As 2023 arrives in full force, budgets are set, plans are in motion, energy is high, and teams are laser-focused on getting to great.
As you start executing your 2023 strategies, we have compiled a short list of articles that were of greatest interest to your fellow biotech finance and accounting leaders and are resurfacing them for context and timeless insight as we enter a new year.
Without further ado:
1: Aim for performance, not price, in your next CRO contract – with Tony Carita of Danforth Advisors
Biotech veteran Tony Carita shares thoughtful perspective on optimizing CRO contracts by combining unit-based contracts with milestone-based payments. By avoiding paying for the passage of time, Tony advises sponsors on making sure that contracts serve them, and jokes that he "wants your CRO to make money, just not a lot of money."
2: Why Clinical Trial Financial Management is Essential Right Now
Compared to the year prior, 2022 was a reorienting year for the biotech industry: market volatility and rising interest rates collided with a wave of cooling investor sentiment and M&A activity, leading many biotechs to double down on fundamentals.
As a large (or the largest) part of a biotech's annual expenditures, getting clinical trial financial management right is crucial for navigating shifting waters.
3: Finance’s role in the clinical trial procurement process
Outsourcing decisions have a tangible and tactical impact on biotech finance leaders and teams, yet finance is often expected to react to these decisions rather than help guide and steer them. We explore strategies and tips to get ahead of these decisions and ensure finance has a seat at the table.
4: Clinical Trial Accruals: What is the best source of truth?
40% of biotech leaders cite clinical trial accruals as their greatest headache in financially managing their clinical trials due to a variety of reasons, with a lack of data and visibility contributing greatly to their frustration. Biotechs are nearly evenly split in relying on vendor estimates or their own internal models, so which source of truth is right for you?
5: Beyond the spreadsheet: the future of clinical trial finance
Moving beyond Excel or industry-agnostic tools for clinical trial financial management may feel unnatural for those who have spent their careers in these tools. However, a solution uniquely tailored to the needs across clinical trials - forecasting, accruals, compliance - can unlock accuracy and performance that allows your team to do more, scale faster, and approach your next trial with confidence.