Jeffrey Green, the company's president and CEO, says that the vast majority of clinical trials are performed using manual methods and reams of paper. Substitituting electronic data collection methods for paper accelerates drug development by 30 percent, shortens the time to finish a database by 45 percent and improves the quality of data by 90 percent.
By using electronic data collection, a pharmaceutical company can save $60 million to $100 million in reduced costs annually, he estimates. And, these figures don't include values of enhanced revenue or reduction in liability from getting drugs to market faster or because of increased real-time data awareness.
"DATATRAK's challenges over the next several years will be to continue its excellent international reputation for delivery of a solid product and sound service to our customer base so that we can be successful in expanding our market," says Green. "We have relied upon 'taste' rather than 'sizzle' to sell our products and services in this market, and we have been very successful so far.
"Our goal is to grow our revenue base 50 percent per year over the next several years, and we can get this accomplished by accumulating more business from current customers as well as signing up new accounts as the clinical trials world progressively throws away their paper binders and moves to the Internet like most other businesses have done or are doing." How to reach: DATATRAK (440) 443-0082 or www.datatraknet.com