The 2023 Avoca State of the Industry Report: 360° Assessment
WCG Avoca has released their 2023 Avoca Industry Report: 360° Assessment. It’s an excellent read via a well put together presentation. This year’s research expanded outreach to look across all clinical research stakeholders — Sponsors, Providers, Site Staff, and Patients — regardless of their clinical trial experience, to identify opportunities for improvement of the experience for Patients and Sites.
The clinical trial industry is facing a number of challenges in 2023, but there are also some promising opportunities on the horizon. The 2023 Avoca State of the Industry Report provides a comprehensive overview of the current state of the industry, as well as insights into the future. Below are some short takeaways from the report, but we really recommend you review the report yourself, there might be some valuable insights that resonate with your organization. There are also some great graphics and stats that you might like to share with your team during company sponsored opportunities for training.
Key Challenges
One of the biggest challenges facing the clinical trial industry is the rising cost of drug development. The average cost of bringing a new drug to market is now over $1 billion, and this number is only going to grow. This is putting a strain on drug companies, as well as on the healthcare system as a whole.
Additionally, there is a critical shortage of clinical trial sites. There is simply not enough capacity to meet the demand for clinical trials, which is causing delays in drug development, making it difficult for patients to access the latest treatments.
Promising Opportunities
Despite the challenges, there are some promising opportunities in the clinical trial industry this year. One of the most promising trends is the increasing use of digital technologies in clinical trials. Digital technologies can help to reduce the cost and time of drug development, as well as improve the efficiency of clinical trials.
Importantly, there is also a growing focus on patient-centered clinical trials. Patient-centered clinical trials are designed to put the patient at the center of the research process. This is leading to more personalized treatments and a better patient experience.
In addition to the challenges and opportunities mentioned above, the report also highlights the following trends in the clinical trial industry:
The increasing use of artificial intelligence and machine learning to automate tasks and improve the efficiency of clinical trials.
The growing focus on diversity and inclusion in clinical trials, to ensure that all patients have access to the latest treatments.
The increasing importance of patient engagement in clinical trials, to ensure that patients are informed and involved in the research process.
The clinical trial industry is constantly evolving, and the 2023 Avoca State of the Industry Report provides a valuable roadmap for the future. The report is a must-read for anyone who wants to stay ahead of the curve in this dynamic and rapidly changing industry.
-REGUPro