Consent and patient comprehension are two of the key pillars for successful trial management. And while this technology isn’t necessarily new, it is experiencing increased adoption by both CTOs and regulators across the globe. A recent study showed that 20% of trials are expected to use eConsent in the next three years and 25% of the top pharma companies believe most of their trials will involve eConsent in the future.
With this increase in eConsent utilization, it’s important to understand the benefits of eConsent, beyond the traditional e-signature. At its core, eConsent helps digitize and streamline the entire consent process, allowing for greater oversite, increased patient engagement, minimized risk, and increased ROI for your trial. This is particularly evident in how eConsent can help improve trial funnel metrics. The average retention, from patient identification to study completion, averages only 7% industry-wide. However, 72% of patients that don’t complete the study are a result of refusal to comply or misunderstood patient expectations, two of the key challenges eConsent can help prevent. Through earlier and more comprehensive patient engagement, the risk of dropout decreases, helping drugs get to marketing more quickly.
Speed to market, a key tenet of trial ROI, is another area where eConsent can provide results. The average patient pre-screening costs $1,700. Multiply that by the hundreds of patients typically needed and it’s easy to understand how increasing retention using eConsent can have a very real effect on trial costs. If retention is improved by even 10% in a trial with 200 patients, there is an immediate savings of $10,000, not to mention the incremental savings as a result of decreased administration time, less need for long-term monitoring, and risk mitigation that comes from using a cloud vs. paper-based system.
Utilizing improved systems and tools are necessary in the ever-changing clinical trial landscape. eConsent can help efficiently manage patient recruitment, retention, and increase ROI. Find out more details on how to leverage eConsent in your work with our latest webinar eConsent: The Good, the Bad, and the Regulatory.