SOURCE: Cutting Edge Information

Cutting Edge Information

December 18, 2014 08:30 ET

Trial Protocol Now the Biggest Factor Used to Calculate Accurate Clinical Investigator Fair Market Value

RESEARCH TRIANGLE PARK, NC--(Marketwired - December 18, 2014) - Today's strict regulatory environment necessitates that pharmaceutical companies adhere to clinical investigator fair market value (FMV) for trial-related compensation. And, according to business intelligence provider Cutting Edge Information, clinical trial managers should consider a combination of factors to create and justify FMV processes that work for their companies. 

Clinical trial managers historically relied on internal experience to determine how much to pay physicians for performing clinical trials. Now, however, companies evaluate a variety of factors including industry benchmarks, historic payment data and trial protocol details. 

"The Sunshine Act has changed how companies and trial managers pay clinical investigators," said Ryan McGuire, Head of Research at Cutting Edge Information. "More than 80% of the companies we surveyed have moved to a system that pays based on the number and complexity of patient visits, which can be a hard sell to investigators who previously received compensation more heavily rooted in years of experience, number of publications, and certifications."

Sites previously received large, lump sum payments at study startup and completion. The push for greater transparency and compensation justification, however, has led to a payment process where clinical investigator fair market value is determined more from trial protocol than from investigator qualification. 

"Clinical Investigator FMV and Compensation Benchmarks: Structuring Contracts and Planning Investigator Meetings" 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. It also examines common milestone payments, the number of payments made to clinical investigators and ranges and averages of direct costs that investigators often pass through to sponsors.

The report is a valuable resource for clinical development managers, directors and vice presidents to 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
  • Plan and prepare for upcoming investigator meetings

To learn more about Cutting Edge Information's clinical investigator research and fair market value services, please visit http://cuttingedgeinfo.com/.

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