Assentia launches tech platforms to support payments in the clinical trial space
Assentia was launched in 2022 as a specialist in global clinical trial contract negotiation and investigator payments, where it provides the software to pharma and biotech companies, and contract research organizations (CROs).
The company announced that it had launched two technology platforms to this end, through the release of GrantPay and GrantPact.
GrantPay is able to provide investigator site payments globally and in different currencies. The platform is also able to provide granular forecasting and customizable reporting, depending on clients’ needs, the company said. The platform is also able to provide an automated payment function.
According to the company, its payment analysts verify that each invoiceable and visit payment matches the negotiated clinical trial agreement (CTA). If there is a conflict, the payment analyst will then contact the in-country CTA negotiator to contact the site in their local language in regard to the discrepancy.
Assentia suggests that using its GrantPay application avoids the potential for payments being made in error, and that this, in turn, can reduce the necessity of ‘costly’ reconciliation later in the clinical trial process.
GrantPact is a platform that provides negotiating and tracking of global clinical trial agreements. The service also houses previously negotiated legal clauses with study sites worldwide, allowing for expedited execution of study-startup contracts, Assentia stated.
In addition, GrantPact can provide granular and aggregate reporting, allowing clients to receive real-time depiction of their study activation activities. The application also allows for teams to track negotiations of global contracts in real-time. Assentia is currently operating in over 60 countries globally.
“Marrying our global in-country and on the ground experience with respect to site payments and CTA negotiations with advanced technology that complements our expertise is an exciting development for our teams,” said Alexa Spain, VP of operations at Assentia.
In January 2023, the company appointed Brandon Evans as chairman of the board, after having previously operated as CEO of Clintrax Global, and as a member of the board of directors at Make-A-Wish.
According to Evans, the creation of Assentia sees it emerge into a ‘gap’ on the market, which he says has remained after Clintrax was acquired. Clintrax was bought out by WCG in 2016, after also providing contract negotiation and payment services.