PALO ALTO, Calif.–(BUSINESS WIRE)–#biotech—Medable Inc., the industry-leading technology platform for patient-centered clinical trials, today announced that it was named a Leader in the “Decentralized Clinical Trial Products PEAK Matrix® Assessment 2022” by Everest Group for the second consecutive year. The report evaluates decentralized clinical trial (DCT) products from 24 companies based on vision, capability and market impact. Medable rated highest in the Leaders quadrant with top scores for vision, capability and market impact.
This recognition underscores Medable’s leadership in the industry shift to DCTs. Since 2020, Medable has deployed its software-as-a-service platform via more than 300 decentralized and hybrid clinical trials in 60 countries, serving more than one million people globally. By minimizing the need for in-person site visits, Medable customers have achieved unprecedented results – including 200 percent faster enrollment and 50 percent cost reductions. In fact, a new study from Tufts Center for the Study of Drug Development shows that, on average, DCTs can achieve net financial benefits ranging from five to 13 times for Phase II and Phase III trials, equating to roughly $10 million ROI and $39 million ROI respectively.
“We could not be prouder to be recognized as a Leader by Everest Group for the second year running,” said Michelle Longmire, CEO and co-founder of Medable. “The future of clinical research will be defined by a patient-first approach to conducting trials – and Medable is poised to provide life sciences companies with a scalable, enterprise SaaS platform that unlocks the tools they need to be successful across their entire portfolio. We will continue leading the way toward making trials more accessible, effective, and representative of all populations to enable effective therapies to reach patients faster.”
Everest Group’s PEAK Matrix® Assessment is based on two dimensions and multiple criteria:
- Market impact: Measures impact in the market via market adoption (number of clients, revenue base, year-over-year growth), portfolio mix (diversity of client base) and value delivered to clients based on customer feedback and other measures.
- Vision and capability: Measures ability to deliver products successfully via five sub-dimensions, including vision and strategy; technology capability; flexibility and ease of deployment; engagement and commercial model; and support.
Medable stands out from competitors based on the following strengths:
- End-to-end, unified, and modular solution combining technology and services;
- Highly rated product quality and user experience from patients, sites, and sponsors;
- Extensive partnership network that includes leaders in systems integration, technology, data, direct-to-patient concierge, remote sites, and retail pharmacies;
- Quick and responsive client feedback and support services;
- Scalable solutions, as evidenced by various enterprise-level deals, including GSK; and
- Digital certifications (Medable Academy) empowering professionals to design and build DCT studies on the Medable platform, increasing DCT adoption at research sites.
The company has also made major strides since last year’s assessment – a $304 million fundraising round, expansion into Europe, a milestone pharmacy collaboration with CVS Health, making CNBC’s inaugural list of Top 2022 Startups for the Enterprise, plus new product offerings for patient consent, and oncology and vaccine trials.
“Our strategy at Medable is to lead the industry with a proven, evidence-based platform that focuses on improving the patient’s journey,” said MaryAnne Rizk, Ph.D, Chief Strategy Officer at Medable. “As life sciences organizations are moving toward enterprise DCT platform adoption, the ability to scale with flexibility through an ecosystem of partners is fundamental to deliver transformational outcomes.”
Medable is on a mission to get effective therapies to patients faster by transforming clinical drug development with disruptive technologies. The company’s digital platform streamlines design, recruitment, retention and data quality for decentralized trials, replacing siloed systems with integrated digital tools, data and interfaces to accelerate trial execution. Medable connects patients, sites and clinical trial teams to improve patient access, experience and outcomes. Medable’s software has been named a Leader in the industry by both Everest Group and IDC. Medable is a privately held, venture-backed company headquartered in Palo Alto, California.