Medical research is crucial to advancing the medical field, educating future medical professionals, and understanding more about medications and diseases in order to improve treatments. However, just like with any other industry, there is a business component that must be addressed. These issues are usually compiled into a business plan, which is often circulated among the executives connected to the research project. Here is a look at 3 business components involved in conducting medical research.
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Funding
In order for any research to be successful, there must be available funds to compensate participants, research personnel, and vendors related to materials needed for the research. Depending on the type of research, participants often get monetary compensation. There are also research teams, which usually include principal investigators, research assistants, scientists, doctors, and support staff. Next, there are materials, equipment, and physical space that need to be accounted for, which also require funding. The type of funding available depends largely on the type of project and the type of institution. Funding could come from grants, sponsorships, investments, and personal donations. While there are more resources for funding, the aforementioned resources are the most common.
Personnel
It is imperative that the business plan clearly outlines all necessary parties, their roles, and how the parties will collaborate with each other. For example, before beginning to recruit participants, it is common for the personnel connected to the research to already be chosen, trained, and have an understanding of their role in the project. Principal investigators, scientists, and doctors are often the first to be chosen as they are often the creators, initiators, or collaborators on the original research plan. Research assistants and support staff are often already employed by the institution conducting the research, but may sometimes need to be chosen if the research is in a unique niche or in a department that may not have support staff already employed. Once those directly related to the research project have been secured, recruitment for participants begins.
For medical research, this is usually doctors recruiting their patients who fall within the parameters of the research project. If the research is not being conducted by a medical institution and is instead being conducted by, for example, an academic institution, there may need to be partnerships with hospitals to recruit participants. Sometimes, a research project may also be put into the newspaper, on websites, or made into a commercial to recruit participants.
Marketization
Once the research project has been completed, the investigative team must then compile the gathered information into a readable format, usually an article for a medical journal, to gain exposure for their findings and begin working toward standardizing this information. If there is a product or medication involved in the research, it will also be necessary to secure the proper licensures beyond what was required for the clinical trial to take place. Commercializing an idea, product, or other outcome of medical research also often involves partnerships with other medical institutions, academic institutions, and healthcare facilities. These partnerships usually include a contract or policy in place that outlines the parameters of the product or treatment plan.