According to national statistics, pharmaceutical and medical device companies represent a more than $30 billion industry. In order to test the safety and efficacy of their new products, such companies rely on clinical trials. Trials are a required step in securing FDA approval for marketing in the retail domain. And since there is incentive to get drugs and devices to market as quickly as possible, companies make significant investments toward this end.
Historically, due to prestige and publication rights, clinical trials have been conducted in academic medical settings. But because of motivation to get products to market quickly, the industry began working with private physician groups to expedite this process. Many physicians have gained research experience through residencies, internships, or fellowships. If you posses this kind of experience, you can use it to bring both direct and intrinsic value to your practice through clinical trials.
A clinical trial (also clinical research) is a research study involving human volunteers designed to answer specific health questions. Interventional studies are those in which the research subjects are assigned by the investigator to a treatment or other intervention, and their outcomes are measured. Observational studies are those in which individuals are observed and their outcomes are measured by the investigators. Interventional trials determine whether experimental treatments or new ways of using known therapies are safe and effective under controlled environments. Observational trials address health issues in large groups of people or populations in natural settings.
Benefits to the Private Physician Practice
While clinical trials can foster goodwill and improved physician/ patient relationships, there are also other direct and intrinsic benefits for the physician and practice hosting the trials. These include:
Although profits may come slowly and inconsistently at the beginning, once a practice begins to conduct a consistent number of trials, cash flow is likely to even out and have a positive impact on the practice's bottom-line.
Private physician groups are fast becoming essential to research and development in the pharmaceutical and medical device industry. It is important to keep in mind, though, that developing a reputable clinical trial program in your physician practice and becoming an experienced principal investigator will require an investment in time, effort, and patience. Nevertheless, once established, ongoing commitment to a clinical trial program can bring long-term value to your practice.
Possessing both operational and financial backgrounds, the MF Healthcare Solutions management team has vast experience in a range of healthcare industry settings. Our combined expertise enables us to offer specialized and effective physician practice management services. For more information, please visit: www.mfhealthcare.com or contact Todd Demel at (954) 475-3199