Prospection is a health data analytics company that is currently based in Sydney. In the beginning Prospection started with just 3 people, its founders Eric, Ricky and Peter. 8 years on Prospection has thrived, growing from 3 into 70 employees and has worked with over 50 life science companies across Australia expanding into Asia including Japan, Korea, China and the United States.
Prospection’s CEO, Eric Chung has played a major part in Prospection’s evolution.
“The first 12 months was around how we used our capabilities and experience to make a difference. We talked to pharmaceutical companies, doctors, hospitals, government and looked at different places where we could really apply our skills to make a difference,” Eric said.
“We ended up narrowing down on the pharmaceutical sector where we could take our access to a large data base and really extract clinical information that is meaningful and therefore provide that to companies that can do something about it.”
Eric said from the first 12 months through to 8 years Prospection has been continuing to innovate and bring more out of the data.
The vision of Prospection when it first started was about working with customers and partners in solving the problems they had. Our growth continues to be inspired by our current vision of providing predictive health data & analytics that measurably change health outcomes through better client decisions.
“It’s funny, the thing with vision because it can become more clearer over time.”
“Over time we have progressed from being there to help other people with their problems to then seeing more clearly the vision of how we can make that impact on the world,” Eric said.
“If we step back from the questions that everyone asks us, we see generally that the whole industry is working towards trying to put the right patient on the right treatment. And so, the clarification of the vision over time has been how do we use our skills to make a meaningful impact.”
Prospection has identified 5 core values that help align and drive the right behaviours from their employees.
Prospection’s 5 Core values:
Prospection has experienced strong growth over the last 8 years. Eric highlights that this goal will continue for the company with rapid growth anticipated over the next 5-10 years as the business is scaled and launched in other markets.
“Today we have a team of 70 all based In Sydney. A collection of data scientists, engineers, medical experts, business consultants and we see this as a formula that works and one that we want to continue to scale,” he said.
“So, what I see over the next 5-10 years is really making that vision a reality; how do we contribute to help putting the right patient on the right treatment through our expertise as a data analytics company.”