IQVIA is a leading global provider of advanced analytics, technology solutions, and clinical research services to the life sciences industry. Pulse 2.0 interviewed IQVIA’s Vice President of Financial Management Solutions, Jim DiCesare, to learn more about the company.
Jim DiCesare’s Background
What is Jim DiCesare’s background? DiCesare said:
“I began my journey in the life sciences industry in 1997, accumulating over 25 years of experience. My career started in financial services as an auditor before transitioning to the life sciences with Merck, where I managed financial operations for about a decade. I later took a leadership role at CFS Clinical, pioneering standalone financial management services for clinical trials—a market that previously did not exist. Following my time as Vice President at DrugDev, which merged into IQVIA in 2017, I advanced to my current role as Vice President of Financial Management Solutions at IQVIA Technologies.”
“As Vice President of Financial Management Solutions at IQVIA, I’m responsible for our comprehensive financial suite for clinical trials. These solutions are crucial for optimizing financial operations throughout the lifecycle of a trial. At the heart of our operations is the Clinical Trial Payments solution. This tool is pivotal as it manages payments to investigator sites on behalf of sponsors, ensuring every transaction is timely and compliant. We recently added a forecasting solution to our payments tool, which provides essential insights into fund flows and management throughout the trial process. Additionally, I manage Grant Plan®, which is a sophisticated tool that helps sponsors effectively budget and determine the fair market value for their research initiatives. It’s about providing our clients with the data they need to make informed financial decisions.”
“Recently, I have taken a leading role in deploying our Participant Payments system. This innovative solution not only streamlines the payment process for trial participants but also enhances transparency and operational efficiency for trial sites and sponsors. These benefits significantly enrich the trial experience, marking a pivotal advancement in how IQVIA supports participants, sites and sponsors globally.”
Core Products
What are the company’s core products and features? DiCesare explained:
“At IQVIA, we are at the forefront of integrating advanced analytics with cutting-edge technology solutions to empower the life sciences industry. Our core offerings are centered around optimizing the clinical trial lifecycle. This includes meticulous clinical trial planning and management, robust data collection and analysis capabilities and innovative patient engagement strategies. These services are crafted to streamline drug development and enhance the effectiveness and efficiency of clinical trials. With each solution, we’re committed to advancing healthcare by ensuring faster, more reliable paths from research to results, ultimately bringing new treatments to market more swiftly and safely.”
Significant Milestones
What have been some of the company’s latest significant milestones? DiCesare cited:
“One of our significant milestones has been the introduction of the Participant Payments solution. This platform transforms the way we manage participant payments in clinical trials by offering flexible, global payment options that cater to the diverse needs of trial participants. By providing a seamless and efficient mechanism for disbursing funds globally, Participant Payments streamlines payment management across borders and alleviates the administrative burdens faced by clinical trial sites and sponsors.”
“The Participant Payments solution offers a wide range of payment options, including digital methods like virtual cards, push-to-debit transactions and digital wallet payments. These options are specifically tailored to meet the needs of both banked and unbanked participants, ensuring that everyone is compensated in a manner that suits their personal and regional financial circumstances. This flexibility not only enhances participant satisfaction but also removes financial barriers to participation, promoting wider engagement and facilitating the success of global clinical research initiatives.”
How This Addresses Challenges In This Sector
How does this launch address challenges in your sector of work? DiCesare noted:
”Managing participant payments in global clinical trials presents significant challenges for both the sites and the participants themselves. At IQVIA, we’ve transformed this critical aspect with our Participant Payments solution, ensuring that reimbursements are both swift and accurate. This is crucial not only for the integrity and success of the trials but also for maintaining the trust and ongoing participation of the trial subjects.”
“In the past, traditional methods like paper checks and wire transfers not only delayed payments but also led to a lot of participant dissatisfaction. Think about it: participants often have to pay out of pocket for travel and accommodations – which can be a huge barrier, especially for those from lower-income backgrounds – and often have to wait lengthy periods to be reimbursed for those expenses.”
“Our platform tackles these issues head-on by leveraging technology throughout the entire reimbursement process. We offer a range of immediate payment methods, including virtual cards and wallet payments, which not only speed up transactions but also make them more secure. Through the virtual expense card option, we are removing the need for participants to front these costs and not just easing their financial burden but also enhancing their overall trial experience.”
“This streamlined approach has a significant impact. It removes financial barriers, which helps boost recruitment and retention—a must for achieving diverse participation and reliable data. It’s about opening access to clinical trials more broadly, pushing the boundaries of medical research and drug development.”
“For sites and sponsors, our solution cuts down a ton of administrative work. It simplifies dealing with the myriad of global regulatory and payment processing complexities, ensuring payments are prompt and keeping the focus where it should be: managing the trial effectively.”
“Ultimately, what we’re striving for with our Participant Payments solution is to create a fairer, more inclusive environment for clinical trials. By addressing these chronic issues around payment delays and administrative hassles, we’re enhancing the trial experience for everyone involved.”
Evolution Of IQVIA’s Technology
How has the company’s technology evolved since launching? DiCesare pointed out:
“IQVIA has significantly expanded the technological and service capabilities of our Financial Suite. We’ve evolved from our initial focus on grant estimating and site payments to include a suite of sophisticated tools tailored for modern clinical trials.”
“The introduction of our Participant Payments system marks a significant step forward in automating and streamlining previously manual and fragmented payment processes. This innovation not only refines financial operations but also bolsters our commitment to enhancing clinical trial management efficiency. This comprehensive service offering simplifies the financial complexities of clinical trials, allowing our sites to focus more effectively on their core research activities, boosting efficiency and effectiveness.”
Differentiation From The Competition
What differentiates the company from its competition in regard to its latest products? DiCesare affirmed:
“What really sets IQVIA’s Participant Payments apart is our comprehensive, global reach. Our system operates in over 180 countries, enabling payments in local currencies while adhering to each country’s specific taxation laws. This capability significantly reduces the administrative burden on clinical trial sites and sponsors, which is a major advantage.”
“IQVIA’s Participant Payment solution also focuses on simplifying the payment process for trial participants. We’re not just about offering payment methods; we’re about making those methods easily accessible through a user-friendly application. Participants can use their smartphones or computers to submit expense claims directly through the app, which are processed quickly, offering payment through various methods like virtual VISA cards and ACH transfers.”
“But perhaps what truly distinguishes our solution is the integration of people, process and technology. Unlike competitors who might focus solely on the technological aspect, we ensure that our technology is complemented by robust process management and dedicated human support. This holistic approach not only smooths the operation of participant payments but also boosts the efficiency and user experience of the entire clinical trial process. It’s about creating a system that supports our clients and their trial participants at every step.”
Future Company Goals
What are some of the company’s future company goals? DiCesare emphasized:
“As we look to the future, IQVIA is deeply committed to expanding the payment services we offer to stakeholders in clinical trials. Our goal is to enhance the software that facilitates investigator payments, among other financial management functionalities. Integrating these solutions into our Financial Management Solutions suite will drive greater automation and improve the overall efficiency of clinical trial processes.”
“In line with these objectives, one of our recently launched solutions, One Home for Sites, epitomizes our efforts to streamline the clinical trial process and reduce burdens on sites, sponsors and participants. One Home for Sites provides a vendor-neutral, comprehensive platform that consolidates all necessary clinical trial software and technologies into a single application. This integration addresses a critical pain point—managing multiple applications across various studies—which enhances operational efficiency and simplifies the complexities associated with clinical trials.”
Additional Thoughts
Any other topics you would like to discuss? DiCesare concluded:
“Absolutely, I’d like to highlight how IQVIA integrates human insights with cutting-edge technology. Our unique approach combines industry expertise with innovative solutions, enabling our teams to deliver unparalleled service. By addressing the nuanced needs of trial participants, sites and sponsors with both personalized support and advanced tools, we ensure a holistic service delivery. This synergy of human touch, streamlined processes and technological innovation distinguishes us in the field, enhancing the efficiency and participant engagement of clinical trials.”
