Some background before I jump into a spiel: I work in medical communications and have helped to create a lot of material for many clinical trials over the years (and communicate data and other useful info about investigational products before and after approval).
For the most part, but especially in a phase 3, you're always going to receive at least the standard of care. And though there are no guarantees, companies and investigators are generally confident that something could work if they're going to be running a phase 3 trial that would lead to an FDA submission (if positive results). Phase 3 trials are where efficacy and safety are tested against some standard of care (like a placebo or another, standard drug, depending on the condition).
The informed consent form will likely be a little lengthy, but it should contain a lot of information to address questions you may have and any time commitments required for participation; and of course, always feel free to reach out to your doctor or the coordinator to get clarification.
On a side note, participating in earlier trials can also be beneficial, even if the evidence supporting a trial is not as robust as what would exist at the start of a Phase 3. Phase 1 is safety testing in healthy humans or safety/preliminary efficacy in patients who may not have any further treatment options. Phase 2 is usually a bit larger and they try to do a bit more efficacy testing, but mainly also safety in a larger group.
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