What is the main purpose of an Institutional Review Board (IRB)?

The primary purpose of an Institutional Review Board (IRB) is to oversee the ethical conduct of clinical trials involving human subjects. This is crucial because IRBs are responsible for ensuring that the rights, welfare, and safety of participants are protected. They review research protocols and informed consent documents to make sure that research complies with ethical standards and regulatory requirements. By evaluating the risks and benefits associated with the research, the IRB helps to safeguard participants from potential harm and ensures that their participation is based on informed consent.

While other options mention important aspects of research processes, they do not align with the fundamental role of an IRB. For example, approving new pharmaceutical products is typically the role of regulatory agencies rather than IRBs. Monitoring financial aspects or allocating funds involves administrative functions that are not within the purview of an IRB, which focuses specifically on ethical considerations surrounding human subjects in research.