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We’ve all heard the business adage that acquiring a new customer costs 6 – 7 times as much as retaining an existing one. But how often is that wisdom applied for pharmaceutical products? As an industry, we are often too focused on driving new patient prescriptions and forget to focus on the patients already taking our product. Average treatment duration is one of the most important metrics in evaluating sales of a pharmaceutical product and small improvements translate directly to a product’s bottom-line. Read the full post to learn more!
Clinical trials are a significant portion of the cost to bring a new drug to market. Recent research published in Clinical Trials estimated the combined average total cost of conducting a single endocrinology clinical trial in each of Phases I, II, and III was US $30.5 million. With costs this high (and likely higher as time goes on), it’s natural to wonder if there are ways to optimize a clinical trial’s impact before committing to the substantial investment required. Fortunately, market research provides two opportunities to gauge the impact of a clinical trial through use of two designed experiment methodologies.