Investigator Initiated Trial Budgets up 21%
Pharmaceutical and biotech companies increased their investigator initiated trial (IIT) budgets by an average 21 percent this year, and theyre not stopping there.
- (1888PressRelease) September 26, 2011 - Global Information Inc. presents "Investigator Initiated Trial Management" by Cutting Edge Information.
Pharmaceutical and biotech companies increased their investigator initiated trial (IIT) budgets by an average 21 percent this year, and theyre not stopping there. Our newest study, "Investigator Initiated Trial Management," found that companies allocated an average $7.3 million to IIT budgets in their current budgets, but resource allocation varied widely between large drug manufacturers and other companies. The Top 25 companies IIT budgets average $21.5 million while all other companies budgets average $1.2 million.
"The budget numbers reflect the current state of Investigator Initiated Trials in that many of the opportunities lie with blockbuster products that have broad reach," said Ryan McGuire, senior research analyst and the studys lead author. "Smaller companies focusing on specialty products still have IIT opportunities to pursue, but they often have lower budgets to pay for these studies."
IIT budgets have been rising steadily in the last three years. Cutting Edge Informations data show a 42 percent increase in budgets for investigator-driven research during that time. And medical affairs and clinical executives expect spending to continue increasing. The study found that 42 percent of companies intend to increase IIT spending in the next budget cycle; only 17 percent expect to lower their IIT budgets. The boom is in part a reflection of the fact that many companies, even sophisticated Top 25 firms, are now implementing processes to streamline IIT management and oversight. One profiled Top 25 company decided to implement a more formal IIT team structure last fall to oversee its U.S. operating unit. This change has significantly increased the companys capacity to approve, fund and oversee IITs. Executives plan to increase the IIT budget by 600% next year.
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About Global Information Inc.
Global Information (GII) (http://www.giiresearch.com/about_en.shtml) is an information service company partnering with over 300 research companies around the world. Global Information has been in the business of distributing technical and market research for more than 25 years. Expanded from its original headquarters in Japan, Global Information now has offices in Korea, Taiwan, Singapore, Europe and the United States.
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