Aimedis connects all medical data providers and buyers in the largest B2B marketplace in the field

Overview

Medical research is a multi-billion business that is steadily growing every year. In 2019, The total spending in research and development in the pharmaceutical industry was estimated to be 186 billion U.S dollars. In the same year, leading global contract research organizations, including Laboratory Corporation of America Holdings, IQVIA, and Syneos Health, recorded an average revenue of 11 billion U.S dollars.

First, Contract Research Organizations

Contract research organizations (CROs) are contracted by pharmaceutical companies to manage the criteria of the clinical trials to help develop both existing and newly launched drugs. CROs are growing and becoming more influential in the medical research field, with the potential to double its revenue by 2021 to be two times as it was in 2016.

Second, Pharmaceutical companies.

Pharmaceutical companies are the largest spenders on medical data; it is noticeable that starting from 2020, pharmaceutical companies are spending more capital than ever on research and development. It is not likely to decrease in the near future.

1- Research and development

Medical and scientific data help support the research and development of pharmaceutical companies. Pharmaceutical companies pay for large volumes of data generated by healthcare institutions and medical service providers to utilize at every stage of drug development. That’s why it is so critical that pharmaceutical companies get credible and trusted sources of medical data to ensure the safety and effectiveness of the research and development procedures and the success of the outcomes.

2- Decision making

Developing drugs is not always a direct route where one option is always clearly dominant or right. Companies often don’t have the luxury to A&B test its way of choosing the proper criteria for medical research. Hence, credible medical data that confirms the essential criteria save millions of dollars cost of wrong decision or choice in the earlier stages of the research.

3- Clinical trials

Clinical trials help to test the treatment safety and efficacy for patients. These procedures involve multiple stages before and after the drug launch and extend even after the FDA approval to test the drug feedback and newly reported side effects among patients. Medical data collected from medical service providers help present this information in the most credible and organized way that pharmaceutical companies need. The company’s cost of collecting this data itself could be largely expensive compared to acquiring it from data providers directly.

4- Drug safety and adverse reactions

Pharmaceutical companies need medical data to get reports about adverse drug reactions on a wide practice scale that might not be possible to detect during clinical trials.

5- Drug delivery and pharmacokinetics

What is the best drug form? What has better absorption? Body distribution, metabolism, and elimination? The answers to these questions allow pharmaceutical companies to know the most efficient dosage form for a produced drug and know the most effective dosing scheme for adults, geriatrics, and infants, depending on the reported pharmacokinetic data.

6- Consumer insights to enhance sales and marketing

Pharmaceutical companies need continuous data about analyzing their sales and marketing work effectiveness, especially for Over The Counter drugs that could be directly marketed to patients, such as OTC painkillers and nutritional supplements. Medical data helps transfer the patients’ feedback after using a specific product for a company that is valuable for the parent company. This data could also be valuable for its competitors in the market. That’s why all pharmaceutical companies compete to get such data and are ready to pay high for it.

Third, car manufacturers.

The automotive industry is moving significantly towards integrating Artificial intelligence in new cars to enhance the safety and the driving experience. New AI integrated cars come with many measures that closely monitor the driver’s vital signs and detect any changes that may represent a risk to the drivers’ health. The vehicle will automatically execute safety measures that may include calling an emergency or driving to the nearest hospital in case of loss of consciousness or life-threatening conditions.

Fourth, Space agencies.

With the revolutionary commercialization of space travel, space agencies strive to study everything related to how the human body reacts in different stages of space trips.

Fifth, AI and ML companies.

Artificial intelligence and machine learning are of major importance already and will be even more in the next decade. But no matter how good an AI or ML algorithm work, they need reliable data. Aimedis NFTs will deliver exactly that. Perfectly structured and indexed NFTs open the gates to high quality data sets and an easy evaluation process.

How Aimedis connects pharmaceutical companies with data providers in the largest B2B marketplace.

We gather all medical research organizations and connect them with data providers in the largest B2B marketplace (DataXChange). Our B2B marketplace allows all above mentioned players to find credible, traceable, and highly valuable medical data from trusted data providers to fulfill their needs in all drug operations from research & development to marketing and sales.

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