Jim Murphy CEO
The COVID-19 pandemic has unarguably pushed the entire pharmaceutical community into rapid adaptation mode. However, for some companies, the response has been even more dramatic as they step into battle footing, scrambling resources to launch new clinical trials at warp speed. However, even with all available resources working to overcome obstacles and move fast, many of these companies are finding themselves slowed by intricate budget design and painstaking negotiation processes.
However, it would be incorrect to state that the problem never existed before. Forecasting, budgeting and contracting— for both sponsors and CROs—have always been comprised of complex, manual and fragmented processes. Further, any inefficiencies in the budget creation and negotiation process have the direct impact of delaying the commencement and eventual completion of clinical trials. Needless to say, this intricacy is compounding more than ever today, amid the COVID-19 outbreak. What sponsors and CROs now need is a digital route to building and negotiating a budget. Only then can they ensure speed and transparency across amidst complex global study start-up and activation processes.
Enter Greenphire. The company streamlines financial workflows throughout the clinical trial lifecycle, creating a single source of truth that can be accessed by every stakeholder. Beginning upstream, prior to study start, “we want to provide sponsors and CROs with an improved budgeting experience by offering them an innovative platform for negotiating a clinical trial budget with real-time site data,” states Jim Murphy, CEO of Greenphire.
To this end, Greenphire has developed EnvisiX—a smart budgeting platform for sponsors and CROs.
EnvisiX improves the quality of clinical trial budgeting and accelerates the entire clinical trial lifecycle through a streamlined workflow—from budget review and finalization to trial start-up and budget amendments. According to Murphy, the EnvisiX platform acts as a dynamic alignment tool that unifies every step and individual in the workflow. “We incorporate contemporary global reference data with a state of the art workflow to enable a simple, accurate and fast process that accelerates the time from budget build to first payment,” Murphy claims. “As a result, we can make certain that trials start on-time, on-budget and maintain efficiency and transparency through study close-out and analysis,” adds Murphy.
Elaborating on the benefits of the Greenphire financial automation solutions, Murphy shares the use case of executing on large-scale vaccine clinical studies. He mentions that if pharmaceutical companies and CROs want to accelerate clinical trial timelines, they need to ensure that sites are in a financial position to invest in the execution of protocol. The average time taken from site selection to first payment has historically taken more than six months and the average time from a procedure taking place to a site getting paid for it remains greater than three months. Given that most sites having less than three months of operating cash – these delays not only cause financial pain, but can impede the investment required by a site to deliver rapid study results. EnvisiX coupled with Greenphire’s eClinicalGPS transforms the budget build and site payments process by facilitating straight through processing and expedited payments. “Therefore, using EnvisiX and eClinicalGPS together can provide much-needed visibility and efficiency into study start up, while shrinking the timeline of payments from several months to a few weeks,” says Murphy.
In addition to such proven capabilities, Greenphire also fosters a team of domain experts who can help clients devise effective strategies and appropriately configure global solutions through robust consultation. These distinguishing facets undoubtedly provide Greenphire with an edge over its competitors. And continuing ahead with such a pivotal grace, Greenphire is laser-focused on further differentiating, evolving, and strengthening the capabilities of their truly end-to-end solutions suite - from budget build and negotiation and payment execution to patient convenience offerings including facilitation of reimbursements and travel arrangement. “If a site, sponsor or CRO is looking to maximize clinical trial operational effectiveness and speed, Greenphire can help,” concludes Murphy.