The Role of Retail Pharmacies in the Evolving Landscape of Clinical Research

The Role of Retail Pharmacies in the Evolving Landscape of Clinical Research
The world of clinical research is constantly evolving, and one of the most significant shifts in recent years has been the entrance of retail pharmacies into the space. Companies like CVS, Walgreens, Walmart, and Kroger have become leaders in retail clinical research, offering patients more convenient access to clinical trials. However, while these companies benefit the clinical research space, there are some concerns.

CVS has emerged as a leader in the retail clinical research space, with around 100 Minute Clinics that can support clinical research, and has extensive patient and claims data, which can be used to conduct outreach to patients interested in participating in clinical research, and support protocol optimization. The convenience of these locations makes clinical research more accessible to patients, especially those living far from academic medical centers and lacking easy access to clinical trials.

The emergence of retail pharmacies has the potential to make clinical trials more diverse and accessible. These companies can help recruit more diverse and local patient populations by reaching out to patients directly, which is critical as clinical trial populations have historically been skewed toward specific demographics and supplement patient diversity by going global rather than ensuring local patient representation. Additionally, real-world evidence data from pharmacies can be used to design more thorough protocols and studies; biopharmaceutical companies are analyzing patient data using machine learning algorithms to design better studies.

However, despite the potential benefits of retail pharmacy clinical research, patient participation in clinical trials remains low, with only 3{bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f} of patients participating in trials (as mentioned by Debbie Profit, Vice President, Clinical Management and Applied Innovation at Otsuka Pharmaceuticals at SCOPE). One of the reasons for this is the inconvenience of clinical trials, with patients having to take time off work, travel to the clinic, and deal with other burdensome requirements. To address this, the industry must focus on making clinical trials more convenient for patients by offering remote participation options and flexible scheduling.

Josh Rose, VP, Head of Clinical Trial Delivery, Site Solutions, and Strategy at CVS, presented the results of a survey CVS conducted on patients at SCOPE 2023, indicating that patients prefer decentralized clinical trial methods, such as having a study site close to their homes, appointment flexibility, and telehealth study visits.

Sid Jain Johnson, Head, Global Development Data Science Strategy & Portfolio at Janssen, emphasized the industry’s recognition of patient burden and the need for change at SCOPE. He shared his experience driving an hour each way to see a specialist and how it deters him from participating in trials. He believes that the industry is acknowledging this challenge and working towards making clinical trials more patient-centered.

Another potential benefit of retail pharmacies in the clinical research space is the ability to offer more personalized care to patients. Retail pharmacists are often the first point of contact for patients seeking medical advice and can play a critical role in identifying potential clinical trial candidates. By working closely with clinical trial teams, retail pharmacists can help ensure patients receive the necessary information and support to participate in clinical trials. This personalized approach to patient care can help build trust and improve patient outcomes, ultimately benefiting the entire healthcare system.

The role of retail pharmacies in the evolving landscape of clinical research is not without controversy. For example, the fact that these enterprises are new at clinical trials brings clinical trial quality oversight and data quality concerns that could compromise the safety and efficacy of new treatments. There are also concerns about potential conflicts of interest, as retail companies have a financial stake in revenue generation since they’re publicly held and may compromise patient safety or data quality for financial gain; alternatively, privately-held study sites may focus less on finances and more on conducting quality clinical trials. While retail pharmacies can help recruit diverse patient populations, barriers to participation still need to be addressed, such as patient burden and the inconveniences stemming from poor protocol design, a sponsor’s responsibility.

In summary, retail pharmacies like CVS, Walgreens, Walmart, and Kroger have the potential to transform the clinical research industry by offering more convenient access to clinical trials and helping to recruit diverse patient populations. However, the industry must address the patient burden by providing more convenient and accessible options to increase patient participation. The quality of data collected in these settings and potential conflicts of interest must also be addressed to ensure patient safety and data integrity. By doing so, clinical trials can become more representative of the patient population, leading to better treatments and medications.

Moe Alsumidaie, MBA, MSF, is a thought leader and expert in the application of business analytics toward clinical trials, and regular contributor to Applied Clinical Trials.

Diagnostic wearable medical devices market size to increase by USD 7,333.3 million: Evolving Opportunities with AliveCor Inc and Alphabet Inc among others

NEW YORK, Feb. 3, 2023 /PRNewswire/ — Technavio report provides the key offerings of 15+ vendors of the diagnostic wearable medical devices market. For instance, one of the key vendors, AliveCor Inc offers medical wearable devices such as KardiaMobile. Similarly, another vendor, Alphabet Inc provides medical wearable devices such as Fitbit sense 2, Fitbit versa 4, and Fitbit charge 5. To know about all major vendor offerings, Download a PDF Sample Report.

Diagnostic wearable medical devices market size to increase by USD 7,333.3 million: Evolving Opportunities with AliveCor Inc and Alphabet Inc among others

Technavio has announced its latest market research report titled Global Diagnostic Wearable Medical Devices Market 2023-2027

The Diagnostic Wearable Medical Devices Market by Application, Device, and Geography – Forecast and Analysis 2023-2027 report has been published by Technavio. Market growth is estimated to accelerate at a CAGR of 15.2{bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f} and register an incremental growth of  USD 7,333.3 million during the forecast period. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market.

Regional Analysis

By region, the global diagnostic wearable medical devices market is segmented into North America, Europe, Asia, and the Rest of World (ROW). North America will account for 37{bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f} of the market’s growth during the forecast period. The increase in the incidence of chronic diseases among people of all ages, the increased prevalence of heart and respiratory disorders, and a rise in the number of premature births are driving the growth of the regional market. For more insights, buy the report!

Market dynamics

The market is driven by factors such as the growing demand for early diagnosis and preventive medicine, the increasing prevalence of chronic diseases, and the increased need for cost-effective diagnosis. However, data privacy issues are hindering market growth.

Competitive analysis

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others. Request a Sample.

Market segmentation

  • By application, the market is segmented into home healthcare, sports and fitness, and remote patient monitoring. The home healthcare segment accounted for the largest share of the market during the forecast period.

  • By geography, the market is segmented into North America, Europe, Asia, and the Rest of World (ROW). North America held the largest share of the market in 2021.

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Breast Biopsy Devices Market by Product, End-user, Modality, and Geography – Forecast and Analysis 2023-2027: The breast biopsy devices market is estimated to grow at a CAGR of 10.95{bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f} between 2022 and 2027. The size of the market is forecast to increase by USD 721.64 million. The growing prevalence of breast cancer cases is notably driving the market growth, although factors such as the high cost of breast biopsy may impede the market growth.

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What are the key data covered in this diagnostic wearable medical devices market report?

  • CAGR of the market during the forecast period

  • Detailed information on factors that will drive the growth of the diagnostic wearable medical devices market between 2023 and 2027

  • Precise estimation of the size of the diagnostic wearable medical devices market and its contribution to the parent market

  • Accurate predictions about upcoming trends and changes in consumer behavior

  • Growth of the diagnostic wearable medical devices market across North America, Europe, Asia, and Rest of World (ROW)

  • A thorough analysis of the market’s competitive landscape and detailed information about vendors

  • Comprehensive analysis of factors that will challenge the growth of diagnostic wearable medical devices market vendors

Diagnostic Wearable Medical Devices Market Scope

Report Coverage

Details

Page number

173

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 15.2{bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f}

Market growth 2023-2027

USD 7333.3 million

Market structure

Fragmented

YoY growth 2022-2023 ({bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f})

14.54

Regional analysis

North America, Europe, Asia, and Rest of World (ROW)

Performing market contribution

North America at 37{bf0515afdcaddba073662ceb89fbb62b6b1bf123143c0e06b788e1946e8c353f}

Key countries

US, Germany, UK, China, and Japan

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Activinsights Ltd., AliveCor Inc., Alphabet Inc., BTS Bioengineering Corp., Cleveland Medical Devices Inc., Draegerwerk AG and Co. KGaA, Garmin Ltd, Intelesens Ltd., Koninklijke Philips NV, Medtronic Plc, OMRON Corp., Polar Electro Oy, ResMed Inc., Smart Solutions Technologies SL, VitalConnect Inc., Wellue Health, and World Global Network

Market dynamics

Parent Market Analysis; Market growth inducers and obstacles; Fast-growing and slow-growing segment analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Browse for Technavio “Health Care” Research Reports

Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Application

7 Market Segmentation by Device

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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Global Diagnostic Wearable Medical Devices Market 2023-2027

Global Diagnostic Wearable Medical Devices Market 2023-2027

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