Nicole Baker, biologit
Artificial intelligence powered productivity software for drug safety professionals dealing with high volumes of medical abstracts
What problem are you solving and what is innovative about your approach?
No matter how much R&D on new drugs is carried out, only after market launch will many unanticipated problems emerge. Drug companies have a statutory duty to monitor these reports in medical literature on a weekly basis. Handling high volumes (over two million per year) of medical abstracts can be laborious and expensive, especially given that only 2% of articles are typically relevant.
biologit was founded by a drug safety professional with a deep insight into the practical problems that this day-to-day literature monitoring task causes. biologit has developed an AI software tool that automates major portions of the drug safety workflow, scanning abstracts and identifying only the most relevant articles for further scrutiny.
We have refined our product concept by working alongside 20 pilot pharma companies on their real-world tasks. The AI models have been rigorously tested across a variety of cases, thus by now the tool is successfully drug agnostic. This makes it easier for companies to integrate our tool into their unique workflows.
How is this idea commercially attractive?
We estimate that pharma and biotech companies spend over $2bn per year on medical literature monitoring. Since data volumes are increasing by 20% per year, expenses continue to rise.
The pharma industry and regulators have long anticipated and discussed the beneficial impact and risks associated with AI. Clear market adoption rules should mean that patient safety is not compromised by endorsing and validating AI software in a controlled manner.
Our AI-powered software-as-a-service (SaaS) tool can reduce the time that drug safety professionals spend on medical literature monitoring by 40%. As a small team listening intensely to our customers, we have also been able to incorporate many additional refinements into the workflow.
Biologit delivers market ready advanced AI software to a large global industry frustrated by the time and expense of dealing with manual processes.
What do you hope to achieve by participating in Big Ideas?
We are currently fundraising to expand the team prior to launching a validated SaaS commercial product in mid-2021. Larger pharma and contract research organizations are also hungry for cost-effective new tech ideas.
We hope to publicise biologit both to investors and pharma industry participants, delivering substantial rewards to both audiences.