Increasing Digitization in Pharmaceutical Sector to Help Development of eCOA, eSource & Clinical Trials Market, Finds Fact.MR

Clinical trials are witnessing a turmoil of changes as an increased number of pharma companies have placed their focus on addressing the growing concerns around efficiency. Unleashing the power of digitization through eCOA, eSource, and clinical trial solutions, companies have set their focus on streamlining clinical trials, enhancing R&D efficiency, and cutting costs of length processes. In view of the growing demand for timely launch of drugs, devices, and healthcare solutions, coupled with the growing stringency of regulations for product approval, it is highly likely to witness a paradigm shift in the clinical trial processes.

Fact.MR analysis estimated ~1,950 Mn global spending on eCOA, eSource, and clinical trials solutions in 2018, as an increased number of companies have started leveraging digital technology to increase the number of clinical studies, and develop and test more treatments simultaneously. Digitization in clinical trials has enabled pharma companies to expand their reach to remote and even smaller patient groups to create enhanced protocols to test treatments.

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Emergence of New-age Technology Fueling Market Growth

“Several pharmaceutical companies have been pushing for the development of eCOA solutions, in line with the mounting pressure to manage and reduce the overall costing of clinical developments and studies. eCOA and e-patient diaries have emerged as vital and better tools than paper for patients and healthcare providers to enhance clinical care,” states Fact.MR. These factors continue to shape the growth of the eCOA, eSource & clinical trials market in a positive way.

While an increasing number of companies demonstrate an appetite for adopting advanced digital and mobile technologies, the eCOA, eSource, & clinical trials market spending is likely to grow in the forthcoming years. In July 2017, for instance, Mapi, a clinical outcome assessment provider formed an alliance with YPrime, a leading eClinical technology company to simplify deployment of validated assessments migrated onto YPrime's eCOA platform, which is installed on mobile devices.

While various eCOA, eSource & clinical trial solutions continue to enable decentralized clinical trials that are less site-centric, organizations are seamlessly accessing hard-to-reach patient populations, while allowing the study patients to perform requirements independently away from the site. Several companies are taking initiatives in this direction to capitalize the potential rise in the demand for efficient and in-time completion of clinical trials. For instance, Ochsner Health System and Pfizer have collaborated to construct a digital superhighway for clinical trials. Together the companies have employed Fast Healthcare Interoperability Resources (FHIR) to quickly transmit data from the Electronic Health Records (HER) with an aim to enhance access to experimental therapies for clinicians and patients. Collaborations continue to remain the key strategy of stakeholders to move ahead in the highly competitive and fragmented market.

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Lack of Solid Connectivity Infra May Hamper Market Development

“Lack of internet connectivity is another key factor that is likely to impede the growth of the eCOA, eSource, and clinical trials market.  Also, lack of interaction between healthcare professionals and patients can lead to errors in the clinical services delivered to the patients,” notes Fact.MR Such factors continue to obstruct the deployment of clinical trial solutions, and use of eCOA and eSource during clinical processes. Moreover, demanding skills required for operating clinical trial solutions, such as Clinical Trial Management Systems (CTMS), Randomization and Trial Supply Management Systems (RTMS), Clinical Data Management Systems (CDMS), and trial planning and safety solutions remain a key area of concern for organizations.

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Source: Fact.MR