Biotechnology companies are at the forefront of innovation, developing groundbreaking therapies that have the potential to change lives. However, the journey from discovery to market approval is complex, with various hurdles that can delay progress or even derail promising treatments. From patient recruitment struggles and operational hurdles to regulatory challenges and cost management, biotechs face significant obstacles throughout the clinical trial lifecycle.
Greenphire has developed a suite of solutions designed specifically to alleviate pain points across traditionally manual and tedious administrative, financial and logistical processes. The goal is to enable biotech companies to focus on what matters most—bringing new treatments to patients.
Solutions for Key Biotech Challenges
Patient Recruitment, Retention & Diversity
Given the lengthy process for biotechs to bring products to market, it’s crucial to find, enroll, and retain the right participants who meet strict criteria, including diversity requirements. Recruitment delays and dropouts can significantly extend timelines, raise costs, and affect study success.
💡 How Greenphire Helps:
- Greenphire’s Patient Payment Solution removes financial barriers to participation by reimbursing participants around the world quickly, efficiently and via a preferred method – whether using our ClinCard debit card, virtual card or direct deposit / bank transfer.
- Greenphire’s Travel and Concierge Service takes the hassle out of patient logistics, ensuring that trials are accessible to all – no matter the therapeutic area, region, or participant limitations. With 24/7/365 support and expert regional coordination, every detail is managed to ensure a smooth experience, keeping participants engaged and enrolled throughout the life of the trial.
A rare disease biotech client shared: “Greenphire is the backbone of our travel program. No matter the need or request, Greenphire has the regional expertise to handle all requirements for our participants.”
Greenphire enhances recruitment and retention, helps in supporting diversity initiatives, and reduces the workload faced by biotech’s often-limited resources. Overall, streamlining financial and logistical workflows helps biotechs keep their trials on track.
Regulatory Compliance & Financial Transparency
With evolving regulatory landscapes, compliance is a top priority (and often top hurdle) for biotech companies. While many regulatory challenges are faced in the drug approval process, other areas such as executing global payments to sites and participants come with complex compliance implications, which can be overwhelming to manage.
💡 How Greenphire Helps:
- Both Greenphire’s Patient Payment Solution and Site Payment Solution offer fully auditable and transparent financial workflows, ensuring all transactions comply with applicable regulatory standards, requirements and even regional preferences around the world. Some examples include tax management, data collection and storage, transparency reporting, invoicing processes, and payment terms.
One client noted: “The main reason for bringing in Greenphire’s Site Payment Solution was to address audit findings we had received around our existing payment processes. The result has been a more compliant and accurate payment process.”
With Greenphire, biotechs gain greater financial control, compliance assurance, and operational efficiency, allowing them to focus on innovation rather than navigating complex regulatory obligations.
Managing Costs & Financial Planning
The financial management aspects of a clinical trial are substantial, from upfront budgeting and negotiations to executing site payments and participant stipends and reimbursements. Without a clear financial management strategy, biotech companies risk budget overruns and negative impacts to site relationships and participant retention.
💡 How Greenphire Helps:
- Greenphire’s Budgeting and Benchmarking Solution enables biotechs to easily develop a budget and use our current, industry-indicative Site Payments Fair Market Value Dataset to optimize and accelerate negotiations. In addition, our Patient Experience Dataset delivers the most robust insights into patient cost amounts and categories across phase, therapeutic area and country, allowing biotechs to better budget, plan for and execute the best possible participant experience.
- Our Site Payments and Patient Support Solutions are focused not only on improving the site and participant experiences but managing and automating cashflow as well as providing complete financial visibility – driving efficiency and clarity from initial budget to closeout and reconciliation.
One of the industry’s largest biotechs experienced: 10-20% time savings across 100 staff members in using Greenphire’s Site Payment Solution.
Greenphire helps to make sure that managing the budget and overall cashflow is not a burden and distraction but rather a top-performing aspect of a biotech’s trial.
Staying Competitive in a Fast-Paced Industry
The biotech industry is highly competitive, with companies racing to bring innovative therapies to market. As we know, trial delays are common and extremely costly. There are various factors that fuel delays but all too often it is the non-clinical business processes that hinder a trial’s progress – driving inefficiencies or operational hurdles that can set studies back significantly.
💡 How Greenphire Helps:
- By automating and connecting the dots across key administrative and financial workflows, from initial budget development and site payment execution to patient engagement and logistics, Greenphire minimizes administrative delays, ensures participants can stay in a trial and adhere to protocols and keeps trials on track to hit their targeted timeline.
- Not only are you keeping your trials on track but better, more efficient technology and processes are also preferred by sites and participants. By introducing innovative solutions, biotechs can attract higher-performing sites, enhance recruitment efforts, keep their participants engaged and get treatments to market quicker.
Feedback from clients include:
- “Greenphire’s ClinCard and Travel Service help the sites conduct their studies without any added obstacles and administrative tasks. These tools help put a smile on sites’ faces, and can also make them more enthusiastic about conducting the study.”
- “Greenphire has removed the burden of invoice generation from the sites, creating time savings for them. This is a big win in helping site satisfaction, which is key as we like to say: “happy site, happy life.”
With Greenphire’s solutions, biotechs can maintain their competitive edge and be seen as innovative leaders, ensuring that financial and logistical processes don’t impede study progress but rather become an operational advantage.
Driving Biotech Innovation with Greenphire
In an industry where every day counts, finding solutions that improve trial efficiency and reduce operational burdens is essential. Greenphire enables biotech companies to optimize recruitment and retention, navigate global regulations, better manage and gain transparency of finances and ultimately gain a competitive edge.
Together, we can accelerate the path from discovery to delivery, and you can focus on bringing life-changing therapies to patients around the world faster.
Discover how Greenphire empowers biotechs to remove barriers and optimize clinical trials.
