Important in Clinical Trial Outsourcing Essay Assignment Paper
Question
Why is proper vendor selection important in clinical Trial Outsourcing? What points are a sponsor likely to consider when selecting a contract research organization to conduct their clinical trials? (1000-1500 words)
Step 1/3
selecting the right vendor is important for upcoming companies .choosing the wrong vendor could be detrimental to the program and can lead to delays and cost overruns . to select the right vendor, it is critical that a formal selection process is in place.
when companies hire vendors , they expect to have a noticeable return on their investment, the wrong vendor could actually cause an organization to lose money. before choosing a vendor, it is important to properly screen candidates to determine which ones best fit the business’s unique needs.
Step 2/3
the vendor selection process is a series of procurement steps to determine product or service requirements and match them with vendor capabilities and pricing . the process of vendor selection is determine product and vendor requirements and prepare RFI, RFQ or RFP to solicit bids .
ORDER A PLAGIARISM-FREE PAPER HERE
Step 3/3
the sponsor should asses a CRO on different angle before finalizing to outsource the project . the parameters or the angle include clinical capabilities , bioanalytical capabilities , pharmacokinetic capabilities and quality deliverables on time .
main factors should consider while selecting the contract type ae contract selection is based on uncertainty of scope , assignment of risk , need for predictable costs and the importance of meeting milestone dates . total fixed cost is a single price where the scope is well defined .
stages of supplier selection first stage is evaluating offers , second stage is operational capacity analysis , third stage is technical capability determination and the forth stage is financial analysis
Final answer
a vendor is a person or company that sells goods or service for a profit .
Important in Clinical Trial Outsourcing Essay Assignment Paper