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TTC Finds Differing Overhead Rates by Regions of the World
TTC Finds Differing Overhead Rates by Regions of the World
TTC’s GrantPlan® Database Shows China and India Overhead Rising Rapidly
Philadelphia,
PA,
United States of America
(prbd.net)
10/02/2012
PHILADELPHIA--(BUSINESS WIRE)--The overhead costs involved in clinical trials represents significant expenses that can vary widely across the globe. Perhaps few issues elicit more interest in clinical trial grants than the contract’s overhead portion. While the US and UK has the highest clinical trial costs for all phases, these costs are rapidly increasing in new geographies, especially in China and India. This is certainly true for overhead costs.
Over the long term, research sites that lack accurate budget analyses and negotiations will lose money. Negotiating a successful research budget can ensure a clinical research program’s viability.
“Clinical grant spending is now more widely understood as a market similar in many respects to other business markets.”
News Facts:
* Breaking news: TTC data shows rapid increases in overhead rates in China and India from 2008 to 2010. Overhead rates vary significantly by region. The US median overhead is the highest at 23%, followed by Eastern Europe and China at 20%, Western Europe at 16%, and Latin American and India both at 15%. While median overheads have remained fairly constant between 2008 and 2010 for most regions in the world, overhead rates in China have increased to 37% and those in India to 22%.
* Clinical research sites continue to struggle with financial pressures. To ensure the viability of their research, sites need the best available data to develop enhanced budget negotiation practices. GrantPlan® covers the key components of grant costs, such as individual procedures, overhead rates, other direct costs, and site costs. These include hourly rates, pharmacy fees, advertising fees and more.
* TTC’s study data highlights the sustained growth in the number of clinical sites in China and India. Most clinical research in China and India is done in hospitals, rather than private practice. The demand for clinical research services is growing in the institutions, while the supply is clearly limited.
* GrantPlan® data shows that overhead rates can vary significantly by region as can the rate of increase. As the demand for new sites grows rapidly in areas such as China and India, the ability of institutions in those regions to command higher overhead rates is clear.
* GrantPlan® gives company contract negotiation teams the ability to begin grant negotiations with enhanced data. GrantPlan® collects data from clinical studies in 60 countries from over 100 GrantPlan subscribers. GrantPlan® subscribers conduct over 76 percent of all clinical trials.
Professor Harold E. Glass, Ph.D states that “Clinical grant spending is now more widely understood as a market similar in many respects to other business markets.”
Professor Harold E. Glass, Ph.D (Research Professor and TTC Principal): Here’s what we know: GrantPlan® works. It provides companies struggling with potential overhead costs – whether in the U.S., the U.K. China, India or any developing geography – with access to the current global cost data they need to reduce the time required to create investigator grant budgets, manage negotiations, and increase the confidence level of our customers. We worked shoulder to shoulder with pharmaceutical companies to ensure that GrantPlan® – the largest database of current clinical investigator budgets – provides negotiators with the valuable data they need.
About GrantPlan® and TTC, LLC:
GrantPlan®, a product of TTC, LLC, is the largest database of current clinical investigator budgets. With five distinctive database products, TTC has the largest current database of investigator site budgets from 60 countries. TTC combines a strong financial base, a global reach, and an experienced team of customer-focused professionals proud to serve the industry in the management of costs and speed of clinical trials. GrantPlan® contains extensive cost data at the Procedure, Cost per Visit, and Cost per Patient levels from countries involved in drug testing throughout North America, Europe, Asia and Latin America.
For more information on Clinical Trials visit www.ttc-llc.com or call us at +1-215.243.4103
About
TC is the leader in global clinical trial cost benchmarking. In fact, we invented it. In 1990, TTC principle, Dr. Harold E. Glass founded the first drug development cost benchmarking company in the world. Today, 10 year old TTC, with offices in Philadelphia, Pennsylvania and London, England has a proven track record in all aspects of outsourcing cost management; from the budgeting of protocols and clinical trials to the negotiations with clinical sites and other providers.
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