Finance and Clinical Trials
Developing a product in a new area of science is not easy. It requires that your ideas work, but also that your company can get the money, research and clearance from the government together as well. Doing clinical trials, for example, takes a long time, and a lot of money - without the backing from the financial sector, the project would never get off the ground.
At Histogenics, the financial department at Histogenics communicates with each other branch of the company to create budget plans, as well as contracting and attracting investors, all to make sure the company can continue running. Financial employees learn about what the other departments do and what they need, then use the information to plot out the company’s purchases and operations, accommodate for new employees or facilities, and communicate with investors to ensure the company has the money it needs to meet these demands. They stay informed on the market situation and competitors to Histogenics as well.
The Clinical Trial process involves the physical cartilage implantation surgery as well as the preparation for post op physical therapy treatment for the patient. The initial step of the surgery is to determine the area of the cartilage that is unhealthy, and remove its remains. The defect is in turn surrounded by healthy cartilage. The Neocart is then cut according to size and shape of the patient’s defect. To improve efficiency, surgeons first use foil to create a template of the affected area. To operate on the defect, it may be necessary to bend the patient’s knee at a specific angle. The defected area is covered in the CT3 bio adhesive on both top and bottom of the Neocart before using the curing component to solidify the healthy cartilage.. Following the surgery, the patient will spend six weeks in rehabilitation, which is much quicker and easier than the existing cartilage recovery process. I learned that a “quick and easy” surgery is extremely hard.
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