By Kirstan Cecil & Helen Combs
As the healthcare industry continues to evolve, nailing down a competitive advantage becomes more challenging. Incorporating clinical research into your practice can be a powerful advantage. Not only is it essential to the advancement of medicine, but it can also improve patient outcomes and accelerate your practice’s reputation and ability to attract top-tier talent.
Clinical trials are a fundamental part of the U.S. healthcare system and play a crucial role in advancing research and improving care. The U.S. clinical trials market was valued at $23.83 billion in 2022 and is expected to surpass $35.1 billion by 2030.
Once focused within larger healthcare institutions, clinical research sponsor interest is on the rise in private practices as studies face challenges with declining enrollment rates and the diversity of participants. This provides a unique opportunity for medical practices to be a part of developing new interventions, positioning themselves as pioneers in their specialty. Building off of existing relationships with their patients, providers can play a critical role in education and exposure to cutting edge treatment options.
Through clinical trials, patients gain access to treatments that may not otherwise have been available to them. When it comes to clinical trials and patient outcomes, three significant issues arise—patient recruitment, retention throughout the trial, and diversity.
Medical practices have an advantage over other organizations in addressing the obstacles of patient recruitment and retention, which directly impact the effectiveness of clinical trials. Built off of existing relationships, many patients look at engaging in a trial as an extension of the care already being provided by a trusted healthcare partner, making them more willing to participate and stay with the study through to the end.
Ensuring diversity in clinical trials is critical to comprehending how therapies might be used more broadly across a range of patient populations. Medical practices have a unique opportunity to promote diversity in research, which will lead to more equitable patient outcomes.
Minority representation in clinical trials is low. According to the Food and Drug Administration, 75 percent of clinical participants in 2020 were white, 11 percent were Hispanic, 8 percent were Black, and 6 percent were Asian. To add to the complexity, one in five drugs respond differently across racial and ethnic groups.
As the healthcare industry continues to undergo transformation, participating in clinical research provides a myriad of benefits to medical practices. Staying at the forefront of research gives practices credibility and positions them as trailblazers. As a trusted source, participation also enhances patient and physician referral relationships. Medical practices can stand out in the competitive healthcare market by showcasing their dedication to quality, innovation, and patient-centered care through a robust clinical research program.
In order to ensure that clinical research is profitable and successful, it is crucial for medical practices exploring offering this service to carefully develop the necessary infrastructure. Numerous factors need to be taken into account, including staffing resources, technology, operations, finances, complex regulations, and training.
Many practices have concerns about the logistics of incorporating the trial into their practice and how that might result in additional administrative burden. If you are passionate about offering the advanced care and access that clinical trials can bring, there is no need to let this stop you.
Some models offer the opportunity for doctors to incorporate clinical research as a care option in their practices. By partnering with clinical trial experts, they will handle all of the management and logistics related to the trials, and you can keep your level of involvement at a manageable level that doesn’t interfere with patient care.
These experts help define a clear strategic direction, laying the foundation for a streamlined and financially viable clinical research model that aligns with the overarching goals of the organization.
A beacon of innovation and excellence
As you weigh the decision of whether clinical trials are right for your practice, you must assess the strategic fit and potential advantages and try not to get mired in the logistics. The healthcare industry is witnessing unprecedented growth, and clinical trials are a driving force behind this expansion. As the demand for new treatments and therapies rises, healthcare organizations that actively engage in clinical research position themselves at the forefront of industry growth.
With the right mindset, you can build a robust clinical research model that not only benefits patients but also contributes to the overall advancement of healthcare as a whole.
Helen Combs and Kirstan Cecil co-founded Medovation Clinical Research to make integrating clinical research into private practice easy. They provide agile, ready to use clinical trial activation strategies and frameworks, along with a coordinated approach to building high caliber programs. They can be reached at helen@medovationresearch.com and kirstan@medovationresearch.com.