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.
Getting ready for cloud data-driven healthcare
As healthcare continues to recognise the value of data and digital transformation, many organisations are relying on the cloud to make their future-forward and data-centric thinking a reality. In fact, the global healthcare cloud computing market was valued at approximately $18 billion and is expected to generate around $61 billion USD by 2025.
At the forefront of these changes is the rapid adoption of cloud-based, or software-as-a-service (SaaS), applications. These apps can be used to handle patient interactions, track prescriptions, care, billing and more, and the insights derived from this important data can vastly improve operations, procurement and courses of treatment. However, before healthcare organisations can begin to dream about a true data-driven future, they have to deal with a data-driven dilemma: compliance.
Meeting regulation requirements
It’s no secret that healthcare is a highly regulated industry when it comes to data and privacy – and rightfully so. Patient records contain extremely sensitive data that, if changed or erased, could cost someone their life. This is why healthcare systems rely on legacy technologies, like Cerner and Epic EHRs, to manage patient information – the industry knows the vendors put an emphasis on making them as secure as possible.
Yet when SaaS applications are introduced and data starts being moved into them, compliance gets complicated. For example, every time a new application is introduced into an organisation, that organisation must have the vendor complete a BAA (Business Associate Agreement). This agreement essentially puts the responsibility for the safety of patients’ information — maintaining appropriate safeguards and complying with regulations — on the vendor.
However, even with these agreements in place, healthcare systems still are at risk of failing to meet compliance requirements. To comply with HIPAA, U.S. Food and Drug Administration 21 CFR Part 11 and other regulations that stipulate the need to exercise best practices to keep electronic patient data safe, healthcare organisations must maintain comprehensive audit trails – something that gets increasingly difficult when data sits in an application that resides in the vendor’s infrastructure.
Additionally, data often does not stay in the applications – instead healthcare users download, save and copy it into other business intelligence tools, creating data sprawl across the organisation and exposing patient privacy to greater risk.
With so many of these tools that are meant to spur growth and more effective care creating compliance challenges, it begs the question: how can healthcare organisations take advantage of the data they have without risking non-compliance?
Yes, healthcare organisations can adhere to regulations while also getting valuable insights from the wealth of data they have available. However, to help do this, organisations must own their data. This means data must be backed up and stored in an environment that they have control over, rather than in the SaaS vendors’ applications.
Backing up historical SaaS application data directly from an app into an organisation’s own secure cloud infrastructure, such as AWS or Microsoft Azure, makes it easier, and less costly, to maintain a digital chain of custody – or a trail of the different touchpoints of data. This not only increases the visibility and auditability of that data, but organisations can then set appropriate controls around who can access the data.
Likewise, having data from these apps located in one central, easily accessible location can decrease the number of copies floating around an organisation, reducing the surface area of exposure while also making it easier for organisations to securely pull data into business intelligence tools.
When healthcare providers have unfettered access to all their historical data, the possibilities for growth and insights are endless. For example, having ownership and ready access to authorised data can help organisations further implement and support outcome-based care. Insights enabled by this data will help inform diagnoses, prescriptions, treatment plans and more, which benefits not only the patient, but the healthcare ecosystem as a whole.
To keep optimising and improving care, healthcare systems must take advantage of new tools like SaaS applications. By backing up and owning their historical SaaS application data, they can do so while minimising the risk to patient privacy or compliance requirements. Having this ownership and access can propel healthcare organisations to be more data-driven – creating better outcomes for everyone.