The economic downturn has people looking for new ways to make fast cash. One industry many are turning to is clinical trials where one can offer up oneself as a lab rat and, in turn, earn up to $5,000.

Just Another Lab Rat is one of many Web sites offering big money for clinical or investigational drug studies. Most of these sites are independent, meaning they're not backed by the government or any hospital, and might not be following the strict federal regulations set up to protect you from untested procedures.

"The key for that participant is read your consent form. All those risks need to be disclosed," said Carla Case, clinical research coordinator.

Those risks must be on paper and spoken by a nurse or someone in charge of the study. If you don't get the risks explained in full, that's a warning sign to walk away.

Also pay attention to the phase level of each trial. The first phase of a clinical trial is a first test on a very small group of people, which means the risk is greater. Phase 2 expands to a group of 100 to 300 people.

Phase 3 comes after the drug or procedure has already passed several tests and is conducted with a group of 1,000 to 3,000 people. Phase 4 comes after the drug has already been marketed.

There is money to be had by becoming a human lab rat, but do your homework first. Read the consent form. Know the risks. Know how much the lab is paying and how much money you'll get.

"You want someone following guidelines and protecting you as that subject doing everything they can to protect you," said Case.

There are many federally-approved human trials currently taking place in the area. The best way to find them is to use government-backed Web sites.

More information:

FDA

Clinical Trials

WIRB