Medable Named Leader in Decentralized Clinical Trial Product Evaluation for Second Consecutive Year by Everest Group
PALO ALTO, Calif.–(BUSINESS WIRE)–Medable Inc.the industry-leading technology platform for patient-centric clinical trials, today announced that it has been named a Leader in the “Decentralized Clinical Trial Products PEAK Matrix® Evaluation 2022” by Everest Group for the second consecutive year. The report evaluates decentralized clinical trial (DCT) products from 24 companies based on their vision, capabilities, and market impact. Medable ranked first in the Leaders quadrant with the highest 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 through more than 300 decentralized and hybrid clinical trials in 60 countries, serving more than one million people worldwide. By minimizing the need for in-person on-site visits, Medable customers have achieved unprecedented results, including 200% faster registration and 50% lower costs. In fact, a new study from the 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, which equates to approximately $10 million in ROI and $39 million ROI respectively.
“We couldn’t be more proud to be recognized as a leader by Everest Group for the second year in a row,” said Michelle Longmire, CEO and co-founder of Medable. “The future of clinical research will be defined by a patient-centric approach to conducting trials – and Medable is poised to provide life science companies with a scalable enterprise SaaS platform that unlocks the tools they need to succeed across their entire portfolio. We will continue to lead the way in making trials more accessible, efficient 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 several criteria:
Market Impact: Measures market impact via market adoption (number of customers, revenue base, year-over-year growth), portfolio composition (diversity of customer base ) and the value delivered to customers based on customer feedback and other metrics.
Vision and Capability: Measures the ability to successfully deliver products through five sub-dimensions, including vision and strategy; technological capability; flexibility and ease of deployment; engagement and business model; and support.
Medable stands out from its competitors by the following advantages:
End-to-end, unified and modular solution combining technology and services;
Product quality and user experience highly valued by patients, sites and sponsors;
Extensive network of partnerships including leaders in systems integration, technology, data, direct-to-patient concierge, remote sites and retail pharmacies;
Fast and responsive customer feedback and support services;
Scalable solutions, as evidenced by various enterprise-level offerings, including GSK; and
Digital certificates (Medable Academy) enabling professionals to design and build DCT studies on the Medable platform, increasing DCT adoption across research sites.
The company has also made significant progress since last year’s assessment – a A fundraising of 304 million dollarsexpansion in Europe, a flagship pharmacy collaboration with SVC Healthmaking CNBC’s inaugural list of 2022 Best Startups for Enterprise, plus new product offerings for patients consentand oncology and vaccine trials.
“Our strategy at Medable is to lead the industry with a proven, evidence-based platform that is focused on improving the patient journey,” said MaryAnne Rizk, Ph.D, chief strategy officer at Medable. . “As life science organizations move toward adopting the enterprise DCT platform, the ability to scale flexibly through an ecosystem of partners is fundamental to achieving transformational results.”
medable is on a mission to deliver effective therapies to patients faster by transforming clinical drug development with disruptive technologies. The company’s digital platform streamlines data design, recruitment, retention and quality for decentralized trials, replacing siled 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 was named an industry leader by Everest Group and IDC. Medable is a private, venture-backed company headquartered in Palo Alto, California.