The pharma industry has traditionally been lagging in adopting the latest technologies. Although that has changed, of late, in the clinical trial execution, very little has been achieved on the business side of it, specifically in the management of clinical study planning, budgeting and outsourcing processes. To this day, companies spend an enormous amount of time managing business using MS Excel or aged point-solutions causing systemic inefficiencies in maintaining clinical business operations infrastructure. Strategikon Pharma is on a mission to put an end to these longstanding woes in the industry. The company offers Clinical Maestro, a comprehensive solution for end-to-end process management, from clinical trial planning to budget simulation through outsourcing services management for clinical trials. With an easy-to-use advanced solution improving business decision making, Excel becomes a thing of the past.
Clinical Maestro’s secret sauce is in marrying process and data, through which it provides business users with rich, actionable insights. It helps users extract insights from the clinical trial data and optimize their processes accordingly. Improved processes, in turn, lead to better quality data. This chain of action and reaction creates a cumulative effect, helping the pharma and biotech companies remain in firm control over their business operations, be it defining the funding strategy or optimizing the bidding process.
“Many biotech firms often end up overpaying for outsourced services, even in a competitive environment,” says Anca Maria Copaescu, Founder and CEO of Strategikon. In an instance, a company, which had already acquired bids competitively for the phase 3 study, approached Strategikon to assess whether those bids were in line with the company’s market value. Strategikon carried out the budget simulation only to find that the client was overpaying by about 25 percent.
Stunned! The client quickly reconducted the bidding process, this time, with Strategikon’s support. After three rebids, the client finally achieved bids that reflected their accurate value. Eventually, the client was able to save $2 million on a single study. This was possible because of the improved process management and accurate data accessibility. “Clinical Maestro provided the client with the right insights, enabling them to negotiate the fair market value,” Anca adds.
In another instance, a biotech company was severely under-budgeted, but was on the verge of initiating a clinical trial study. Strategikon helped the client restructure the funding strategy, outline the operational plan, and secure full funding for their development program, quickly.
Strategikon’s track record of creating several client success stories is because of the three aspects: its singular focus on modernizing the business side of clinical trials, technical excellence, and customer-centric approach. She explains, “Our team of domain experts has lived the pain points that today’s companies are experiencing. This motivates us to take the bull by its horns and turn the corners for our clients. Also, unlike other companies who chart their technology roadmap with a ‘company vision,’ we are driven by a ‘customer vision.’ Resolving customer challenges and constantly learning from every customer interaction and engagement is part of our daily repertoire. We thrive on listening to customers obsessively and aim to create tools that are extremely simple and easy to use, so clients can extract maximum value out of them.”
Strategikon is also focused on application expansion, so Clinical Maestro can tackle all the major pain points along the clinical business operations vertical. Clinical Maestro LEAD, industry’s first clinical contract budget reporting and reforecasting tool, will be soon rolling out, and we are already expanding into service provider governance and performance management through our VISION application. With a single login into Clinical Maestro, pharmaceutical companies will be able to seamlessly plan clinical studies, create RFPs, award contracts and manage both contracts and service providers, such as CROs, labs, systems, throughout the clinical study life cycle, bringing unprecedented transparency and analytical power to outsourced clinical trials!