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TLDR: IGM Biosciences Vice President, Financial Planning & Analysis Chris Chan discusses how to improve the clinical finance function in order to achieve clinical trial success.
Chan explains that the location of the clinical finance function within a company (e.g. clinical team, finance/FP&A, accounting) is not the most important factor for success, but instead the collaboration between clinical and finance is crucial. It is essential for these two departments to have a harmonious working relationship due to the complexity of clinical trials. Finance should understand that financial numbers do not drive clinical decisions, but help support and enhance them. On the other hand, clinical should understand that finance is not a barrier and can accelerate their efforts.
Chan also emphasizes the importance of finding the easiest and most efficient way to handle clinical financial processes. For example, streamlining the financial accruals process is crucial in order to avoid bad data. Chan suggests creating models that can utilize readily available data and having finance personnel handle finance-related tasks to maximize efficiency. Although having an effective clinical finance function requires effort, the benefits of improved productivity and efficiency are worth it.
