RESEARCH TRIANGLE PARK, NC--(Marketwired - September 27, 2016) - The most important factor to determining clinical investigator compensation is the physician's therapeutic specialty, according to a report published by pharmaceutical competitive intelligence firm Cutting Edge Information.
For life science companies, therapeutic specialty is the most important factor because the disease state heavily impacts the medical interventions required in the trial protocol. Survey data found in Cutting Edge Information's report explains that 88% of drug companies consider therapeutic specialty or disease state as a top factor when calculating investigator compensation. More than half of surveyed companies also consider these additional four aspects of the clinical trial in their clinical investigator FMV calculations:
1. Trial duration
2. Phase of development
3. Patient enrollment
4. Geography of trial site
According to the report, Clinical Investigator FMV and Compensation Benchmarks: Structuring Contracts and Planning Investigator Meetings, only 31% of surveyed companies consider years of clinical research experience when determining investigator compensation. Investigators' certifications and accreditations, as well as speaking ability, were both only considered by 15% of pharma firms when making decisions regarding investigator compensation.
"Over the past decade, there has been a steady shift in the way sponsors pay investigators," said Adam Bianchi, senior director of research at Cutting Edge Information. "Sites used to receive large, lump sum payments at study startup and completion. However, the need to justify compensation at fairmarket value is forcing both trial sponsors and CROs to focus on the task at hand, not on the investigators performing those tasks."
Most trial managers use a budget template that can be applied to every clinical trial. These templates make provisions for trial details, such as geography and medical procedures. During this early level of planning, templates rarely consider target investigators' qualifications. To fill in the cost estimates for the medical procedures, interviewed trial managers typically rely on subscription services.
Clinical Investigator FMV and Compensation Benchmarks Structuring Contracts and Planning Investigator Meetings, available at http://www.cuttingedgeinfo.com/research/clinical-development/investigator-compensation/, examines payment structures and processes surrounding clinical investigator compensation. It explores popular strategies and tactics used to pay investigators, as well as the different ways that companies contract with investigators. The report also examines common milestone payments, the number of payments made to clinical investigators and ranges and averages for direct costs that clinical study sites often pass through to sponsors.
The study provides a valuable resource of benchmarks and performance metrics for clinical development managers, directors and vice presidents. The research is designed to help industry executives compare their operations to competitors and stay informed on the latest trends around determining clinical investigator FMV. This report will also help executives:
- Build comprehensive clinical trial budgets
- Determine FMV calculation processes to develop defensible compensation rates
- Structure investigator contracts
- Plan for likely pass-through/direct costs from clinical trial sites
- Prepare for upcoming investigator meetings
For more information on Cutting Edge Information's clinical investigator research and FMV services, please visit www.cuttingedgeinfo.com.
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