Prospection and Novotech Partner
Sydney, 25 January 2022 – Global healthcare data technology company, Prospection, and leading Asia-Pacific biotech specialist CRO, Novotech Health Holdings, announce an strategic partnership to combine the power of real world evidence and clinical trials to get medicines to patients faster. The partnership includes an investment by Novotech in Prospection.
Under the partnership, Prospection will become a technology partner of Novotech, providing its proprietary real world data analytics to support clinical trial feasibility assessment, execution and recruitment in the Asia-Pacific region.
“Real world evidence has reached a value inflection point becoming broadly accepted and increasingly utilised by regulatory authorities, as we’ve seen with its application to help manage COVID-19. The combination of our real world data analytics with Novotech’s clinical development expertise and footprint across the Asia-Pacific region brings together two nimble companies focused on generating evidence to support healthcare innovation and ultimately improve health outcomes for patients,” said CEO Eric Chung.
“By making an investment in Prospection and entering into this partnership, Novotech will add best-in-class data and analytics capabilities to our existing region leading biotech-focused suite of services for our clients,” said Novotech CEO Dr John Moller.
“Driven by Prospection’s data analytics, our clients would benefit from more accurate patient identification, faster patient recruitment, compressed trial timelines and analytics capabilities to power real world clinical trials,” he added.
Prospection uses advanced analytics and AI algorithms to follow millions of patients over time to search for patterns in their health and the effectiveness of therapeutic journeys which can be harnessed in phase 4 studies. It can produce real world evidence in weeks that would have otherwise taken years to collect and analyse in a clinical trial.
Equally important, the partnership will help speed up trial design and feasibility as well as patient recruitment into trials. Patient recruitment can be one of the biggest hurdles in developing medicines, particularly in complex trials or when looking for patients within disease sub-segments or with rare diseases.
Prospection’s analytics technology ingests de-identified patient data from varied sources, including healthcare providers and health records. This enables it to geolocate trial investigators or study sites with patients meeting the study criteria, thereby identifying locations for high recruitment potential.
As part of the partnership, Novotech has made a minority equity investment in Prospection. This follows Prospection’s $45m Series B round in September 2021.
Prospection is a pioneer in health data analytics technology. Combining advanced AI/ML algorithms and real world data to unearth health journey insights. Providing actionable real-world evidence that enables better outcomes for patients, across Japan, Asia-Pacific, UK, and USA.
Founded out of Sydney’s Cicada Innovations in 2012, Prospection is guided by credentialled experts and innovative leaders within their respective fields. We analyse large health care data sets (script claims, EMR, Registry, Insurance, Commercial Supply Chain), to better understand the healthcare journey. Working with government, researchers and the health and pharmaceutical industry we have delivered evidence across more than 90 therapy programs, including rare and complex diseases such as oncology, immuno-oncology, virology, metabolic conditions, respiratory and cardiovascular disease. Prospection is backed by investors including Ellerston, Horizons Ventures and Main Sequence.
About Novotech Health Holdings
Novotech Health Holdings (“Novotech Holdings”) is a leading Asia-Pacific biotech specialist CRO and consists of two operating brands, Novotech and PPC. Novotech Holdings is a full-service CRO with integrated labs and phase I facilities providing drug development consulting and clinical development services. It has been instrumental in the success of approximately 3,700 clinical trials across all trial phases and therapeutic areas. Novotech Holdings is uniquely positioned to serve biopharmaceutical clients conducting clinical trials in Asia and globally.
For more information, visit novotech-holdings.com