The Pharmaceutical industry is massive globally with huge funds for Research and Development alone. It is estimated that the spending on the clinical trials alone account for 40% of the budget allocated to R&D, which is an equally essential organ of any pharmaceutical company. The major issue regarding this is therefore finding volunteers for the clinical trials and is a cause of delay in drug development. Trialbee has come up with a solution for the same problem. The idea is to reduce the issues associated to finding the right volunteers using the Trialbee platform.
What makes Trialbee important is the fact that it addresses an unexplored market that has a demand in both the drug manufacturing as well as health care system. For example the pharma industry currently needs over 23 500 000 candidates to join over 10 000 studies globally. The financial burden associated to delays is huge, with one month of delay translating to $1 Million with overall loss in sales amounts to $15 to $200 Million. This of course varies for different drugs.
With time being a vital factor that decides both cost and delivery of drugs, TrialBee offers solution that accelerates patient recruitment via its Web and Mobile platform. Their solution is two tier, divided into Customers and Candidates:
Candidates: Using TrialBee, the candidates can search for clinical trials and prequalify to participate in them. This is further supported with the Mobile app for both the Android and the iOS devices. The app enables bidirectional communication with physicians and investigators.
Customers: The web based tool provides interactive way to present study information utilizing a user friendly design as well as the language. The system automatically selects matching candidates, ensuring that the time utilized is far less than the traditional methods.
As mentioned earlier, TrialBee targets a very lucrative market that has an annual spending worth $40 Billion on Clinical trials with almost half of those performed by CROs. And with a 90% probability of the trials being delayed, there is definitely a loophole that needs to filled and taken advantage of. Trialbee is currently negotiating with 5 CRO companies to enter trials.
The Sweden based company was founded in October 2010 by a group of entrepreneurs with backgrounds in the pharmaceutical and telecom sector. The team exists of Tobias Folkesson (co-founder), Jonas Billing (co-founder), Johan Solli, Albin Svensson and Hampus Jakobsson.
