Global biopharmaceutical company AstraZeneca has launched a HealthTech business aimed at offering digital health solutions in the life sciences sector.
The primary focus of the new company, which is called Evinova, is to bring established and scalable digital technology solutions to optimize clinical trial design and delivery, reducing the time and cost associated with developing new medicines, AstraZeneca said in a Monday (Nov. 20) press release.
Evinova is also exploring opportunities in digital remote patient monitoring and digital therapeutics, with a pipeline of digital innovations in these areas, according to the release. With these solutions, the company aims to bring care closer to patients’ homes and alleviate the burden on healthcare systems.
The new business will offer established technology solutions to pharmaceutical companies, biotech firms and contract research organizations (CROs) to support clinical research worldwide, the release said. These technologies have already proven successful in the delivery of multiple AstraZeneca-sponsored clinical trials in over 40 countries.
“We believe Evinova’s combination of scientific expertise and track record in developing AI-enabled digital technologies at scale provides a real opportunity to fundamentally improve patient care, drive healthcare transformation, and reduce carbon emissions,” AstraZeneca CEO Pascal Soriot said in the release.
The company’s portfolio of digital solutions will help propel the sector forward, Evinova President Cristina Duran said in the release.
“Coming from within the sector and with proven experience, Evinova will be uniquely placed to deliver science-based, evidence-led and human experience-driven solutions with the aim of improving patient experience and outcomes,” Duran said.
Evinova’s offerings include the Evinova unified trial solution, which improves the delivery of clinical trials for patients, clinical trial site staff and clinical trial sponsor staff, the release said. It also includes Evinova study design and planning, which is powered by artificial intelligence (AI) and machine learning (ML), and Evinova portfolio management.
The amount of spending allocated to AI and ML in health company budgets is anticipated to be 10.5% next year, compared to 5.5% in 2022, according to Morgan Stanley. Ninety-four percent of healthcare companies are already using AI and/or ML in some capacity.