Advanced Budgeting for Service Providers

CRO Budgeting Challenges

Clinical Research Organizations (CROs) face significant challenges when trying to deliver accurate budgets to Sponsors without reliable benchmarking data. In the absence of precise cost benchmarks, CROs often struggle to provide consistent, data-driven bids. This leads to wide variances in pricing, with proposals sometimes differing by over 100% for the same clinical trial. Sponsors are left questioning which bid is realistic, leading to prolonged negotiations, delayed trial starts, and frustration for both parties. Without advanced benchmarking, CROs may fail to align budgets with the true scope of work, which results in frequent change orders once the trial is underway, or simply losing the bid! These change orders not only increase administrative burdens but also inflate costs, straining relationships with sponsors. CROs also risk underpricing to remain competitive, only to discover later that their budget cannot sustain the trial, further complicating sponsor relationships. In an industry marked by inflation and rapidly shifting cost structures, relying on outdated pricing models only worsens the inefficiencies and financial risks CROs face.

Advanced Budgeting Tools to the Rescue

Strategikon’s CORE solution empowers CROs with advanced budgeting tools tailored for pharmaceutical Sponsors. By leveraging dynamic, up-to-date pricing models, CROs can create accurate, competitive budgets that align with current market rates and project requirements. CORE’s integration with Data Trove™, a comprehensive aggregation of anonymized clinical trial bid data, further enhances CROs’ ability to compare proposed budgets against industry standards, ensuring that budgets are neither overestimated nor underpriced. With CORE’s AI-powered tools, CROs can streamline the budgeting process, providing sponsors with clear, data-backed estimates that build trust and reduce the risk of change orders.

Improving Proposal Budget Accuracy

CROs using CORE see significant improvements in their ability to deliver advanced, accurate budgets to pharma sponsors. With access to industry benchmarks, they win competitive bids, reduce change orders, streamline negotiations, and enhance Sponsor relationships by providing reliable, data-driven budgets. The ability to present accurate estimates upfront reduces delays and increases the likelihood of winning contracts, while helping CROs save up to 10% on trial costs.

CORE Enables Competitive Budgeting

Advanced budgeting is crucial for CROs aiming to meet the expectations of pharmaceutical sponsors. Strategikon’s CORE solution provides the tools needed to deliver accurate, competitive bids, minimizing change orders and improving operational efficiency, while fostering stronger sponsor partnerships and securing more contracts.