30 Fastest Growing Private Companies To Watch 2017
The Silicon Review
The healthcare industry has struggled to keep pace with other industries in being data and insight driven. Data sets are typically large, non-standard, and wrought with compliance, governance, and oversight challenges that make the process of analyzing and gaining insight from these data sets all the more difficult. Patient level data, wearables, telehealth, and IOT data have recently come on the scene and further enhanced the opportunity to gain insights, but at the same time added complexity. New regulations around data security and privacy are the icing on the cake. RxDataScience is a software solution provider which offers a uniquely powerful BI and analytics platform and purpose built analytics applications to help pharmaceutical and healthcare organizations realize their data-driven aspirations.
The Company Spotlight
RxDataScience is a New York based big data analytics Software Company aimed at providing better solutions to manage health care data. Founded in 2016, it aims at linking healthcare datasets at scale and processing the data with a big data analytics solution previously only used in realtime global stock trade analysis. The solutions which it builds are based on proven advanced analytics and machine learning technologies. They are used to drive breakthrough innovations in pharmaceutical and healthcare industries. With a talented team of data science and product development experts, it surfaces smarter data driven business decisions for its customers.
Origin of the Company
RxDataScience is known for its unique data science software solutions for pharmaceutical & healthcare companies. The company came into existence in 2016, with some of the team having implemented the technology at a mid-sized pharma manufacturer 3 years earlier. The technology was evaluated alongside the usual analytics platforms like Hadoop, Spark, SAS, Oracle, Teradata and SAP, and found to be 100x faster, at only 1/4 of the cost, and delivery in half the time. After building pharma-specific solutions and presenting at several industry conferences, the core team saw a clear market opportunity, and later formed RxDataScience.
Nothing Ventured, Nothing Gained
Like every startup, RxDataScience has had to take on challenges. While some clients embraced the idea of a faster and cheaper analytics platform as a service, others needed more specific help with tightly defined business problems. With its innovative technology, RxDataScience began building exploratory applications with it’s platform and data science/machine learning expertise baked in. Now RxDS offers a complete product suite across the pharmaceutical value chain from discovery research, to clinical trials, pharmacovigilance, project management, sales and marketing, manufacturing, and quality control/quality assurance. CMS OpenPayments Analytics, Data Prep ETL Accelerator, Cohort Builder, Rare Disease Patient Finder, Managed Care Analogues, Adverse Events Analysis, and Patient Journeys are few examples of the applications built by RxDataScience.
Best of Both Worlds
Electronic Medical Records (EMR) is becoming widely popular as healthcare professionals realize the inherent benefits of storing patient data in an electronic format rather than on traditional paper charts. This digital transformation has greatly enhanced the accuracy and amount of patient information and facilitated the exchange of patient data between all who are involved in the patient’s care. RxDataScience’s objective is to make a difference in the healthcare using big data analytics. The focus is on applying advanced predictive statistical techniques to either very large or very complex healthcare data sets, or both. This enables the business analysts and non programmers alike to extract business value from the healthcare data. The technology that the company deploys is also a relief for the innumerable patients who depend on the healthcare centers. By using data science and healthcare data, the patients can get access to the right medicines and therapies that improve their medical condition at the lowest possible cost. The ability to manage and leverage data to pharmaceutical and healthcare companies across the world is yet another factor that contributes to its big success.
Rendering Solutions and Services
Big data and data analytics are two emerging trends in any industry. RxDataScience makes use of these technologies to offer an innovative turn-key BI and Analytics-as-a-Service platform (on the cloud or on premises). This includes both software and services. It concentrates on three types of solutions; building a suite of purpose-specific SaaS application solutions, delivering an innovative analytics-as-a-service platform (cloud or on premises), and enhancing solutions with a data science consulting practice. In addition to the analytics-as-a-service, the company also offers consulting solutions for its clients. Data Science Consultancy services will be provided for customers who are seeking to augment their own talent with on and offshore consulting, as well as to service those having a hard time finding and retaining talent in this new and growing field. With the newly discovered technologies and services, the company is trying to break new ground in the healthcare industry.
The customers tale
“RxDataScience offers a suite of applications with advanced analytic capabilities for a broad set of business needs” - VP, Worldwide Analytics, Global Pharma Company.
“What they do better than anyone, we have seen, is link large healthcare datasets at scale” - VP, Analytics, Major Pharmaceutical company.
Blazing the Trail
Larry Pickett, CEO and Co-founder: Larry A. Pickett, Jr. is former Vice President and Chief Information Officer at Purdue Pharma LP, a pharmaceutical company located in Stamford, CT. He is a founding member of the Westchester/Fairfield chapter of the Society for Information Management and served as an officer of the Pharmaceutical Information Systems Association, an association of CIOs in the pharmaceutical industry. He has served on committees within the Pharmaceutical Research and Manufacturers of America (PhRMA) and other life sciences customer and vendor advisory boards such as SAP, SAS and Microsoft. In addition to the CIO role at Purdue, Larry held senior IT positions with Merck, Glaxo, and GE. He earned his Bachelor’s degree from the University of North Carolina at Chapel Hill and MBA from the University of North Carolina at Greensboro.
“Our vision is to apply data science to healthcare data to improve patient lives worldwide”