3 Budget Negotiation Tips & Tricks
Negotiating a clinical trial budget isn’t rocket science, however it is most certainly an art form. You don’t need to be a lawyer, but you should absolutely be aware of all the different aspects of running and operating a clinical trial so that you’re negotiating effectively and intelligently. Lori Rich, our Vice President of Finance, had some very interesting input as well!1. Understand the entire protocol front-to-back: You need to know what is expected of both the PI and the site staff at each patient visit throughout the duration of the trial. Are you outsourcing your patient scheduling and phone screening? Are you going to need advertising to beef up your database with qualified patients? How are you disposing of the drug at the end of the trial? “Footnotes are crucial to ensure that you are appropriately accounting for all assessments that are required to be completed” says Lori. Knowing each expense ahead of time is necessary so you can make sure those costs are accounted for in the proposed budget. Being able to back up all requests with something concrete goes a long way.