New sites may benefit from being experts in single indications. However, sites should consider becoming more flexible due to the unpredictability of the available studies.
Academic research is different from private research. Anyone transitioning from academic to private research may be surprised to find out that payment strategies are very different.
Having a coordinator present at an investigator meeting helps sponsors train key study personel. Therefore, site owners may want to consider a budget, that includes the cost of sending a coordinator to investigational meetings, during budget negotiations.
Based on a conservative budget, the equipment necessary for a new research site may cost about $7,000. However, each site is different and may require more or less equipment.
One way to establish a research site is to first establish an LLC or fictitious name. One must also take a major step by finding a physician that will serve as a Principal Investigator (PI).
Designing fair revenue contracts is essential to businesses with multiple partners. Topics such as Principal Investigator (PI) payments or buying out strategies should be taken into consideration.