8, 2014 /PRNewswire/ -- In the first quarter of 2015 Pharmatech shall launch a solution for research sites to overcome the challenges and inefficiencies of managing investigator grants when participating in clinical trials. The solution is called "GrantAccess24" and it allows physicians to receive treatment payment within 24 hours after treating a clinical trial patient. The process that's in place today is highly inefficient and takes up to 8 months for a clinical trial physicians to receive reimbursement from sponsors or CRO's.
According to Rob Bohacs, CEO of Pharmatech, there should be immediate reimbursement for the efforts put forth by clinical trial participating physicians/investigators. I couldn't image waiting 8 months to be reimbursed for services rendered. When we surveyed our research sites about the major challenges associated with clinical trials we found that 42% of sites has significant issues associated with the process/timeliness of clinical budget reimbursement. We live in the world of quick and efficient process and this solution should have been released years ago from the industry.
The process will have research sites login to TrialPlus, Pharmatech's intranet for communicating and managing research sites, allowing them to enter the treatment date of a given patient, which triggers an automated process for the cycle payment to be distributed to sites. The future goal will be to migrate all payments to electronic distribution and eliminate the physical check process as a next step. According to Mr. Bohacs, this will have a significant impact toward physician participation in clinical trials and will ultimately help improve how efficiently clinical trials are managed. We have a long-standing track record for making dramatic impacts for clinical trial management and this is just another step in the right direction.
About Pharmatech, Inc.
Pharmatech, Inc. is an oncology Contract Research Organization (CRO) that specializes in creating efficiencies in the clinical trial process. Through an organized network of cancer clinics, the company focuses on advancing the development of products for a broad range of pharmaceutical and biotechnology companies, and on promoting the inclusion of clinical trials in the spectrum of patient treatment options.
For more information about Pharmatech, please visit: http://www.pharmatech.com or contact us at pr@pharmatech.com
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SOURCE Pharmatech, Inc.