It takes an average of 10 years for a new drug to come to market, with clinical trials alone taking 6–7 years. Moreover, the overall probability of clinical success is estimated to be only about 12%, and the average cost to research and develop each successful drug is high, estimated at $2.6 billion. The inability to demonstrate safety or efficacy, flawed study design, participant dropouts, unsuccessful recruitment, etc. have contributed to the low success rate of clinical trials.
 However, as the world advances to a more digitalized era, clinical trials are transforming by adopting new technologies and data-driven insights to: 

 

1. Progress toward virtual or decentralized clinical trials.
    
2. Improve the clinical trial cycle time and effectiveness.
    
3. Proactively monitor adverse events and early warning signals.