OKRA, a Cambridge-based provider of Artificial Intelligence (AI) analytics for Life Sciences, has developed a new AI system to accurately predict the (a) price and (b) 'benefit outcome' of new drug molecules several years before launch. OKRA's system is the first of its kind and uses AI to deliver detailed evidence and reassurance to pharma professionals to aid the submission process, opening doors for more effective drugs to reach the market faster.
OKRA combined its AI expertise with top 5 pharma industry domain knowledge to create ValueScope, a game-changing AI system for pricing and market access executives. ValueScope enables market access and pricing teams to perform scenario analysis of 'payer negotiations', an essential part of bringing a molecule to market. ValueScope sits on top of an AI engine that is the most robust of its kind, having learnt from millions of data points including tens of thousands of clinical trial results, historic drug submissions, the latest pricing data, and HTA reports (from IQWiG and G-BA).
OKRA has validated ValueScope in Germany, achieving >90% accuracy when predicting the benefit outcome and negotiated price of Phase III treatments.
The benefits of this product are clear. The system enables market access and commercial teams to perform assessments of early drug candidates faster and more efficiently than before, without the need for extensive pricing research and repetitive data crunching. Scenarios can be built more reliably and decisions can be taken quicker and with more confidence. OKRA’s clients will be able to spend more time building realistic Target Value Propositions and delivering evidence, without wasting time on debates about whether the pricing and reimbursement will eventually work when all the clinical and economic data generation has ended. Thanks to ValueScope, pharmaceutical experts can focus on value for patients and society with the reassurance that an AI system has reliably informed them about what constitutes a fair price based on previous decisions.
"ValueScope provides intelligence that pharma executives require when critical decisions about future investments and patient access are made," said Dr Loubna Bouarfa, CEO and Founder of OKRA. "We use data to bring clarity and transparency to the table. We provide control and confidence to access experts in order to generate competitive advantage with authenticity and trust. Let’s deliver more medicines to patients with evidence that supports their real benefits and price."
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https://okra.ai
About OKRA's technology
OKRA's products for market access, commercial and medical executives are built on the most sophisticated AI. Coupled with OKRA's Hybrid Explainability Engine and 'glass box' promise, the company empowers users by providing full reasoning behind every prediction.
About OKRA
At OKRA we are fostering a new generation of Artificial Intelligence (AI) solutions that support the healthcare ecosystem. Our solutions are implemented by top pharma companies throughout the product pipeline to empower employees in decision making around complex problems.OKRA's AI solutions are translating large clinical, scientific and commercial data sets into actionable insights that employees in life science companies can easily query at their desks or whilst on the move.
We believe that for AI to truly empower people, the insights presented must be explainable and instil confidence when driving action. Our suite of products have been built in partnership with top life science companies, with a focus on empowering the people to take action.