Novotech partners with AI-based analytics firm Prospection

Novotech Holdings has partnered with analytics firm Prospection to bolster its capabilities in real-world evidence for late Phase clinical trials.

The partnership – financial details of which were not disclosed – will see Prospection provide real world data analytics to support clinical trial feasibility assessment, execution and recruitment in the Asia-Pacific region.

The technology uses artificial intelligence-based software to follow millions of patients over time to search for patterns that can be harnessed in Phase IV studies.

According to Prospection the approach can produce real world evidence in weeks that would have otherwise taken years to collect and analyze in a clinical trial.

The agreement also includes an investment in Prospection by Novotech.

Novotech CEO John Moller said, “By making an investment in Prospection and entering into this partnership, Novotech will add best-in-class data and analytics capabilities to our existing region leading biotech-focused suite of services for our clients.

“Driven by Prospection’s data analytics, our clients would benefit from more accurate patient identification, faster patient recruitment, compressed trial timelines and analytics capabilities to power real world clinical trials,” he added.

Expansion plan

The deal follows just weeks after Novotech outlined a plan to grow through acquisitions and by embracing new technologies like AI.

In early January it completed a $760 million fundraising round, which consisted of a US$255 million private placement and a US$505 million refinancing transaction.

Novotech said it would use the funding to “pursue further growth opportunities by M&A in geographical expansion as well as data, AI and tech-enabled offerings.”

At the time Moller cited customer demand as the major driver for the expansion plan adding that the CRO will also expand its range of therapeutic expertise.

"We look forward to accelerating our growth by pursuing various strategic M&A and tech enablement initiatives and seek to better serve our biotech and pharmaceutical clients and support the clinical research industry in the development of a wide spectrum of therapeutic areas."

According to Novotech the CRO recorded approximately 35% backlog growth and 30% net new business growth in 2021, with China net new business up 60%.

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