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The Contract Network aims to solve the usually slow clinical trial agreements process with new contracting platform.
The Contract Network, a startup collaboration platform focused on accelerating contract negotiations and simplifying contract compliance, has entered into a know-how agreement with Mayo Clinic to build a solution to better manage and accelerate the negotiation of clinical trials agreements (CTA). Mayo Clinic on its website says that it conducts 12,000 clinical trials a year. With currently over 400,000 clinical trials listed on clinicaltrials.gov in the US and globally, the current negotiation processes for each of these trial agreements and related documentation are complex and time-consuming.
In a recent survey that Applied Clinical Trials* conducted, to the question “Do you consider the site agreement negotiation process a delaying factor when performing a clinical trial?”, 83% answered varying degrees of yes (sometimes 44%, most of the time 32%, all of the time. 6%). When asked of eight factors “Which factors does your company consider the top cause of study delays?” 25% said contract negotiations with clinical sites.
The Contract Network solution for CTAs is being built with sponsors, CROs, and institutions in mind, to reach agreement faster and to securely collaborate with respect to each stakeholders’ ongoing contract compliance requirements.
Jim Wagner, co-founder and CEO of The Contract Network, said in a press release, “We are incredibly proud to make clinical trial agreements the first use case for our collaborative platform and to have the opportunity to play an integral role in promoting growth and innovation in such a meaningful context." Wagner continued, "Our objective isn't just to enhance the experience for the contracting professionals involved, but also to have a positive impact on patients and the broader medical community by radically accelerating and simplifying the process of initiating new clinical trials."
The Contract Network, founded by Wagner, most recently VP of Agreement Cloud Strategy at DocuSign, and former Blackstone CTO, Bill Murphy, has been developed in stealth mode for over a year, and is set to be formally launched in May 2023.
Mayo Clinic has a financial interest in the technology referenced in the press release. Mayo Clinic will use any revenue it receives to support its not-for-profit mission in patient care, education, and research.
*Results of the survey will be available in September 2023.
Reference: The Contract Network Collaborates with Mayo Clinic to Streamline Clinical Trials Agreements. ATLANTA, April 11, 2023 /PRNewswire.