Financial Controls for Clinical Spending

lient: Publicly-held pharmaceutical company with large clinical Phase 1 and 2 pipelines

Situation

Finance attempted to track trial spending and reconcile clinical progress to financial reports with Excel spreadsheets. Strapped finance and accounting personnel spent precious time performing duplicate data entry, first entering entries in the Accounts Payable system and then hard-coded entries back into Excel. The end-of-month accounting review cycle was time-consuming and error prone requiring significant re-work.

Solution
Dyad replaced the labor-intensive Excel spreadsheets with custom developed software. Dyad's patent-pending financial software bridged the gap between the clinical and financial systems. The solution has given the company a competitive edge when it comes to managing clinical trials:

• An integrated view of a company's portfolio of trials from a protocol, patient, drug, and cost standpoint
  
  
• Addresses auditors' push for more detail and scrutiny of controls in a post Sarbanes-Oakley environment
  
  
• Decisions on trial budgeting and spending can be made in conjunction with clinical endpoints for trials
  
  
  • Performance management for vendors
    
    
  • Increased financial accountability
    
    
  • Planning for drug production and forecasting
    
    
  • Guidance back to clinical trial departments for trial planning forecasting
    
    
• Improved Efficiency - more quickly, more reliably closing the books with fewer errors
  
  
• SG&A reporting - ability to "slice-n-dice" and conversely, aggregate costs by project, drug, disease, or business line