Clinical studies are the way in which doctors and researchers discover new and innovate ways to prevent, diagnose, and treat illnesses, but there is no way around it; research is expensive. During the 2013/2014 fiscal year, the Canadian Institutes of Health Research spent one billion dollars on the creation, dissemination, and application of health research knowledge. Even with such a large amount of funding available, though, obtaining some of that funding for clinical research can be competitive and this likely stalls some research projects that could provide huge benefits to Canadians.
With the emergence of crowdfunding—funding collected online directly from the public—the clinical research funding process could forever be changed for the better.
Continue reading to discover what students completing their clinical research training need to know about crowdfunding and its potential ability to change the future of research.
1. Crowdfunding Can Create Huge Sums of Funding to Aid Clinical Research Careers
Crowdfunding has become an exceedingly popular method of funding everything from video games to new technology. And now the clinical research community is starting to use this popular funding model, with promising early results. Newly launched websites like Experiment.com are exploring alternative means of financially backing promising, yet underfunded clinical research projects. Most recently, the clinical research project called Finding a Cure for Batten Disease went live on Experiment.com and quickly became the most successful clinical research crowdfunding endeavour of its kind—raising over $2.5 million dollars!
With those potential benefits on the horizon, students starting out their clinical research careers could soon use crowdfunding to raise large sums for new research.
2. Crowdfunding Could Help Even More Deserving Projects Secure the Funding to Begin Trails
Sometimes competition for government funding can be competitive. With many bright ideas and projects, and highly trained professionals to oversee them, it can sometimes be difficult for government officials to always provide funding for each and every project—even if they hold promise.
That’s why many clinical research professionals think that crowdfunding could be key. Crowdfunding would allow researchers to access additional funds, potentially helping even more projects begin trials.
3. Professionals with Clinical Research Training Might be Able to Access Funds Quickly
As those with clinical research training know, the process of bringing a drug to market is a lengthy one. It can take as much as a decade for a new drug to have been thoroughly tested and approved for sale. But while that careful research can’t be hurried, crowdfunding might help researchers secure funding for projects quickly—potentially shortening the amount of time it takes to prepare a drug for market.
So far in fields like film and technology, some crowdfunding campaigns have quickly raised funds, including one project that raised one million dollars in just 49 minutes. Of course, whether or not clinical research projects will be able to beat those records still remains to be seen, but some clinical research professionals are hopeful. Time will tell just how much crowdfunding could impact clinical research.
Clinical research courses can lead to rewarding careers.
Contact an advisor today to find out how you can play a part in the next big clinical breakthrough.