Whitepaper published alongside today's announcement details $5M+ investment and up to 50% improvement in speed, quality, and cost with new AI-enhanced solutions.
RALEIGH, NC, January 4, 2023 – ProPharma Group, the world’s largest Research Consulting Organization (RCO) and the leading global provider of regulatory, clinical, and compliance services for the life sciences industry, and a portfolio company of Odyssey Investment Partners, has introduced Prodigy, an end-to-end technology-enabled consulting platform as an evolution to their RCO delivery model. By enhancing ProPharma’s global RCO capability with AI and machine learning solutions, Prodigy bolsters ProPharma’s ability to lead the industry in its journey from volume to value, where access to information, and the utility of technology and evidence continue to drive increased nuance and opportunity for innovators. This innovative development underscores ProPharma's commitment to driving change in the clinical research industry, with a focus on becoming an insights leader and providing friction-free and insightful experiences for their clients.
In a significant departure from traditional clinical research outsourcing (CRO) models, ProPharma's Prodigy platform introduces a suite of new features designed to meet the demands across the full lifecycle of drug and device development. Leveraging a forward-thinking, tech-enabled consulting mindset, Prodigy empowers researchers and sponsors with the tools needed to navigate the complex challenges associated with developing a winning clinical strategy.
Prodigy is a result of ProPharma's strategic investment of over $5 million in 2023 alone, reflecting the company's dedication to innovation in the life sciences industry. This new suite of features encompasses three core capabilities:
- AI-Enhanced Solutions: Prodigy employs machine learning and natural language processing to enhance critical aspects of the research process. Site and patient intelligence solutions, label intelligence, health authority decision intelligence, and literature search/review have all benefited from up to 50% improvement in speed, quality, and cost.
- Informatics and Advanced Analytics: Recognizing the growth in healthcare data, ProPharma has partnered with industry leaders like H1 to rapidly surface insights from massive datasets. Prodigy’s data curation engine, Prodigy LIVE, transforms raw data into standardized formats, organizing and visualizing it into automated dashboards and reports. This approach simplifies access to insights for clients and staff, shifting the focus from the collection of data towards its utility.
- Productivity Tools: Prodigy further delivers the automation of repetitive and mundane tasks using AI. In particular, ProPharma has integrated a large language model construct into the platform, Prodigy GPT, which enables advanced knowledge management and information processing. This reduces the time needed for data processing and increases the accuracy of results, leading to improved decision-making and enhanced productivity.
ProPharma has also published a whitepaper titled "Innovation and the Black Swan: A View on the Future of Clinical Research Outsourcing" alongside today's announcement. The whitepaper dives into how ProPharma's Prodigy platform addresses shortcomings of the CRO model with the new tech-enabled consulting platform. Given the explosive growth in the market, there's a strong need for new tech advancements, like Prodigy, to provide complementary technologies to support our operational ability to flex and align our delivery model to variations across innovator size and scope.
“At ProPharma, AI-first implies democratizing access to these new resources; transforming the fabric of our business and improving the ability of our teams to drive the future of science.”, says Mike Stomberg, CEO of ProPharma. “Prodigy is a testament to our commitment to navigate challenges within the life sciences industry, positioning ProPharma as a leader committed to innovation and marking a significant step forward in driving advancements in patient care through technology-enabled tools that provide sponsors a shared path to value.”
To read ProPharma’s full whitepaper, please visit https://www.propharmagroup.com/press/innovation-and-the-black-swan-prodigy-whitepaper.
About ProPharma
For over 20 years, ProPharma has improved the health and wellness of patients by providing advice and expertise that empowers biotech, med device, and pharmaceutical organizations of all sizes to confidently advance scientific breakthroughs and introduce new therapies. As the world's largest RCO (Research Consulting Organization), ProPharma partners with its clients through an advise-build-operate model across the complete product lifecycle. With deep domain expertise in regulatory sciences, clinical research solutions, quality and compliance, pharmacovigilance, medical information, and R&D technology, ProPharma offers an end-to-end suite of fully customizable consulting solutions that de-risk and accelerate our partners' most high-profile drug and device programs.
For more information about ProPharma, please visit: https://www.propharmagroup.com.
About Odyssey Investment Partners
Odyssey Investment Partners is a leading private equity investment firm with more than a 25-year history of partnering with skilled managers and using its buy, build and integrate approach to transform middle-market companies into more efficient and diversified businesses with strong growth profiles. Odyssey makes majority-controlled investments in industrial and business services sectors with a long-term positive outlook and favorable secular trends. For further information about Odyssey, please visit www.odysseyinvestment.com.
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Media Contacts:
Zosya Popik
Vice President, Global Marketing
ProPharma
zosya.popik@propharmagroup.com
Jason Wakeford
Associate Partner
Clarity for ProPharma
propharmagroup@clarity.global
