DrugDev hits record milestone of over $2B processed to sites
Monday, March 20, 2017
Sponsors and CROs worldwide have elevated DrugDev to an industry milestone of over $2 billion in aggregate payments to clinical investigator sites—an accomplishment unequaled by any other provider, including all but the very largest CROs. Over the past 10 years that experience amounts to more than 26,000 site recipients in 60 countries on more than 1,800 clinical trials.
Trusted by pharmaceutical companies of all sizes, DrugDev’s payments solution is a key component of DrugDev Spark, a unified suite of proven clinical operations solutions. Featuring transparent technology and expert outsourcing, DrugDev provides a flexible solution tailored to sync with each customer’s specific business model. The landmark $2 billion payment was processed on behalf of Pearl Therapeutics.
Earl St. Rose, vice president, head of Clinical Operations at Pearl Therapeutics, echoed the sentiments of many satisfied sponsors and CROs: “Pearl chooses to partner with DrugDev because we are committed to being the sponsor of choice for our sites—and a key aspect of achieving and maintaining that goal is to ensure sites are paid accurately and on time for their hard work. DrugDev also provides the transparency we need for reliable forecasting, accruals and regulatory reporting. DrugDev delivers peace of mind for our clinical operations teams, our financial groups, and most importantly our sites.”
Sites regularly report payments are a top concern when deciding whether to participate in a trial. DrugDev Spark technology enables sites to take control of a transparent process by submitting invoices, reviewing historical records, and checking on payment status in real time.
“DrugDev is a dream come true for sites,” said Ana Marquez, founder and president of Clinical Site Partners and a Charter Member of the Society for Clinical Research Sites (SCRS) in a site testimonial video posted to drugdev.com. “I want to spend time recruiting and caring for patients, not chasing missing payments all the time. Nobody does it like DrugDev. Their payments are reliable, their team is very responsive whenever we have a question, and their user-friendly technology enables us to see all of our trials, export reports, and instantly understand the status of all payments. It’s really a beautiful system. Anytime I see a sponsor using DrugDev, I feel relieved. That’s why I love DrugDev.”
DrugDev has led the site payment provider industry for the better part of a decade, but lately its business has continued to escalate. While it took nearly seven years to process its first billion dollars in global site payments, DrugDev paid out its second billion only 30 months later. With a current run rate of $40 million paid per month (and still growing), DrugDev has the proven ability to scale with even the largest clinical trial programs whether customers choose to outsource the entire process, use DrugDev Spark technology to support internal teams, or anything in between.
This increased demand comes as little surprise. According to customer-reported metrics, average savings when using DrugDev to manage site payments vs. typical alternative providers are nearly $1 million per study. Savings are driven primarily by reduced error, streamlined startup costs (especially when combined with site activation on DrugDev Spark), eliminated cash floats, and minimized non-recovery of reclaimable VAT.
“In my opinion, there is no better barometer of payments experience than seeing satisfied sites around the world who don’t give a second thought to trial finances because they are inherently certain they will be paid accurately and on time,” said Stu Thiede, president of DrugDev Payments. “No other payments provider even comes close to the sheer volume of site payments that are managed by our people, process and technology. And experience is important because site payments is a complex process. The only way to get it right is to do it yourself again, and again, and again. That’s why so many sponsors and CROs trust DrugDev. We’ve seen it all before. A couple of billion times.”