New analytics technology reduces trial costs and timelines; initial case shows it can cut the number of sites needed for a trial by 36%
NEW YORK–(BUSINESS WIRE)–#biotech—Lokavant, the clinical trial intelligence platform company, announces the launch of a study planning solution driven by proprietary historical trial data from more than 2,000 studies involving more than 14,000 investigators, 12,000 healthcare institutions, and real-world data (RWD) sources. The new solution empowers clinical trial sponsors and contract research organizations (CROs) to accurately identify the right number, location, and mix of sites for key performance and diversity milestones, as well as other feasibility goals for optimum study performance.
In one example, Lokavant used five years of data on chronic obstructive pulmonary disease (COPD) to accurately identify the most efficient and inefficient trial sites for future respiratory trials. Analysis revealed that sponsors and CROs could reduce the number of sites needed for a study by 18% to 36% and still hit patient enrollment targets. Given the average cost to activate sites regardless of patients accrued is $50,000 and the per-site cost of site monitoring – which accounts for about 14% of total clinical trial expenditures – optimizing site selection leads to significant cost and time savings.
“Bringing greater rigor to the study planning process is critical to successful execution, especially given the high cost and lengthy timelines of trials,” said Milind Kamkolkar, former CDO at Sanofi and co-founder and COO of Paradigm. “This solution is unique as it empowers study teams to predict the odds of completing a study within an allotted time frame and provides visibility into actionable next steps. In this way, Lokavant’s new study planning solution has the potential to dramatically accelerate and optimize trial execution.”
To determine clinical trial feasibility, sponsors typically look at sites’ historical enrollment performance, resources, and experience. However, sponsors and CROs have struggled to accurately determine site success. As a result, 70% of clinical trials experience study start-up delays, 80% don’t complete the enrollment phase on time, and 45% miss their projected end dates. With Lokavant’s Study Planning solution, sponsors and CROs can more accurately forecast expected site performance in correlation with a trial’s specific protocol to dramatically improve upfront planning plus enable ongoing adjustments in real time to trials in flight.
“We are driving an important next step in the evolution of clinical research. Lokavant’s new study planning technology is where clinical trials intersect with predictive analytics,” said Andreas Matern, executive vice president of product development at Lokavant. “With this new solution, our customers gain more precise insights about the potential performance of their clinical trials and sites before it’s too late and too expensive to course correct.”
Matern was recently hired this year to lead product development at the company. Formerly the head of healthcare and life sciences technology partnerships at Amazon Web Services (AWS), Matern brings more than 20 years of data science and technology experience to Lokavant.
Leveraging a proprietary data asset of over 2,000 trials, as well as real-world data, Lokavant’s platform and analytical applications increase the accuracy and efficiency of trial planning and execution. The platform provides sponsors and contract research organizations (CROs) with real-time, predictive analytics in a continuous feedback loop, resulting in a 70x improvement in enrollment forecast accuracy, over $1 million in cost savings from patient retention, and six months’ time savings from detecting site noncompliance issues per trial.
The new data-powered Study Planning solution will be generally available in Q4 2023 as a standalone product or add-on module to its Clinical Trial Intelligence Platform. Leveraging analytics to power study planning will be featured at the upcoming executive roundtable during The Lokavant Summit this September.
About Lokavant
Lokavant provides clinical trial teams with an intelligence platform that improves the time, cost, and quality of trial planning and execution through data-driven analytics solutions. Lokavant’s platform aggregates and integrates real-time data from disparate trial data sources, and powers advanced analytics enabled by its compendium of proprietary trial data. The suite of applications built on the platform allows study teams to proactively manage their studies and surface insights, driving efficiencies in all scientific and operational use cases. Email contact@lokavant.com to learn more or visit www.lokavant.com.
Contacts
Lisa Barbadora, Big Valley for Lokavant
+1 (610) 420-3413
lbarbadora@bigvalley.co / lbarbadora@barbadoraink.com