Paid clinical trials usually reward volunteers for their time and involvement, which helps advance medical research by creating new medications, treatments, and therapies. Depending on the study, you could earn from a couple hundred bucks for a simple blood draw to thousands for studies with an in-patient stay and/or outpatient visits. The compensation in clinical trials depends on the type, length, and constraints of the study.
When do clinical trial volunteers typically receive payment?
In clinical trial payment terms, you’ll get your money based on the conditions set beforehand on the Inform Consent Form that you have to sign prior to starting a screening visit. The first payment occurs after the screening visit. You will also get paid at the end of the inpatient stay, for each outpatient visit, and at the end of the study. Final payment should come as a “study bonus completion” once everything’s checked, and the study’s wrapped up.
How can volunteers collect their clinical trial payment?
Biotrial makes it super easy by sending you a virtual ClinCard through a secure email link after your first screening visit at Biotrial. If you’re in a medical research study, you’ll get a physical ClinCard on your check-out day. For more information click here.
Will your clinical trial income be taxed?
Biotrial must report your annual clinical trial compensation to the IRS if it is above $600. They’ll send you a Form 1099, which you’ll need to include in your tax return. The dough you make from clinical trials is considered as taxable income.
Joining paid clinical trials is an amazing experience! You get to shape the future of medical science, boost your health literacy, and supplement your income – all at the same time!