Committee approvals guarantee induced profits and increase number of investors
Written by Alyssa Clark
Surprisingly, the basis of a person’s or company’s reputation still stands firmly on its public appeal— and that can go a long way for a business. Being well-received by the public, as well as gaining the respect and approval of the notable industry-committees gains public trust, challenges company-competitors to hit the same standards and produces and inherent amount of pride and respect for the institution who earns such accreditation. Investors are not ones to look away from a company being escorted into the lime-light by the CHMP, earning the respect from these institutions is a sure way to attract pocket-lined healthcare investors looking for a stable and safe investment.
The endorsement from healthcare committees like CHMP, the FDA and others can go a long way in igniting and promoting the success of various healthcare companies, as we have recently seen in the media with companies like Celgene Corporation; it can even go as far as to increase stock prices, product sales and overall company growth— go figure. By gaining the trust and public support from some of the most influential healthcare committees in the business today, not only does the public feel more secure in trusting the products of an endorsed-company, but the sales has that reliable source to use in its advertising and marketing initiatives.
Companies like Celgene Corporation have recently learned this lesson and are enjoying the spotlight, by seeing the literal pay-off one can experience if investing in and earning sponsorship from CHMP (Committee for Medicinal Products for Human Use) and a positive opinion of the EMA (European Medicines Agency). Subsequently, the company experienced a 52-week high of $164.00 on November 22, 2013, after its cancer drug Abraxane was reviewed with glowing recommendations by both institutions. After first receiving the approval of the FDA as of last year, the accompaniment of the CHMP’s approval has set Celgene up to be a serious contender in the cancer-drug research and production aspect of the business.
“We note that Abraxane is already available in the EU as a monotherapy for treating adults suffering from metastatic breast cancer. The patients have failed first-line therapy for metastatic disease. Moreover, standard, anthracycline containing treatment is not indicated in those patients. We note that Abraxane is approved in more than 40 countries across the globe for the metastatic breast cancer indication’, says Zacks Equity research, about the success of Celgene Corp.’s cancer drug and the corporation’s expansion.
Next on the list of approvals for Celgene is the European Commission (EC), now that the drug is 100 percent cleared for first-line combination therapy for treating patients suffering from locally advanced or metastatic non-small cell lung cancer. Setting standards high by earning these industry-wide accreditations, and having the success Abraxane speak for itself, Celgene Corporation has embraced the screening process and used it to its full advantage. The pay offs from the 52-week high alone proves the importance of investing in meeting quality standards, and earning the necessary approvals from widely-respected government agencies can go a long way in improving a business model and attracting investors.
Skin Analytics wins NHSX award for AI skin cancer tool
An artificial intelligence-driven tool that identifies skin cancers has received an award from NHSX, the NHS England and Department of Health and Social Care's initiative to bring technology into the UK's national health system.
NHSX has granted the Artificial Intelligence in Health and Care Award to DERM, an AI solution that can identify 11 types of skin lesion.
Developed by Skin Analytics, DERM analyses images of skin lesions using algorithms. Within primary care, Skin Analytics will be used as an additional tool to help doctors with their decision making.
In secondary care, it enables AI telehealth hubs to support dermatologists with triage, directing patients to the right next step. This will help speed up diagnosis, and patients with benign skin lesions can be identified earlier, redirecting them away from dermatology departments that are at full capacity due to the COVID-19 backlog.
Cancer Research has called the impact of the pandemic on cancer services "devastating", with a 42% drop in the number of people starting cancer treatment after screening.
DERM is already in use at University Hospitals Birmingham and Mid and South Essex Health & Care Partnership, where it has led to a significant reduction in unnecessary referrals to hospital.
Now NHSX have granted it the Phase 4 AI in Health and Care Award, making DERM available to clinicians across the country. Overall this award makes £140 million available over four years to accelerate the use of artificial intelligence technologies which meet the aims of the NHS Long Term Plan.
Dr Lucy Thomas, Consultant Dermatologist at Chelsea & Westminster Hospital, said: “Skin Analytics’ receipt of this award is great news for the NHS and dermatology departments. It will allow us to gather real-world data to demonstrate the benefits of AI on patient pathways and workforce challenges.
"Like many services, dermatology has severe backlogs due to the COVID-19 pandemic. This award couldn't have come at a better time to aid recovery and give us more time with the patients most in need of our help.”