Evaluate Omnium is now officially an award-winning solution!
Last month, we were delighted to announce that we have won an award. Evaluate Omnium, our machine learning-powered solution was named as Best Decision Management Solution by the AI Breakthrough awards. While we have always been very proud of Evaluate Omnium, and while we know that customers find it incredibly insightful in their decision making, there is something undeniably pleasing about being recognised with an award.
The creation of Evaluate Omnium’s AI-powered analytics goes back to 2018 with a view from our Chief Innovation Officer, Jon Moser, that “we can make benchmarks smarter”. This became the mission and has been followed by our predicted PTRS (probability of technical and regulatory success), clinical timelines, R&D cost, NPV valuation and peak sales models on pipeline assets to create the complete solution to quantifying risk and return.
Why?
The pharmaceutical industry is driven by its R&D pipeline, but there is significant inherent risk in developing new therapies – the opportunities are huge, but so are the costs. Both developers and investors need to reduce that risk as early in the pipeline as possible. That means the ability to forecast the commercial potential of a new drug well before it hits the main sell side forecasts.
How?
As the award suggests, the answer comes back to the buzzword of our times – AI. Or, more accurately, machine learning and predictive analytics that allow complex real-world clinical development and commercial questions to be addressed dynamically. This means it can analyse millions of historical clinical and commercial events which pushes the boundaries of pharmaceutical intelligence generation. It’s increasingly referred to as Intelligent Forecasting.
Here are some of the key questions that Evaluate Omnium seeks to answer:
- What is the probability of technical success (will the drug work)?
- What is the probability of regulatory success (will the drug be approved)?
- What are the possible timelines and key milestones in the asset development life cycle?
- What is the commercial opportunity (will physicians and insurers approve and fund the therapy?)
- What is the historical, registered and projected R&D spend on pipeline assets?
Ultimately, the goal is to help our clients ensure that the best therapy options for patients get to the market as smoothly as possible – whether that’s through consensus forecasts, machine learning wizardry or our in-house experts. I will admit, though, that as the product lead for Evaluate Omnium, I am rather chuffed that “my” product can now be described as “award-winning”
If you’d like to know more about the methodology that underpins Evaluate Omnium, we have a great white paper that digs into the detail a little more. In fact, we worked with a Big 4 organisation to validate the applicability, robustness and performance of these AI models which was a fascinating process. Of course, if you’d rather have a chat – we’re always happy to jump onto a call to explain in more detail. Just drop us a line.
