An IT startup’s outsourcing software program seeks to cut costs by simplifying business operations for biotechnology, medical device and pharmaceutical companies.
CTB Solutions promoted its Synsource software program at the DIA 2012 conference in Philadelphia as part of a new entrepreneur space backed by Pfizer (NYSE:PFE) in the exhibition hall.
One component handles the request for information stage. Another deals with the request for proposal and request for bid stages.
“We want to tie operational data to business data,” said CTB Solutions co-founder Anthony J. Carita. “We want to fully integrate clinical operational data and financial data to give a real-time view of how much the study will cost and how long it will take [in a simplified manner]”
The trend has been to create business groups that focus on process, cost and performance of clinical trials, but the boundaries between each of them can prevent their integration across therapeutic areas. If a company wants to know the value of its lab contracts, for example, retrieving that data can be quite labor intensive.
The company was founded two years ago and went live last year. It has been self-funded so the founders could have more control over the company’s development. Although Carita started out in the aerospace industry, he has also has 15 years’ experience in clinical research outsourcing.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
Synsource demo
