OKRA Technologies unveils ValueScope to predict new drug prices years before launch
OKRA Technologies can now predict the price and ‘benefit outcome’ of new drugs years before they launch.
The company, a finalist in the AI Company of the Year category in the 2020 Cambridge Independent Science and Technology Awards, says the system is the first of its kind and will open doors for more effective drugs to reach the market faster.
Known as ValueScope, the system uses artificial intelligence combined with ‘top five’ pharma industry domain knowledge to enable market access and pricing teams to perform scenario analysis of payer negotiations. These are essential part of bringing a new molecule to the market.
Millions of data points sit behind ValueScope, including tens of thousands of clinical trial results, historic drug submissions, the latest pricing data and Health Technology Assessment (HTA) reports from the Independent Institute for Quality and Efficiency in Health Care (IQWiG) and the G-BA, or Federal Joint Committee, both in Germany, where the product has been validated. It achieved more than 90 per cent accuracy when predicting the benefit outcome and negotiated price of Phase III treatments.
Dr Loubna Bouarfa, CEO and founder of OKRA, said: “ValueScope provides intelligence that pharma executives require when critical decisions about future investments and patient access are made.
“We use data to bring clarity and transparency to the table. We provide control and confidence to access experts in order to generate competitive advantage with authenticity and trust. Let’s deliver more medicines to patients with evidence that supports their real benefits and price.”
The aim is to provide companies with an assessment of economic prospects of a product before it is ready for launch, and without extensive pricing research and repetitive data crunching, and could transform the development of drug pipelines.
ValueScope promises to bring more confidence to decision making and will enable OKRA’s
Clients to spend more time building realistic target value propositions.
The company, based in St John’s Innovation Centre, says it will enable pharmaceutical experts to focus on value for patients and society “with the reassurance that an AI system has reliably informed them about what constitutes a fair price based on previous decisions”.
OKRA is focused on providing AI-based insights for the life science industry.
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