• nmible’s solution expected to save more than 650 working days per year, administering payments
• Velocity spends $20 million a year in patient stipends
LONDON, Jan. 24, 2024 (GLOBE NEWSWIRE) — U.K.-based nmible, the clinical trial participant reimbursement platform, today announces it will embed its tech into the patient recruitment app for Velocity Clinical Research (“Velocity”), the U.S.-headquartered and leading multi-specialty clinical sites business, streamlining patient payments and dramatically reducing the administrative burden of expense processing.
Patients will get to choose how they receive their stipend — virtual card, cash or direct bank payment — which nmible’s solution automatically fulfils. The platform is estimated to save Velocity more than 650 working days each year, streamlining in excess of $20 million in payments the site giant administers annually to people who take part in clinical research.
Jon Anderson, Founder of nmible, said: “Healthcare is usually one of the last industries to benefit from tech innovation and the system today for reimbursing clinical trials participants is archaic and cumbersome. In many instances, people are given plastic prepaid cards where a lot of money is being left on the table. In fact, according to Bankrate research this year, 47% of U.S. adults have at least one gift card that has not been used. In all other aspects of our lives, we are used to instantly accessing our money and taking part in clinical trials should not be any different.”
nmible, a seed-round company launched in 2022, identified a gap in the market for simple, cost-effective and user-friendly software to enable accurate and timely payments to clinical trials participants globally. Now that the technology is available, nmible can scale and deliver this solution to the market.
The partnership with Velocity is one of four deals that will produce cost effective reimbursement solutions for companies in the life sciences industry, big pharma and international contract research organisations (CROs).
Dr. Paul Evans, President and Chief Executive of Velocity Clinical Research, said, “The COVID pandemic was an incredible awareness-raising moment for the clinical trials industry and we’re seeing more people wanting to take part in life-saving research. Since 2020, the amount of patient stipends we pay has dramatically increased and so too has the burden of getting payments to people in a timely manner.
“Velocity is now of the size and scale where it can invest in its own technology. Building our own patient app is a key part of our strategy to engage and enrol more people into clinical research and we see the automated payments function as a key driver for downloads.”
Anderson added, “Patients will no longer lose out on getting paid for their time in clinical research. To date, technological solutions in clinical research have focused on decentralisation, but no one is looking at how we can properly reimburse people for their time. Older demographics who typically take part in research are becoming more familiar with tech and so now feels like the right time to take this to market.”
nmible builds innovative expense reimbursement software applications to enable equitable access to clinical trials. Its solutions reduce the financial burden of participation with fast, flexible cross-border expense and stipend payments.
Velocity operates an integrated site network of 90 locations across four countries, including the U.S., U.K., Germany, and Poland, and has a tech hub in Hyderabad, India. Velocity has access to more than 220 principal investigators across a range of therapeutic areas and a database of more than one million patients.
Notes to Editors
About nmible
U.K.-based nmible is a clinical trial participant reimbursement platform, accessible to the smallest company and scalable to the largest. Launched in 2022, it builds innovative expense reimbursement software applications to enable equitable access to clinical trials. Its solutions reduce the financial burden of participation with fast, flexible cross-border expense and stipend payments and supports hospital and clinical trial sites by reducing the administrative toil of expense processing. We are technology and automation-focused, and our integration capabilities can power all research apps and services with global payment infrastructure. www.nmible.com/
About Velocity Clinical Research
Velocity is the leading integrated site organisation for clinical trials. With 80 sites and more than 220 investigators, Velocity partners with pharmaceutical and biotechnology companies to research new drugs, medical devices, diagnostics, and combination products that could improve human health and wellbeing. Velocity offers unified research site solutions to efficiently provide the right patients, investigators, and research staff for clinical trials across the U.S. and Europe.
The company also operates a technology hub in India, where it is unlocking a new era in clinical research by developing innovative systems to leverage expansive site, patient, and historical performance data. To learn more about how Velocity delivers high-quality data, exemplary patient care, and unprecedented efficiency for clinical trials at any scale, visit VelocityClinical.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/233108d3-9047-41f7-a53c-3f88f738ac88