DrugDev Announces CFS Clinical Achieves Unprecedented $1 Billion Milestone in Global Investigator Payments
Industry leader in grant payments on track for continued explosive growth as part of DrugDev’s vision to simplify life at the Investigator’s site
LONDON & AUDOBON, Pa.--(BUSINESS WIRE)--DrugDev acquired CFS Clinical, the industry leader in clinical investigator grant payments, in October 2013 as a key part of its vision to simplify life at clinical sites, so that study sponsors, CROs and sites can do more trials together. Today, CFS achieved an unprecedented milestone of $1 billion in global investigator payments, with a run rate of approximately $2 million in processed payments per work day.
The company’s momentum and growth are driven by its strong industry reputation helping clients from the top 20 to small and mid-size pharmaceutical companies improve efficiencies, streamline processes and improve site relationships with precise, timely and seamless global payments.
Stuart C. Thiede, MBA, President of Global Payment Services at DrugDev, said, “This accomplishment demonstrates that DrugDev consistently delivers on our objective that sites are paid quickly, accurately and with great transparency. Looking back, it was somewhat challenging to scale as quickly as our growth dictated, but reaching the $1 billion mark validates our unique qualification to be the only proven and reliable standalone Investigator Grant Payment Service. This is a tribute to the entire Global Payment Services team and I am incredibly proud of them for this remarkable achievement. I’d also like to sincerely thank our customers for choosing CFS – their trust in our ability to deliver on our promises is the most important achievement we can earn.”
Ibs Mahmood, CEO of DrugDev added, “Our advisors made it clear to us that reliable and scalable grant payments were a desperate need for the clinical operations industry. We acted on that and acquired and invested in CFS, the far and away dominant player in that space. It is with excitement, and some relief, that I can confirm that CFS has used our backing to deliver extraordinary results. The $1 billion milestone validates our belief that the CFS Clinical mix of SaaS and professional services has meant that it is the only company with the size and experience to safely deliver large-scale grant payments particularly ex-USA. I look forward to the day when we have a single global standard for payments across the industry so that sponsors, CROs and investigators sites are no longer burdened by this collective thorn in their side.”
Continued Stu, “Being part of the DrugDev family broadens our geographic and market reach. DrugDev focuses on doing all the right things to make every aspect of the investigator’s life easier. Our aggressive expansion plans and backing by Invesco provide sponsors a huge sense of confidence that we will enable them to revolutionize the way they conduct clinical trials now and into the future.”
Learn how CFS Clinical can develop a customized grant payment system for your organization at www.cfsclinical.com.
About CFS Clinical
In the fall of 2013, DrugDev acquired CFS Clinical and together they create global, standardized processes to promote collaboration among sponsors, CROs and sites in finding, engaging, and paying investigators. Innovative solutions include study feasibility, site identification, site contracting, essential document management and Investigator payments. The result — drug developers and Investigators brought closer together with smart technology and unique relationships to help the industry do more trials. To learn more, visit www.drugdev.org or www.CFSClinical.com.
DrugDev’s mission is to simplify life at the clinical trial site through technology. In this way DrugDev enables sponsors, CROs and investigators to do more trials together. Featuring the largest global network of active investigators, the industry’s leading grant payment and site contracting system in CFS Clinical (www.cfsclinical.com), and the award-winning TrialNetworks (www.trialnetworks.com) platform of clinical operations apps, DrugDev creates and drives standards which promote collaboration, improve quality, shorten timelines and reduce cost. In addition, DrugDev provides Hosted Data Solutions for clinical trials including hosting the Investigator Databank (www.investigatordatabank.org) for Novartis, Janssen, Merck, Lilly and Pfizer. Learn more at www.drugdev.org.