Clinical trials have always been complex and inherently unpredictable: a trend of decentralization and the unbundling of core CRO services has increased this complexity and the level of outsourcing that biotechs face. According to McKinsey, many sponsors lack “an established operating model for decentralization, and an increased amount of capability that must be built across asset teams, functions, digital and technology groups, and vendor management, among others.” This is especially true as biotechs look to manage vendors, studies, and process through standard finance and accounting process.
As an enormous amount of capital has flowed into the clinical trial space to drive trial decentralization and virtualization (e.g., Medable’s $304m in Oct 2021, Reify Health’s $220m in April 2022), an EY-Parthenon poll “ shows that half of biopharmaceutical clinical trials are expected to be either hybrid or completely decentralized by 2024.” Auxilius focuses on helping Biotechs manage the financial complexity of these more dynamic trials, as well as outsourced operations performed by an evolving set of innovative unbundled service providers. As noted by McKinsey, “for clinical-trial decentralization to be operationalized successfully, new tools and services must be embedded into core processes.” Auxilius brings value to your financial process and introduces adaptability in three major ways:
Those in charge of clinical trial financials know well how chaotic and always changing their work is. Auxilius helps you bring order to this chaos with pre-made dashboards that offer a command center view of the financial status of single trials up to dozens of trials, across your services, vendors, and sites. Auxilius streamlines the accruals process, ensures GAAP-IFRS compliance, and offers a clear view of change orders and their ramifications.
Most leaders desire real-time access to the data they need, across sites, across vendors, across their enterprise. Yet if your EDC or CTMS system doesn’t talk to your financial technology, you might be in the dark on what is really happening. Auxilius interfaces with internal systems and vendor systems to bridge the gap and provide a concise view of reality that is standardized and supportive of audits after the fact and concurrent accounting efforts. With all this data standardized and consolidated, Auxilius also offers scenario modeling and forecasting tools to help guide future decision-making.
Scaling growth as a biotech is a crucial part of the trial journey. Auxilius is built to be right sized for you at every step of your path, from a single trial to a hundred, from INP to IPO and beyond. Auxilius gives smaller companies large pharma capabilities, with the rigor and process required to manage a scaling enterprise. It empowers your staff with the data needed to get the job done. It helps align your stakeholders internally and externally, from contract research organizations to your internal clinical operations.
Most importantly, it helps your team and your organization succeed. Biotechs can master the financial side of clinical trials and Auxilius helps get you there. To learn more about how we will serve you, schedule a brief, informative demo: