There is a lot of demand on the pharmaceutical companies, majorly for them to make visible and transparent evidence-based R&D investments. The transparency of these investments are needed in other to evaluate the risk rates by the bio-pharma executives. These demands gave rise to the recent launch of the Product Specific Probability of Technical and Regulatory Success by Evaluate Ltd.
The newly launched tool is a platform that is used in assessing the probability that a produced drug will reach the market. The tool is the first and only released tool that is fully transparent so far in the industry. It makes use of a machine learning platform which can analyze the company and market attributes of over 50 drugs including their transitioning in phases. This means that the tool helps to analyze and pre-determine rate of a drug’s success with exceptional accuracy based on its individual traits.
Some of the features of this new product includes;
- A well analyzed audit of risks for the drug that shows the characteristics that can greatly enhance the success of the drug and also the impact of each of these characteristics relatively.
- A comparison between a certain drug and other similar ones to help with the unique risk analysis across its portfolio.
- The likelihood that the drug will thrive in the market with apparent indications, after taking away other limiting factors that can hinder the success rate.
- A database of the company’s commercial and development information which includes forecasts, product level R&D costs plus the net present value and the likes.
Evaluate Ltd. is the leading source of commercial intelligence provision for both the pharmaceutical and the medical device industries. The company has a platform that provides a vast view at the past, present and future of the pharmaceutical industry in one unified form. This gives them an understanding of the market and enables a more precise prediction for their clients.