Today’s pharmaceutical companies need to be able to predict which individual drugs and classes of drugs are most likely to meet with approval to go to market — and when. Why? Because pharma companies need to be able to answer some fundamental questions, such as: What is the market going to be for our drug when it is approved? What competitor therapies will be available and how will our drug compare to them? These questions drive the billions of dollars invested in pharmaceutical research and development and the ultimate financial performance of pharmaceutical companies.
It’s no small matter — recent reports and statistics indicate that the pharmaceutical field is one of the most competitive sectors of any industry. The average cost of developing one drug is around $2.6 billion, and the approval rate of drugs entering clinical trials is less than 12 percent.
With so much riding on which drugs will receive approval, drug forecasting has become a hot topic in the pharma sector. Until recently, no single solution could tackle the data analytics, variability of regulatory processes, and other factors that need to be taken into consideration for accurate drug launch forecasting.
Competitive Drug Approval Forecasting
Fortunately, Proactive Worldwide’s Chief Operating Officer Erik Prentice, Ph.D. accepted this challenge and spearheaded the creation of a solution that distinguishes itself from anything else on the market today. With his Ph.D. in Immunology and Microbiology, Prentice used his expertise in the pharmaceutical and healthcare sectors combined with his vast knowledge of the competitive intelligence — or CI — industry to inspire the building of a software solution for drug forecasting that’s truly a revolutionary breakthrough.
Keep Your Finger on the Pulse of Pharma Competitors with MedForecast®
Don’t just survive, thrive within the uncompromising pharmaceutical market sector. Proactive Worldwide is pleased to offer MedForecast®, our most advanced analytical pharma forecasting tool that evaluates and predicts drug approvals, and lets you know when your competitors’ new drugs will come to market.
To illustrate the value of this solution, consider how accurate it is. Informed by hundreds of engagements with pharmaceutical companies, we decided to build MedForecast® by inputting the data of all drug approvals — ever! As a result, MedForecast® can reliably predict a drug’s approval to within five days. That’s the level of accuracy and predictive capability you can count on with this solution.
MedForecast® brings the power of real-time data collection, integrative analytics and Bayesian inference modeling to yield exceptionally accurate drug approval and launch predictions, saving you time and ensuring that you always have the latest information at your fingertips.
Benefits of Using MedForecast®
For companies looking to launch a new treatment before their competition, as well as to decide which drugs offer the best chance of a profitable return, MedForecast® offers the following benefits:
- Real-time, automated updating: What used to be labor intensive is now done automatically with real-time data collection integrated with high-speed updating to fuel better analysis and predictive capabilities than ever before.
- Mobile compatibility: Along with its speed and accuracy, MedForecast® is designed for maximum flexibility to support how and where you work. Capable of running on almost all operating platforms, including Android, iOS and Microsoft, this solution ensures that you’re able to connect with information that matters most — whenever and wherever you choose.
- Probabilistic modeling with confidence intervals: By making use of Bayesian inference for the best results in statistical modeling, MedForecast® represents the only predictive analytical tool of its kind. It’s capable of the most robust tracking and forecasting available to the pharma industry.
- Rooted in Proactive Worldwide’s expertise: Unlike less powerful software solutions, MedForecast® is the product of our decades of experience in the CI sector. At Proactive Worldwide, we fully appreciate what’s at stake for today’s pharmaceutical companies. That’s why every feature — from filtering options to automated updates — are specifically designed to run smoothly and effectively from the very first day you implement MedForecast®.
Proactive Worldwide for Drug Approval Forecasting With Real-Time Results
With the predictive power of MedForecast®, your organization will realize a much more proactive position in making informed investment decisions. To learn more about how your business can anticipate market disruptors, predict drug approvals in advance, and protect its own financial well-being in the process, contact Proactive Worldwide today.