NEW YORK--(EON: Enhanced Online News)--Medidata (NASDAQ:MDSO) is pleased to announce that its global site payment technology, Medidata Payments, was recognized as the 2016 “Best Technological Development in Clinical Trials – Sponsor Focused” by SCRIP Intelligence (“SCRIP”), the leading news, data and intelligence service for the global biopharmaceutical industry.
“Best Technological Development in Clinical Trials – Sponsor Focused”
“Our judges felt that Medidata Solutions’ Medidata Payments was a worthy winner of the Best Technological Development in Clinical Trials – Sponsor-Focused Award, which is designed to reward innovation in platforms that improve the conduct of studies for their sponsors,” said Mike Ward, global director of content for Informa Pharma Insights portfolio. “Medidata Payments is the first end-to-end site payment technology that automatically calculates, triggers and disburses payments to investigators in real time. It removes the need for time-consuming, error-prone payment processes that can damage relationships with study sites, thereby reducing turnover rates. Our judges felt that the technology brought great benefits to what is seen as a huge challenge across industry.”
Presented to Medidata at the 12th Annual Scrip Awards on November 30, 2016, in London, the award celebrates excellence and innovation in the biopharmaceutical industry and a continued commitment to improving healthcare on a global scale. A panel of judges—comprised of independent, senior industry experts from around the world—evaluated a record number of submissions across a wide range of categories, announcing a shortlist of finalists earlier this year.
“Payment for clinical trial work is often plagued by slow reimbursement, calculation errors and inaccurate payments, putting financial strain on investigative sites. Today, approximately 40 percent of sites drop out of FDA-regulated clinical trials because of this and the high turnover rate is driving up the cost of drug development—with onboarding rates averaging $40,000 per new site,” said April Mulroney, managing director of Medidata Payments. “Medidata Payments provides a truly scalable solution to these problems, helping to speed up study timelines and keep trial sites productive and engaged. We’re honored to accept this award from SCRIP and proud that leading pharmaceutical companies and CROs are using our Payments technology to increase efficiency and, in doing so, power innovation that accelerates drug development and hope for patients.”
An integrated component of the industry-leading Medidata Clinical Cloud®, Medidata Payments is the only electronic data capture (EDC)-driven site payments solution that generates global payment calculations in a scalable way. The solution accommodates multiple currency payments and reporting capabilities, as well as country-specific tax requirements, and sends timely funds directly to sites upon completion of work.
“SCRS congratulates Medidata on their recent Scrip Award, recognizing their innovative platform for facilitating site payments,” said Christine Pierre, president of the Society for Clinical Research Sites (SCRS), a trade association representing the clinical research site community. “Medidata understands the pain points sites face and has worked collaboratively, with SCRS and life sciences companies worldwide, to provide a solution to a top risk to site sustainability. Financial security is required to retain experienced sites in clinical research and bring new treatments to patients faster, which is why, on behalf of all sites, SCRS thanks Medidata for taking on this challenge and identifying solutions.”
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Medidata is reinventing global drug development by creating the industry's leading cloud-based solutions for clinical research. Through our advanced applications and intelligent data analytics, Medidata helps advance the scientific goals of life sciences customers worldwide, including nearly 800 global pharmaceutical companies, innovative biotech, diagnostic and device firms, leading academic medical centers, and contract research organizations.
The Medidata Clinical Cloud® brings a new level of quality and efficiency to clinical trials that empower our customers to make more informed decisions earlier and faster. Our unparalleled clinical trial data assets provide deep insights that pave the way for future growth. The Medidata Clinical Cloud is the primary technology solution powering clinical trials for 17 of the world's top 25 global pharmaceutical companies, from study design and planning through execution, management and reporting.