This post was authored by Mike Madarasz of the Institute for International Research. You can follow him on Twitter at @MikeMadarasz
Day one is in the book at Partnerships in Clinical Trials 2014. A recap would simply not do justice to the depth of knowledge
shared throughout the day. Instead, we pulled eight of the most
compelling facts of the day and pondered about their implications on
- 90% of clinical trial patients never find out the result of their clinical trial. Poor communication with these patients was one of the themes of today. If doctor's want to earn the trust of their patients, improved lines of communication is one of the first places we can look.
- Only 27% of Americans can name a living scientist. The other 73% thought Albert Einstein was still alive. Just kidding, but this does speak to bleak level of awareness.
- 40% of clinical trial data is fake. Should patients be held accountable here in terms of reporting their data?
- One out of every six drugs will make enough revenue to support the investment. Could the pharma patent cliff be a first step towards a more even playing field?
- Half of all sponsors report that they're unable to work collaboratively with CROs. Some of the methods mentioned today for overcoming this included making an effort to have face-to-face meetings and taking the time to make sure expectations are interpreted clearly.
- China spends roughly 7% of their GDP on healthcare. For the U.S., that number is closer to 18%. This provides an even bigger incentive for patients in China to participate in clinical trials.
- "Real World Data" is now the preferred vernacular for "Big Data". It came up several times today. Is there really a new politically correct term for one of everyone's favorite buzzwords?
- China will be the largest pharmaceutical market in the world by 2020. It's more of a question of when to invest in China rather then if you should be investing. Hospital infrastructure and the regulatory environment certainly make it a risk for any company. However, it appears ready to present an opportunity too great to ignore.
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