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Clinical trials have become big news this year amid the search for COVID-19 vaccines and treatments. They are a critical component of helping the FDA validate that new drugs and diagnostics will be both safe and effective.
Pharmaceutical companies spend over $45B a year running clinical trials, which are, by design, very methodical and measured. Unfortunately, they are also slow, unpredictable and massively inefficient. Some estimates indicate that every day a phase 3 clinical trial slips costs the pharma company as much as $8M.
There are a lot of problems: Recruitment is often difficult, and the cost to find patients is expensive. Protocols, which can often change, may require patients to travel to specific locations or have specialists administer treatments or diagnostics.