There are literally hundreds of different ways to make extra cash, whether it’s taking surveys, freelancing your services, or even becoming an online tutor. But another interesting way that people can make money is by participating in clinical trials. It doesn’t require any specific training or education, and you don’t have to have any previous experience to make it work.
Clinical trials might be involved in testing new medications, treatments, or equipment, and they just need average people to test them out to see how they work. Participating in these trials doesn’t require any long-term commitment, either. Most people involved in clinical trials are only involved for a day or a weekend, and can typically work around their regular work schedules to make it happen.
Many companies usually do their initial testing on lab animals and rodents before taking it to the next level to test on humans, and they need people just like you to see how effectively and safely their products work. These participants are compensated very handsomely for their willingness to take medications and test devices with a good chunk of change, often in the hundreds or even thousands of dollars.
So, should you dedicate some of your time to make money doing clinical trials? Before you do, here are a few things you should know first, as well as where to find these lucrative opportunities.
Are You Eligible to Participate?
There’s a clinical trial for just about anyone. However, each clinical trial is usually somewhat specific in the type of participants they’re looking for. For instance, a company producing a medication for menopause might prefer to have menopausal or premenopausal women in its trial, whereas another company manufacturing acne medication might want to have its participants suffer from some level of skin breakouts.
Generally speaking, however, participants will usually need to be in relatively good health and between the ages of 18 to 60. Many trials may require that its applicants go through a preliminary test first to make sure there are no adverse reactions to a specific treatment. They might also require women to take a pregnancy test to rule out pregnancy during the trial.
How Much Money Can You Potentially Make?
The amount of money that you can make by participating in a clinical trial will range a great deal, depending on how long the trial takes, if there is an overnight stay required, and the potential risk factor involved. For example, an overnight stay for a clinical trial testing out a device that can inflict a little bit of pain and discomfort will likely pay out a lot more than a trial that only takes a couple of hours and is minimally invasive.
You could earn as little as $100 and as much as $8,000 by dedicating a little time – and maybe discomfort – to a clinical trial, depending on exactly what is involved.
Fundamentals Of Clinical Trials
Before you decide to get paid to do clinical trials, you should know a few basic facts about the different types of trials out there.
Trials with varying phases – Clinical trials that test new medications or medical procedures are usually split up into different phases. Phase I would usually be the early stages of the trial and must be passed for safety before it can enter Phase II. The second phase typically tests the efficacy of the medication or procedure before moving on to Phase III, which generally involves confirming the efficacy and determining appropriate doses. Find out exactly which phase of the trial you will be participating in.
Inpatient or outpatient trials – Many clinical trials may require that you stay for the duration of the trial until the desired test results are achieved, which could mean that you might be required to stay overnight. These are known as inpatient clinical trials. Outpatient trials, on the other hand, might require that you go back for repeat visits until the test is over, which could last a few days. However, you will be able to go home after each visit.
Control or test group – Clinical trial participants are usually split up into two groups. One will be given the actual medication or be required to use the device in question, which is the test group. The other will be given a placebo and will not actually have the intervention administered, which is the control group.
In order to be eligible for the control group, you will likely have to meet specific health and medical requirements. For example, if the trial is designed to test a high blood pressure medication, your blood pressure would need to be normal in order to be qualified to participate in the control group.
What to Consider Before Participating in a Clinical Trial to Make Money
Of course, you want to make sure you are protected before you agree to be part of a clinical trial. Luckily, the FDA regulates these trials with its Good Clinical Practice (GCP) principles that are designed to protect human subjects. That said, some trials could still violate principles without the FDA knowing about it.
You can protect yourself by ensuring that you ask lots of questions and read the research. Also, you should know that you have no obligation to see the trial through to the end, so you can quit at any time if you feel the trial is no longer right for you.
It should be noted that not all clinical trials are necessarily safe, especially those that are testing for new drugs with side effects that have yet to be determined. If you feel that a specific trial is not safe, then don’t do it and wait for another opportunity to roll around.
Where to Find Clinical Trials
There are a number of resources you can use to find a clinical trial to participate in, including the following:
ClinicalTrials.gov – This is a huge library of clinical trials that take place not only on US soil, but across the world too. You’ll be able to find trials that are both privately and federally funded, so there certainly won’t be a shortage of trials to be part of something that can make you some decent side cash on this site.
EmergingMed — Here you’ll find a number of clinical trials that are more focused on cancer treatments and connecting patients with cancer clinical trials. You can complete a questionnaire to find trials seeking out people with your particular diagnosis, stage, and treatment history. You’ll be able to find over 10,000 trials in both the US and Canada.
CenterWatch – Over 1,200 companies are listed on this site that offer entries for clinical trials. In fact, you’ll find many of the biggest pharmaceutical companies across the globe with this resource, which you can filter by geographical area, medical illness, or keyword.
CISCRP.org – Signing up with the Center for Information & Study on Clinical Research Participation (CISCRP) will let you receive emails or regular mail notifying you of clinical trials that you might be eligible for. You’ll also be sent information on what clinical trials typically entail and any questions you might want to ask before being a part of these trials.
PhRMA.org – Here you’ll find an in-depth database of clinical trials that are available in approximately 25 states in the US. There are all sorts of information about new drugs, the manufacturers that are behind them, and the facilities where the clinical trials are actually held.
You can definitely make money easily and quickly with clinical trials if you’re eligible and available. That said, it’s crucial that you take the time to do a little homework and ask the right questions before you participate. You’ll want to know exactly what’s involved, what the potential risks may be, how much of your time will need to be dedicated to your participation, and how much you’ll be paid to participate. Following that, you’ll have plenty of opportunities to be part of something that can not only help you make a few extra bucks, but could be potentially life-saving, too.