In the next few years, the first question an investor or business development executive will asks is, 'Is there an iReport on this product? '
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Salt Lake, UT (PRWEB) August 2, 2007
INCITE WORLD (http://www.inciteworld.com) announces the launch of iReports, intelligent evaluation of life science innovations that ultimately will lead to the development of new medical products.
"In the next few years, the first question an investor or business development executive will asks is, 'Is there an iReport on this product? '" says Bill Pagels, PhD, Executive Director, New Innovations for INCITE WORLD, a Utah based company that provides medical expert consultant support to life science companies and investors, "The primary exit strategy for investors is acquisition, followed by IPO's according to a report by Thompson Financial and the NVCA. This means that companies with innovative pharmaceuticals, biologics, medical devices, or diagnostic products must be as prepared for both sustainment and a high level of growth."
The company, INCITE WORLD, uses a "virtual company" of ex-big industry executives and experts based on the east and west coasts to review the potential strengths and weaknesses of pharmaceutical, biotechnology, medical device, and diagnostic products that support busy industry business development departments and investors using real world scenarios. These scenarios review scientific platforms, medical rationale and protocols, product development, clinical trials, engineering studies, manufacturing costs, regulatory, and personnel burn rates in addition to pricing and reimbursement issues to determine profitability and likelihood of insurance acceptance.
"Investments and exits are made based on risk assumptions. In the highly regulated and evolving life science sector, the risk can be tremendous. By using a highly skilled team that evaluates the entire critical path of development, there's greater understanding of the scientific strength, medical viability, burn rates and revenues associated with new medical innovations. Supporting the team are thought leaders physician specialists in each therapeutic specialty." says Jayme Norrie, Chief Strategic Officer, "So, for the investor or new innovator, we provide the same rigorous analysis that large industry does. For the first time, investors and emerging life science companies have iReports available to them. These in-depth analyses provide a better indication of the company's potential to be purchased, license their product, or make it on their own as a public company. More importantly, an iReport will uncover weaknesses in product design or strategy that can be eliminated much earlier in the process."
The model was created to strengthen the investments made in healthcare and continue to build investor confidence to fund better medical technologies. This is important because of the vast number of investment options available to investors and companies interested in strengthening their pipelines with externally developed medical innovations. New technologies such as stem cell therapies, genomics, biologic products and other advances can receive more funding based on the better results and success of all therapies and healthcare products. Ultimately the information provided in the INCITE WORLD iReport will help provide additional access to new, better, and safer medical innovations for the next generation. Examples of the most typical reports can be seen on the INCITE WORLD web-site, http://www.inciteworld.com.
"Our logic is that a single, experienced team of experts reviewing the entire path from early stage development through commercialization can provide higher quality analysis than those coddled together using interviews and analysis by finical experts who have never worked in these industries," says Prakash Kulkarni, PhD Executive Director of Pharmacogeonomics for INCITE WORLD, "If the life science community as a whole raises the bar on what they move forward with, both internally and in economic partnership with external decision makers, we can guide the process to new, safer, and better targeted therapies. And we can bring new innovations, with meaningful patient benefit, to the patients who need them faster."
About INCITE WORLD
INCITE WORLD began as a "virtual" company providing expert consultant service to pharmaceutical, biotechnology, medical device, and diagnostic companies. A trend in the life science industry, virtual companies typically refer to those who are developing medical products and drugs who keep overhead costs down by using consultancies and other suppliers for performing workflow projects such as clinical trial management, regulatory affairs management, and marketing. INCITE WORLD has developed a cadre of experts in all of the functions required for these companies and serves clients with either a single consultant or a whole cross-functional team. However, they do not have medical innovations internal to the organization.
INCITE WORLD has two divisions: INCITE Expert Support and INCITE Investments, which has developed the new model for life science innovation analysis. The company model is meaningful and synergistic as companies look for experienced talent and investors seek consultants and managers for funded innovations. INCITE WORLD, through its one of a kind model is poised to access strong partnerships for emerging innovations, support funded products with experts without increasing overhead, and provide economic benefit to the life science community as a whole.
Chief Strategic Officer