BALTIMORE, July 1, 2015 /PRNewswire/ -- Continental Clinical Solutions (Continental) announced it is expanding its Baltimore-based clinical studies network and is recruiting physicians from private practice to accommodate increased volume in clinical studies and demand for unique patient populations.
"Continental hosts clinical studies for physicians across all therapeutic areas looking to benefit from the potential of increased revenue and independence associated with clinical trials, but are either ill-equipped or unable to establish the infrastructure necessary to participate in clinical research," said Saleh Stevens, Continental's CEO. "On the protocol application level, there is a market demand for principal investigators, but the supply of interested and capable physicians remains amorphous and largely untapped." Continental's push to grow its network corresponds to an increase in pharmaceutical research profitability and a need for local clinicians.
There is significant profit in a market where drug development is still a $300 billion per year industry worldwide, soon approaching $400 billion. Industry growth is supported by increased regulatory pipeline movement. In 2014, the Food and Drug Administration approved 41 novel, first-of-a-kind drugs. This is the highest 12-month tally of drug approvals in 18 years, translating to $10 billion in sales and profit margins nearing 30% for a US market, which includes clinical trial companies and dedicated research facilities.
In some instances, a single study for a novel drug can generate from $100,000 to $500,000 in revenue in one year. "Quizzically, that profitability has not enticed physicians to incorporate clinical research into their practices. Even with all of the paid studies out there, clinical research is overlooked due to the time and financial barriers to participation in a trial," Stevens added.
Clinical trials should be a welcome reprieve to financial woes often associated with the business of being in private medical practice; running a clinical healthcare business is expensive. Healthcare costs have increased significantly over the last two decades. According to a recent report from the Medical Liability Monitor, medical malpractice premiums reach up to $200,000 per year for some physicians, despite 4 percent premium decreases in 2014. Insurance and Medicare have put caps on reimbursements physicians receive for services they provide. These costs have forced physicians to resort to increased patient volume to maintain revenue. Increased volume reduces time allocated for in-depth consultation. As patient care is affected, so too is a practice's ability to focus on change and adjustment to its business model.
Continental's clinical programs make entry into clinical research an attractive and seamless option for physicians looking to supplement their practice revenue without joining managed care systems. Continental offers a full suite of clinical trial services and clinical research support tools, which include: regulatory, budget, data management, patient and scientific expertise. "Our programs largely piggy-back on what a practice already has in place with its specialty niche and existing patient population. Also realizing clinical trial participation offers its own rewards with contribution to science, revenue and professional growth…it makes perfect sense as a career supplement," Stevens closed.
Continental Clinical Solutions, LLC is a multi-therapeutic dedicated research clinic providing turnkey clinical trial sites for community practitioners in all trial phases, bringing diverse patient populations and industry pharmaceutical companies together.
SOURCE Continental Clinical Solutions, LLC