Strategic Pharma Inc takes a three-tiered approach when selecting its’ participation in Clinical Trials:
- “Benefit to Society”
- “Ethically and Morally Justified”
- “Perform requirements, duties and responsibilities at a Superior Level that Preserves the Science”
Documentation will also ensure that all payments are fair, reasonable and generally commensurate with Fair Market Value (FMV) and will not create conflicts of interest that could jeopardize the health or welfare of human subjects participating in a clinical study, or that could affect, directly or indirectly, the design, conduct, analysis, or reporting of the study.
Bottom line, Fair-market value has recently become a notoriously debated concept to master in clinical trial negotiations, but if handled precisely, their are no defined regulations or procedures for calculating clinical budget and PI compensation.