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519 Strategic Reinvestment of Sponsored Trials Residuals for Research Portfolio Development

Published online by Cambridge University Press:  03 April 2024

David R. Friedland
Affiliation:
Medical College of Wisconsin
Justin Nebel
Affiliation:
Medical College of Wisconsin
Doriel Ward
Affiliation:
Medical College of Wisconsin
Reza Shaker
Affiliation:
Medical College of Wisconsin
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Abstract

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OBJECTIVES/GOALS: Academic research is often viewed as a necessary core mission but a financial loss requiring central or clinical funds support. We present cases as evidence of sustaining academic unit research endeavors through strategic planning and reinvestment of sponsored clinical trials residuals. METHODS/STUDY POPULATION: Successful endeavors are presented that demonstrate strategic reinvestment of clinical trials residuals to develop robust academic self-sustaining research programs. A multi-year strategic plan was developed leveraging residuals from sponsored clinical trials to build an academic research infrastructure supporting extramural grant applications, pilot studies, pre- and post-award management, equipment investment, and faculty incentives. RESULTS/ANTICIPATED RESULTS: Example 1, pooling four existing department clinical trials generated yearly profits that expanded clinical trials capacity and used residuals to support a grant coordinator. Over 7 years, trial volume increased to near 50, revenue increased to $2.5 million annually, staffing increased to 20 FTEs, and extramural grant applications increased from 16 to 50. Example 2 started with a department with no infrastructure. Central support was leveraged for 6-months to support a coordinator to initiate a clinical trials program. The initial investment was offset by trials earnings by year 2, breaking even financially, while establishing a nascent yet robust infrastructure to build autonomously without additional central funding requests. DISCUSSION/SIGNIFICANCE: Utilizing sponsored clinical trials as a strategic investment fund, academic units can realize fiscally responsible expansion of research activities and national recognition through acquisition of extramural funding and investigator-initiated investigations.

Type
Research Management, Operations, and Administration
Creative Commons
Creative Common License - CCCreative Common License - BYCreative Common License - NCCreative Common License - ND
This is an Open Access article, distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives licence (https://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is unaltered and is properly cited. The written permission of Cambridge University Press must be obtained for commercial re-use or in order to create a derivative work.
Copyright
© The Author(s), 2024. The Association for Clinical and Translational Science