Medidata Solutions Is Saving The Drug Industry Valuable Money
Medidata Solutions has over 1,000 employees is currently worth $277 million, although researchers believe that it could potentially be worth much more. The company, founded by Tarek Sherif and Glen de Vries in 1999, specializes in creating software that allows pharmaceutical companies to enter data and monitor clinical trials and other vital processes from cloud services. Many industry analysts believe that cloud services are ripe for expansion and growth.
Drug makers have indicated that they are willing to spend money on cloud services since it saves countless dollars in paperwork, filing, and administrative costs. Today, Medidata Solutions holds nearly 8 billion clinical records online belonging to more than 500,000 patients. About 1,400 new records are added to Medidata’s cloud every day, and the company expects to continue growing.
“This whole concept of creating value in drug development is starting to take hold,” says Sherif. “How do you reduce your costs but increase your value with better drugs that get paid for?”
Glen de Vries shares Sherif’s vision, and he even has a model for his goal of digitizing clinical trials and medical records. “We really were looking at Amazon,” de Vries said. “If you can get to Amazon.com and buy a book, presumably that’s secure, it’s efficient, why can’t we be doing clinical trials that way?”
Janssen Pharmaceuticals Senior Director of Strategic Business Improvements, Kim Gebrel, commented, “We believe where they’re going as an organization supports the new trend in the industry to really change the way clinical trials are done.”
Source: