Clinical trials typically come with substantial financial and time commitments. Traditional clinical trials can cost over $1 million, with smaller ones still requiring significant investment. The setup phase alone can span more than a year.
Efforia's Revolutionary Model
Efforia is at the forefront of transforming the clinical trial business. At Efforia, participants pay for all the products, services and supplies necessary to complete the protocol. This is real life. And there is some indication this approach may improve scientific replicability of results versus the traditional participant compensated clinical trail model.
Efforia makes money via commissions and profit margins on those products. This allows us to dramatically streamline and economize the clinical trial process - requiring no additional fees at the basic service level. You build evidence, and we all generate revenue.
Setting Your Product or Service Pricing: The Crucial Step
When setting up each product or service on the Efforia platform, it's essential to determine your pricing model. This decision is a critical part of your product's prioritization in our system and directly influences its participant engagement and trial success.
Some General Trends
As a rule of thumb, Efforia finds most partners place the recommended price at, or just below what they would sell the product or service for normally. If you regularly discount your product, the Efforia price is typically set at your sale price.
From an Efforia compensation perspective, we generally take 30% of product sales as commission/compensation. Though, this varies depending on your product profit margins.
Diverse Pricing Models for Your Needs
Efforia provides a variety of pricing models, each adaptable to different product types and business models:
Wholesale vs Retail: You set a price for Efforia, and a recommended participant price. Efforia calculates the total participant costs.
Percentage of Sale: Choose a recommended price with a commission percentage for Efforia.
Fixed Fee per Sale: Decide on a fixed fee per transaction
Note on Pricing Strategy
Setting a compensation rate for Efforia that's too low may necessitate product revisions or result in lower prioritization in our design assistant. A balanced and fair pricing strategy is key to mutual success.
Conclusion
Efforia is committed to revolutionizing clinical trials with our unique business model. By offering a range of pricing options and a transparent approach, we aim to make clinical trials more efficient and accessible. For assistance or more information, our support team is always here to help.