Following its mandate to help speed-up clinical trials start-up times, the CCTCC launched the Fair Market Value project, aimed at addressing another critical bottleneck in the initiation of clinical trials in Canada – the budget-negotiation process.
Representatives from sponsors and sites have come together to develop more effective and efficient budget-negotiation processes. This initiative is not directed at controlling cost but at providing tools and resources for a more streamlined and efficient process for finalizing budgets for clinical trials.
On March 6th 2017, representatives from several healthcare institutions and pharmaceutical companies met in Toronto to take part in the FMV initiative Working Group (WG), led by the CCTCC. This was the first time the WG met face-to-face following a number of conference calls aimed at scoping out the project and its deliverables. Up to date, the WG has developed a good understanding of the drivers of clinical trials cost variance. More information is available here.
More information will be made available as this initiative advances.