Global analytics company PatSnap launches new health platform
Utilised by a number of organisations worldwide, such as NASA, China Mobile and Vodafone, property analytics company PatSnap is set to launch a new cloud platform, having secured Series C investment from capital venture firm Sequoia at the end of 2016. The company has offices in the UK, the USA, Singapore and China.
Foreseeing exponential growth, PatSnap is developing its machine learning and artificial intelligence capabilities by supporting the growth of the healthcare sectors, providing key services to pharmaceutical and chemical manufacturers. This will move the innovation process from investment to commercialisation.
Chemical by PatSnap will provide essential data, alongside scientific information which will be implemented through one cloud service. Users will be able to augment their chemical structure search, which will house additional information, such as legal and litigation data, alongside clinical trial information, regulatory details, toxicity data, over 121 million patents and other sources included in database.
The move will significantly reduce search times and provide significant data in order to validate chemical development projects within drug research.
Ali Hussein, UK Product Leader at PatSnap explained: “The main challenges in R&D are that companies use resources in a way that’s not productive, for example hiring people to do studies and accumulate lots of data, but at the end of the day, they do not assimilate all that information into a coherent strategy.
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Successful commercialisation of a drug is expensive and fraught with high risk. Estimated costs can rise to as much as $2.6 billion, while 14 drug candidates will fail clinical trials for every one that makes it to market. Current strategies have not been able to bring down the costs of Research and Development, and the pressure to adopt value-based and outcome-based pricing models has rapidly intensified.
It’s a well-established principle that Big Data holds the potential to address these problems, but until now it has been difficult to extract this information from the worlds of chemistry and innovation intelligence in either a cost-effective or resource-efficient way. Particularly challenging is the accurate integration of multiple relevant data sets and the skill set required to analyse and interpret results.”
Organisations are no longer content for data providers to be mere points of reference, but expect them to be able to generate immediate answers to an array of critical business questions, something which the platform will enable throughout comprehensive chemical searches.
With research and development predicted to top $2 trillion in 2017, PatSnap has also recently partnered with Singaporean technology consulting research firm GreyB, to further support the academic field and corporate businesses globally.