Sponsors Profiting from Economic Decline in the CIS: Smooth Drug Development's Clinical Trials Experience
WASHINGTON, March 28, 2018 /PRNewswire-iReach/ -- It is hardly a secret that many economies of the Commonwealth of Independent States are tightly bounded to the international natural resource market. Recent decline in the oil prices sparkled economic downturns in the leading CIS countries. Smooth Drug Development managed to crystalize the benefits of the recession and adopted various successful strategies that help to make clinical trials in the CIS cost-effective, fast, and adherent to the highest international quality standards.
The economic crisis in the CIS downgraded prices of local currencies, which significantly reduced the cost of clinical trials for foreign Sponsors. Smooth Drug Development employed this situation to reduce CRO costs and clinical trial expenses. In addition, the economic decline significantly reduced investigators' grants, which made the services of key opinion leaders available even for small companies. This unique business disposition enables Smooth to engage high-class specialists in clinical trials and keep the prices significantly lower than in the USD or EUR zones.
As some experts suggest, in the light of ongoing political tensions countries of post-Socialist space are not going to increase expenses on healthcare. Instead, they are more focused on investments in security-related sections of budgets. For example, in 2018, Belarus will spend 7.8% less on healthcare than in 2017. Russia will increase healthcare expenses by 0.1% and will keep it on the inappropriately low rate of 2.8% of the GDP. Ukraine will downgrade healthcare expenses from 4% to 2.6% of the GDP. The policy for maintaining the healthcare at the same level will further increase demand for innovative healthcare and spur patients' willingness to participate in clinical trials. The crisis made certain western treatments unaffordable to many people. This made clinical trials a real way to solve health problems and to get access to innovative treatment.
Before the beginning of the economic downgrade, Smooth Drug Development was constantly investing in technology and quality assurance systems. As the result, Smooth kept growing in the new economic conditions and got wide international recognition for its achievements. First of all, Smooth Drug Development is the only regional CRO that holds ISO 9001 "Quality Management Systems", ISO 22301 " Business continuity management systems", and is about to receive ISO 27001 "Information Security Management Systems" certification.
Besides the intensive development of quality management, Smooth advanced its technology, which made clinical research with the company even more effective and cost-efficient for Sponsors. For instance, the Smooth ePRO solution enables to reduce clinical trial timelines and cut expenses for Sponsors. In other words, Smooth employs its technological advancement to multiply the advantages that it has already extracted from the contemporary economic conditions.
Many experts confirm that the latest numbers on economic development demonstrate stabilization and growth of regional economies. Smooth Drug Development has foreseen the economic downgraded, met the crisis well-prepared, managed to deliver plenty of benefits to its Sponsors, and has a longstanding strategy for offering more advantages and opportunities in the new stabile economic environment.
Media Contact: Ivan Grek, Smooth Drug Development, +12023942215, [email protected]
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SOURCE Smooth Drug Development
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