Clinical research is an extremely important area of medicine and science. However, because of their importance, they require significant resources. If you’ve ever wondered about the specifics of clinical research funding, it’s important to know that it can be very complex and come from a variety of different sources. Here’s an overview of clinical research funding and what you can expect from participating in a clinical study here at Altus Research.
How Much Do Clinical Research Studies Cost?
Clinical research studies can vary widely in their scope, cost, and funding needs. According to a 2018 study by John Hopkins Bloomberg School of Public Health, clinical trials that take place with the goal of getting FDA approvals for drugs have a median cost of around $19 million. However, there is much more to this number, which can vary widely based on different factors. In fact, the overall median cost might actually contribute very little to the cost of drug development (which can be in the billions). Research studies that test whether a drug will have a clinically meaningful outcome can be much more expensive and, according to the same study, can have a median cost of $65 million – especially when it involves comparing a new drug to an existing standard treatment.
Who Funds Research Studies?
There are a variety of sources from which research studies get their funding. This might depend on the specifics of the study and what field it involves. For example, pharmaceutical companies might fund research studies that involve new drugs or medical technologies. University medical centers or nonprofit foundations might fund studies around vaccine development or public health resources. Government agencies can also fund research studies – like the National Institute of Health or Department of Defense, for example. Research studies can also be funded by doctors or private donors who have a special interest in the research involved.
How Are Research Studies Funded?
In many cases, research is funded directly from a large entity like a pharmaceutical company or government agency. However, there may be other ways that research receives funding. One way may involve grants, which is an allocation of funds from a large entity that goes through review from an overseeing committee before being passed on to the research team. Some research studies may also be crowdfunded through donations from everyday people, organizations, or campaigns. Each research study is unique and includes a very complex network of interests that ultimately result in advancing the scientific community as a whole.
At Altus Research, we are one of the leading clinical trial sites in south Florida and the greater Palm Beach County area. Our team has extensive experience in Phase I-IV clinical trials and offers enrollment in a variety of studies. To meet with our team and learn more about what to expect, contact our Lake Worth office by calling or filling out our online form.