Many industries have been transformed as a result of platforms that consolidate data in one place. Bloomberg revolutionized the financial industry with the Terminal. LexisNexis and WestLaw transformed legal research. Pitchbook brought together data on the venture capital landscape. Similarly, Google's algorithm for indexing and ranking pages changed the way we access information on the internet.
Today, we are excited to introduce DocNexus, a revolutionary healthtech platform that serves as the next-generation command center for the life sciences industry. We chose the name DocNexus as it encompasses doctors and the healthcare universe we aim to create. Our mission at DocNexus is to fundamentally transform the life sciences industry by consolidating data from across the landscape and providing organizations with the ability to manage their data and workflows with ease. This will ultimately lead to improved outcomes such as faster development, launch, and dissemination of life-saving treatments.
Background
The healthcare industry generates a vast amount of data every day, with an estimated 2.5 quintillion bytes being produced according to a recent report by Forbes. To put that into perspective, 90% of all data has been generated in the last 2 years. Accessing and utilizing this data could be key to solving some of the biggest challenges facing the healthcare industry and improving health outcomes for all. While companies have made huge strides in compiling Electronic Health Records and consolidating patient-level data, much of healthcare data remains siloed and unstructured, found on broken government websites, decentralized locations on the internet, or unused on our machines. This is particularly notable in the arena of medical affairs, the externally-facing, scientific arm of life sciences companies, where many organizations lack the necessary tools and platforms to effectively manage this large amount of data.
At DocNexus, we are developing advanced machine learning systems that can process large datasets and vast amounts of unstructured textual information, such as publications, clinical trials, news articles, congressional reports, and scientific literature. These systems aim to consolidate information in one place and help medical affairs professionals have a more immediate and comprehensive understanding of the risks and trends in their therapeutic areas.
We believe that DocNexus, designed by medical affairs professionals for medical affairs professionals, will help address the systemic workflow challenges faced by medical affairs professionals by providing an end-to-end platform that assists with every aspect of their workflow. This includes identifying and engaging with key stakeholders, synthesizing data generated in the industry from both internal and external sources through NLP models such as text summarization and keyword extraction, and promoting cross-team collaboration.
Why is this so Important?
The process of bringing a new drug to market is both risky and expensive. On average, it takes $1 billion and 13 years to develop a successful drug and gain FDA approvals, despite these significant investments in time and money, 90% of drug candidates in clinical trials fail.
Even though the healthcare industry is one of the largest in the world, the tools available to medical affairs professionals (MAPs or MSLs) are inadequate to effectively navigate and understand the vast amount of data generated daily. This lack of resources exacerbates the already challenging process of developing drugs and medical devices.
At DocNexus, our goal is to revolutionize the life sciences industry in the same way Bloomberg transformed finance, LexisNexis revolutionized legal research, and Pitchbook changed venture capital. We envision a platform where users can easily search for providers, hospitals, products, manufacturers, or therapeutic areas, and instantly gain a comprehensive understanding of the developments and risks in that field.
We hope you will join us in our mission to transform the life sciences ecosystem, ultimately leading to improved outcomes for all.
