KING OF PRUSSIA, Pa. & LONDON--(BUSINESS WIRE)--Sponsors and CROs worldwide have elevated DrugDev to an industry milestone of over $2 billion in aggregate payments to clinical investigator sites – an accomplishment unequaled by any other provider, including all but the very largest CROs. Over the past 10 years that experience amounts to more than 26,000 site recipients in 60 countries on more than 1,800 clinical trials.
Trusted by pharmaceutical companies of all sizes, DrugDev’s payments solution is a key component of DrugDev Spark™, the world’s first unified suite of proven clinical operations solutions. Featuring transparent technology and expert outsourcing, DrugDev provides a flexible solution tailored to sync with each customer’s specific business model. The landmark $2 billion payment was processed on behalf of Pearl Therapeutics.
Earl St. Rose, Vice President, Head of Clinical Operations at Pearl Therapeutics, echoed the sentiments of many satisfied sponsors and CROs: “Pearl chooses to partner with DrugDev because we are committed to being the sponsor of choice for our sites – and a key aspect of achieving and maintaining that goal is to ensure sites are paid accurately and on time for their hard work. DrugDev also provides the transparency we need for reliable forecasting, accruals and regulatory reporting. DrugDev delivers peace of mind for our clinical operations teams, our financial groups, and most importantly our sites.”
Sites regularly report payments are a top concern when deciding whether to participate in a trial. DrugDev Spark technology enables sites to take control of a transparent process by submitting invoices, reviewing historical records, and checking on payment status in real time.
“DrugDev is a dream come true for sites,” said Ana Marquez, Founder and President of Clinical Site Partners and a Charter Member of the Society for Clinical Research Sites (SCRS) in a site testimonial video posted to drugdev.com. “I want to spend time recruiting and caring for patients, not chasing missing payments all the time. Nobody does it like DrugDev. Their payments are reliable, their team is very responsive whenever we have a question, and their user-friendly technology enables us to see all of our trials, export reports, and instantly understand the status of all payments. It’s really a beautiful system. Anytime I see a sponsor using DrugDev, I feel relieved. That’s why I love DrugDev.”
DrugDev has led the site payment provider industry for the better part of a decade, but lately its business has continued to escalate. While it took nearly seven years to process its first billion dollars in global site payments, DrugDev paid out its second billion only 30 months later. With a current run rate of $40 million paid per month (and still growing), DrugDev has the proven ability to scale with even the largest clinical trial programs whether customers choose to outsource the entire process, use DrugDev Spark technology to support internal teams, or anything in between.
This increased demand comes as little surprise. According to customer-reported metrics, average savings when using DrugDev to manage site payments vs. typical alternative providers are nearly $1 million per study. Savings are driven primarily by reduced error, streamlined startup costs (especially when combined with site activation on DrugDev Spark), eliminated cash floats, and minimized non-recovery of reclaimable VAT.
“In my opinion, there is no better barometer of payments experience than seeing satisfied sites around the world who don’t give a second thought to trial finances because they are inherently certain they will be paid accurately and on time,” said Stu Thiede, President of DrugDev Payments. “No other payments provider even comes close to the sheer volume of site payments that are managed by our people, process and technology. And experience is important because site payments is a complex process. The only way to get it right is to do it yourself again, and again, and again. That’s why so many sponsors and CROs trust DrugDev. We’ve seen it all before. A couple of billion times.”
In addition to ensuring timely and reliable site payments, DrugDev provides additional value throughout the end-to-end process with solutions for:
- Transparent real-time monitoring of the entire payments lifecycle through DrugDev Spark
- Aggregate spend reporting to comply with U.S. (Sunshine Act) and global regulations
- VAT optimization on a country-by-country basis
- Seamless integration with complementary DrugDev Spark solutions including site activation, training and engagement
- Just-in-time financing to ensure efficient cash flow and avoid massive up-front payments for sponsors and CROs
- A more holistic understanding of site relationships that associates payments with the DrugDev Golden Number
“Getting payments right is critical to starting clinical trials off on the right foot, and to building stronger site relationships,” added Stu Thiede. “Our team could not be more proud to achieve this $2 billion milestone because it means more and more sponsors and CROs continue to trust DrugDev with this enormous responsibility every year. And most importantly, sites are happy. At this rate, our third billion won’t be far behind.”
To request a demo of DrugDev’s unrivaled global site payments solution, visit www.drugdev.com
DrugDev helps the world do more clinical trials through industry-wide collaboration, standardization and a beautiful technology experience. The DrugDev Spark™ unified clinical operations suite is comprised of proven solutions used by 85 sponsors and CROs to transform the quality and efficiency of over 1,800 clinical trials from startup through closeout. DrugDev Spark is powered by the DrugDev Golden Number, the award-winning universal identifier for global site facilities and investigators used by TransCelerate and the Investigator Databank. Learn why the world’s most innovative pharma and biotech companies and CROs trust DrugDev by scheduling a demo of DrugDev Spark at drugdev.com.