DATATRAK International, Inc. (DATA) is a technology and services company that provides electronic clinical solutions for the clinical trials industry. Its software suite is used to collect, review, transmit, and store clinical trial data electronically.
In a recent presentation at the OneMed Forum in New York, CEO and Chairman Laurence P. Birch offered a quote from the Tufts Center for the Study of Drug Development that really hit home:
“Growing clinical trial complexity continues to challenge the ability of pharmaceutical and biotechnology companies to contain the ever-rising cost of developing new drugs.”
He also showed a flow chart slide on the eClinical landscape, the complexity of which cannot be digested even a week later.
In short, it is a complex, expensive world.
While the competition utilizes an Information Silo and IT integration approach, DATATRAK uses a unified platform. The Silos are limited in terms of communication, upgrades are rare and overall costs are higher.
“Real time” per customers is more like 24 hrs…not bad, but if a patient in site #102 is having an adverse reaction and a similar patient at site #3 has a similar background…the “not bad” could cost a life.
DATATRAK unified solutions benefits include:
- Improved Usability Through One Database and One Interface.
- Reduction in the Number of Vendor Contracts.
- Process Improvements.
The result is lower technology costs, and a lower overall trial budget.
Expectations of eClinical market are that it is set to nearly double from 2008 to 2012 and DATATRAK, with its superior product, is poised to capture that growth.
DATATRAK INTL (DATA): Free Stock Analysis Report
Zacks Investment Research
