The $800 billion drug development industry is not exactly in the best of health, if reports are correct. That is the impression one gains from criticisms such as:
* Costs of new drug development are so high that many companies are cutting back on drug discovery programs
* The costs are high because of the long research and development cycles, and low success rates of clinical trials
* Regulatory reviews are slow and unpredictable
A major factor contributing to this sorry state is wastage of valuable information, according to RedOak Logic LLC of North Carolina. The volume of information that needs to be considered during drug development is so huge that companies in the industry are unable to make any sense out of the mass. The data analysis and decision support tools being used now are just inadequate for the task.
RedOak Logics says that they are developing “an advanced decision modeling support platform and proprietary application interface – an ‘Experience Management’ solution” tailored to the needs of the drug development industry.
The company reports that the solution is based on Saffron Natural Intelligence Platform. Saffron Technology seeks to develop business analytics that resemble the way humans use experience, noticing differences and similarities from past experiences each time they face a situation.
Read the News Release at PR Newswire.
Tags: business analytics, drug discovery MIS, information technology
