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.
Birdie aims to reinvent elderly care with tech
British startup Birdie has announced it has raised £8.2 million to invest in innovation and scale up the business.
The company's announcement is timely as it follows the criticism of the UK government over their lack of a plan for social care, despite acknowledging the sector is in crisis - around a quarter of the UK's home care providers are on the brink of bankruptcy due to a lack of funds and staffing.
Birdie was born with a mission to "radically improve the lives of millions of older adults", by using app-based solutions, IoT and machine learning to put preventative care at the forefront. The company was founded by Max Parmentier, after experiencing his own frustrations with the care system - his grandfather struggled with the impact of life in a care home, but lacked any other option.
In 2017 Parmentier partnered with venture builder Kamet Ventures to set up Birdie, in a bid to fix this problem. Since then, Birdie has partnered with almost 500 providers across the UK, and supports more than 20,000 older people every week. In the past 12 months alone the number of people Birdie supports has got six times greater.
Birdie’s solution is an app to help care providers deliver more coordinated, personalised and preventative care, by giving them access to digital assessments, medication scheduling and planning tools. By using digital tools to take care of admin, staff have more time to spend with their care recipients.
The new investment will be used to fund Birdie’s next phase of growth in the UK, as the company scales to meet the rapidly growing demand of the aging population. The company will also invest in product innovation, creating new features to address customer requests.
In addition, Birdie is piloting new care models, including partnering with the NHS to identify COVID-19 symptoms, building predictive pharmacy models with AI, and helping health authorities to detect early warning signs of patients’ health risks.
Internally, Birdie is committed to having a progressive company ethos. All salaries are transparent, and staff work asynchronously to maximise flexibility and equity. Staff members also volunteer in their local community during office hours, and the company offsets all its emissions.
These efforts have led to numerous awards, including having the best SME culture in the UK, an Honorable Mention in the Health category of Fast Company’s 2021 World Changing Ideas Awards, and innovation in care at the LangBuisson awards.
“We believe the future of care for older people should be helping them to live at home for as long as possible through the delivery of personalised and preventative care" Parmentier said.
"Birdie is already the partner of choice for caregivers up and down the UK, and this new funding will help us rapidly increase the number we partner with and what we can offer them - meaning more people benefiting from more affordable, quality care. We’re proud of our mission and the values we embody to pursue it.”