NEW YORK --(BUSINESS WIRE)--
Medidata (NASDAQ:MDSO), the leading global provider of cloud-based solutions for clinical research in life sciences, today announced that multinational pharmaceutical company Polaris Pharmaceuticals, Inc. has selected Medidata Payments to streamline its clinical trial site reimbursement process.
“We chose to partner with Medidata because of its innovative technology and ability to integrate and automate site payments with EDC,” said Max Barker, general counsel and VP, finance at Polaris Pharmaceuticals.
The life sciences industry spends billions of dollars in global R&D efforts every year, allocating upwards of 40% of clinical trial budgets to sites. Without modern, automated technologies, trial sponsors and their contract research organization (CRO) partners are left struggling with high volumes of invoices and slow, manual and error-prone data entry systems.
Recently named a 2016 Scrip Awards finalist, Medidata Payments is addressing an unmet industry need—offering a single, unified tool that is fit to pay all clinical research sites worldwide and scalable to use across hundreds of studies. By reducing the complexities associated with timely and accurate site reimbursements, Medidata’s end-to-end, EDC-driven solution is enabling companies like Polaris Pharmaceuticals to spend more time on cutting-edge medical advancements and less time sorting through complicated payment terms.
Focused on developing novel therapies in the area of oncology, Polaris will leverage the powerful, out-of-the-box integration of Medidata Payments and Medidata Rave® (Medidata’s unified electronic data capture, management and reporting tool) to automatically trigger, calculate and disburse investigator payments to its global clinical trial sites.
Barker added: “Tracking and managing trial costs are key to our finance team, particularly with multi-site global studies. By connecting Medidata Rave and Payments, we expect to enable our team to focus on analyzing trial costs to drive process improvements instead of spending time requesting and reviewing traditional invoices. This, in turn, will help our sites get paid faster and more accurately for all their hard work.”
“At Medidata, we believe that the moment work is completed, sites should be paid accurately and on time, regardless of their location, currency or tax implications,” said April Mulroney, Medidata’s managing director of Payments. “We’re thrilled that Polaris will benefit from our active, EDC-driven payments technology, which will help to streamline and provide real-time visibility into day-to-day payment activities.”
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Medidata is reinventing global drug development by creating the industry's leading cloud-based solutions for clinical research. Through our advanced applications and intelligent data analytics, Medidata helps advance the scientific goals of life sciences customers worldwide, including more than 700 global pharmaceutical companies, innovative biotech, diagnostic and device firms, leading academic medical centers, and contract research organizations.
The Medidata Clinical Cloud® brings a new level of quality and efficiency to clinical trials that empower our customers to make more informed decisions earlier and faster. Our unparalleled clinical trial data assets provide deep insights that pave the way for future growth. The Medidata Clinical Cloud is the primary technology solution powering clinical trials for 17 of the world's top 25 global pharmaceutical companies, from study design and planning through execution, management and reporting.
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