SCRS Calls on Sponsors to Release Holdback Funds in Response to COVID-19
Contact:
Jessica Knott
Sr. Communications Manager
Society for Clinical Research Sites
410.696.5080 x120
jessica.knott@myscrs.org
FOR IMMEDIATE RELEASE
SCRS Calls on Sponsors to Release Holdback Funds in Response to COVID-19
Hanover, MD, April 2, 2020 – COVID-19 has left sites experiencing significant financial strain as enrollment into many trials, as well as monitoring visits to review data and generate milestone payments have been halted. With 59% of sites in 2019 reporting that they have only three months or less of operating cash, this financial loss is having a considerable impact on their ability to keep their doors open and continue life-saving work.
In the midst of the COVID-19 pandemic, SCRS calls on sponsors to release site payment holdback funds in an effort to help sites remain sustainable.
“Sponsors and other industry partners often ask SCRS how they can better support sites,” said SCRS President Casey Orvin. “SCRS’ Site Landscape survey data show that although 55% of sites attempt to negotiate their withholding amount for every study, only 11% are successful. SCRS has consistently fought for better site payment terms since our inception, such as monthly payments, and progress has been made. However, we are not there yet. Now is the time to release holdback funds so that sites can continue their work to save lives.”
SCRS has recently spoken to several small, mid and large-sized pharmaceutical organizations to advocate for the release of holdback funds during this crucial time. A majority have been responsive, indicating that they are open to the idea and are considering lowering withholding amounts or eliminating the practice altogether moving forward. SCRS is also aware that several organizations ended the practice of withholding years ago. For sponsors that are still negotiating, we encourage you to move forward as quickly as possible.
“Working together,” Orvin said, “we are confident that as an industry we will continue to accomplish great things, including developing a vaccine and treatments for COVID-19.”
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About SCRS
Founded in 2012, SCRS is a global organization that unifies the voice of the clinical research site community to create greater site sustainability. Representing over 9,500 sites in 47 countries, SCRS membership provides sites with a community dedicated to advocacy, education, mentorship and connectivity. SCRS is an influential voice for sites and an active partner in industry-wide initiatives and dialogues focused on improving the clinical research enterprise. Our Voice. Our Community. Your Success. Join the community. Visit MySCRS.org.
