Pharmaceutical research and development is facing many opportunities and challenges, including an emphasis on improving the efficiency of clinical trials, which are becoming increasingly expensive, complex, and decentralized. The surging quantity of data, outcomes, and protocol amendments can slow or completely forestall research programs. Furthermore, volatile global financial markets inject uncertainty into budget forecasts. Fair market value (FMV) is an accepted standard for determining costs. It is often described as how much a buyer or sponsor is willing to pay and how much the seller or site is willing to accept.

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