Aimedis connects all medical data providers and buyers in the largest B2B marketplace in the field
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Tue Jul 13 2021
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.
Medical data is the bread and butter for the medical research and pharmaceutical R&D field. To keep the business operating successfully, pharmaceutical companies and Contract Research Organizations are in continuous need of credible, traceable, and updated data as the core to any study to develop new pharmaceutical drugs, vaccines, and other products.
Aimedis introduces the largest B2B market for business in the medical research field to buy, sell, create, provide, and acquire medical and scientific data for research purposes. This article will illustrate the most businesses that benefit from the Aimedis
B2B market, why they need medical data, and what values we are offering in this market for them.
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.
The urgent demand for CROs efforts is continuously increasing as a result of the global pandemic in 2020, which puts pressure on pharmaceutical companies to run full capacity in the development of vaccines and drugs.
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.
But why do pharmaceutical companies need medical data? Here are the ways pharmaceutical companies utilize medical data:
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.
Besides the cost-saving advantage, medical data has another significant advantage in life-saving. Because instead of recruiting patients in clinical trials that expose them to a much higher risk of side effects, collecting data from medical settings where patients are
receiving similar treatments or other drugs treating the same disorder under medical supervision could significantly decrease the need of recruiting patients in additional trial stages.
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.
The acquiring of this information does save companies millions of dollars by avoiding lawsuits caused by an Adverse reaction that is not reported in the drug pamphlet.
Companies also use these data to enhance the drug and produce substitutes with more safety profiles and less potent adverse reactions.
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.
The bulk of data collected from the daily monitoring of drivers makes AI cars a considerable source of reliable and accurate medical data. Data collected by cars in auto-driving rides and data entered manually by the drivers makes a vital source of medical data that interests all medical research organizations, pharmaceutical companies, and insurance companies.
AI car manufacturers are also in need of medical data to develop safety measures in newly manufactured cars. Besides safety measures, self-drive cars programming requires a deep understanding of human biology and psychology and how drivers react in manual driving situations. This data helps the AI system of the car predict other cars’ behaviors on the road and avoid accidents that a fault of other cars could cause.
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.
Commercialization of space trips requires expanding these studies to include a wide range of age groups, body types, and medical history, which differs significantly from astronauts who have extensive training and medical preparation to adapt to the space travel conditions. Space agencies also deploy technology to closely monitor passengers’ and astronauts’ vital signs and health parameters in response to every condition. Which put space agencies on both ends of the medical data exchange market as they can always provide and need medical data for their own studies.
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.
The NFT marketplace is based on the Aimedis blockchain protocol. The selling/buying processes are done according to smart contracts that automatically apply the terms and sequences of the agreed terms between the two sides, which ensures maximal security, safety, and simplicity while offer the highest quality data possible.