Before the start of a clinical trial, the trial sponsor and the clinical research site engage in a series of negotiations to confirm a clinical trial agreement (CTA) and to decide the clinical research site's budget. These budget negotiations are not easy-- clinical trials are expensive and sites are weary about not being fully reimbursed for their time and costs. Despite this vigilance, between the back and forth conversations that are typical in clinical trial budget negotiations, it is easy to accidentally leave out the smaller line items that can, in fact, be added into the budget. These extra budget items add up, and not including them in your clinical trial budget will result in lost revenue!
Here at Team CRIO, we immersed ourselves in the world of clinical trial budget negotiations to see which budget items are most often forgotten, as well as which little known budget items can be included in negotiations! After talking to our clients, and attending a few clinical research site management courses, here are our tips for building a better budget in the clinical trial negotiation budget process:
Kristen is a Project Manager at Clinical Research IO Kristen takes management experience from her previous positions as content editor for a real estate company and as property manager for a Boston-based firm.