- A clinical trial is a research study involving human participants to assess the safety, efficacy, and potential side effects of new medical treatments or interventions
- The global clinical trial market is expanding rapidly, driven by an increasing focus on developing novel therapies and improving patient care with new treatments and medications, especially in areas such as oncology and rare diseases
- For instance, the development of CAR T-cell therapies for cancer treatment has significantly accelerated clinical trials in oncology
- Technological advancements, such as the use of artificial intelligence and machine learning for data analysis, have significantly improved the efficiency and accuracy of clinical trials
- For instance, the use of AI in patient recruitment for clinical trials, with companies such as IBM Watson Health leading efforts to streamline the process and ensure faster participant matching
- The number of clinical trials conducted globally has increased, with clinical trials for COVID-19 vaccines being a prime instance of how the industry can quickly adapt to meet urgent public health needs. The rapid clinical trial process behind the Pfizer and Moderna COVID-19 vaccines highlights the sector’s ability to accelerate development under pressure
- Outsourcing of clinical trials to contract research organizations (CROs) is becoming more common, helping pharmaceutical companies reduce costs and access specialized expertise. A real-time instance includes the collaboration between Novartis and Covance for global clinical trials, where Covance provided specialized services in managing large-scale, international trials
- The integration of decentralized trials, which allow patients to participate from home through digital platforms, has been accelerated, particularly in the wake of the pandemic
- For instance, the clinical trials for AstraZeneca’s COVID-19 vaccine, which included decentralized trial models to increase participation and maintain safety protocols
