When you venture into unfamiliar territory, you're bound to stumble a little. At Stat News, Laurie Halloran from Halloran Consulting lists what she considers the top five mistakes she sees startup companies make when they take on a clinical trial.
The first error, she says, is misidentifying your target audience. While when you're going through the clinical trial process, she says the US Food and Drug Administration or other regulatory agency is your actual audience — not patients or investors — and, as you progress, that'll change.
Other mistakes startup companies make include is not giving early-development and preclinical study data their due consideration when designing the clinical trial and not preparing for things take an unexpected turn.
"While a startup in this industry can have exciting potential, the hard work invested in it will bear fruit only if its product succeeds in clinical evaluation and clinical trials," Halloran writes. "Keep yourself on track, learn to swallow your pride, and your startup might just make it big."