In part 2 of this video interview, Jim Murphy, CEO of Greenphire discusses how access to data can impact elements such as budgeting and enrollment.
ACT: What impact does patient data access have on elements such as forecasting, budgeting, and enrollment?
Murphy: Well, there are a lot of variants in the tools that are available for people to use in terms of forecasting spend, or planning, modeling, negotiating, and forecasting spend, as well as understanding what those impacts are on enrollment. There's the broader category of fair market value, which ultimately that's dealing with a broader negotiation with the site, but the area where I think there's the most dynamic time in the industry is related to the patient because the patient's role in the clinical trial has evolved considerably over the last years from that subject mentality as opposed to now, much more of a partner. If you don't have good data, or you're trying to use a one size fits all approach to assessing what your costs are for reimbursement across therapeutic areas and geography, then you're not going to have a very accurate assessment of what the future looks like. Basically, people are not able to do it effectively now. The goal from our perspective at Greenphire is to solve this problem. We have 4 million patient-related payments, reimbursements, and stipends per year of data around the world, and we do more than 150,000 travel units, itineraries, essentially—everything from rideshare up to really complicated global travel solutions—and that gives us a perspective to be able to share people with a consumer, with a sponsor that is trying to plan travel. What their therapeutic and geography targets are going to need based on what patterns of reimbursement amounts by average, stipend amounts by average, and what types in spend on traveler there, so it's not just about the money, it's about the method as well because that's really how you plan to drive better enrollment.
