In 2020, clinical trials are perhaps more critical than they have been for some time. In the race to push through a vaccine to combat a global crisis, startups are helping to speed up the process. But how exactly are they doing this, and what are some of the more common challenges facing trial arrangements in 2020?
Trials are on the Up and Up
Recent news aside, clinical trials were already in increasing demand. Looking at data from 2019, it’s clear that the market for trials expanded to at least $46.8 billion. In the US alone, they were worth around $20.4 billion in 2017, and projections make it clear that demand is only going to increase.
This research suggests an expansion of at least 5% in market value from 2020 through to 2027. Of course, this is purely estimation – as this year’s global crisis may exacerbate matters further.
The current climate has also changed the ways in which trials are monitored and regulated. For example, the World Health Organization (WHO) now has an alliance of sorts in place to compare and contrast ongoing vaccine building efforts.
Vaccines, in particular, can often take years of development. Therefore, out of health and financial necessity, the heat is on for trials to become more efficient and effective in a very short space of time.
Startups to the Rescue?
As always, there are innovators who are keen to change the world for the better. 2020’s unmitigated circumstances have helped to give birth to some truly creative solutions for a global problem.
When it comes to clinical trials, however, we need to consider a couple of case studies to see how enterprises are helping to bolster medical research.
One organization, Science 37, is a US-based firm with funding of at least $107.5 million at the time of writing. Just as how telecare and telehealth has supported people with illnesses find support on a digital basis, Science 37 offers up a virtual platform for clinical trialing.
This model, it is assumed, will help those taking part in trials to stay a safe distance away from other participants and those running such studies.
Another of several US startups looking to improve the clinical trials system is Elligo. Elligo, based in Texas, helps to support clinics that may lack funding or technology to process advanced studies.
For example, Elligo may pre-screen applicants remotely, or may even offer clinics digital platforms to communicate with participants.
Crucially, enterprises are thinking carefully about how vital efficient trials are in 2020. It took a crisis of this size, perhaps, to bring out some of our most intriguing innovations.
Will Medical Trials Become More Efficient?
That, we cannot be sure of. At the time of writing, we also can’t be sure how long it could take to fast-track any kind of pandemic vaccine. That said, investors will likely still be able to use databases such as Fundz to track down startups actively striving to make trials more efficient and effective, in the months and years to come.
SOURCES
http://www.noromoseley.com/news/startups-aim-to-fix-broken-clinical-trials-system/
https://www.medicalstartups.org/top/clinical_trials/
https://www.grandviewresearch.com/industry-analysis/global-clinical-trials-market
https://link.springer.com/article/10.1007/s43441-020-00182-8
