Syneos Health has bought artificial intelligence and analytics firm RxDataScience with decentralized trials and product lifecycles services in mind.
The deal – financial terms of which were not disclosed – is focused on RxDataScience’s tech platform that is designed to let biopharma companies transform data into “strategic, actionable insights” according to the New York-based firm.
RxDataScience builds AI and advanced analytics solutions. The firm’s approach is to create a suite of apps able to solve specific business problems across the entire pharmaceutical and healthcare value chain.
According to Syneos RxDataScience’s product lifecycle solutions include scientific computing for R&D, patient journey, decentralized trials, RWE, predictive analytics and commercial market research. It also cited the firm’s iterative approach to developing analytics solution prototypes in six-to-eight-week as a motivation for the deal.
CEO Alistair Macdonald “This acquisition boosts our ability to deliver strategic insights and technology-enabled solutions that address our customers’ most complex data challenges.
“Combining our end-to-end services and deep behavioral and therapeutic expertise with their [RxDataScience‘s] AI and data-science capabilities will generate customer strategies to accelerate product development and time to market.”
RxDataScience will become part of the Syneos Health Dynamic Assembly network, which the firm describes as an open ecosystem of best-of-breed data and technology collaborators.
In particular, Syneos predicted RxDataScience would complement its Kinetic customer engagement and business analytics offering.
The RxDataScience acquisition is the second Syneos has made that will impact its clinical trials business in recent months. In September it bought StudyKIK, a “technology-enabled clinical trial recruitment and retention company.”
At the time Syneos told us the deal was designed to help deliver on its “goal of supporting patients directly in clinical trials and real-world applications, as well as enhancing the HCP and site experience.”
In August Syneos cited the growth of its clinical business as a major driver. The firms said that clinical solutions revenue increased 31.1% on a reported basis and 27.5% on a constant currency basis to $991.1 million.
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