PatientMetRx, an AI-powered social intelligence service from UK data tech company Talking Medicines, has been launched, to give the drug brands insights on patient experience on a scale and depth never previously possible.
Specialists in social intelligence for the pharmaceutical industry, Talking Medicines developed PatientMetRx to provide a systematic way of measuring patients’ experience of taking medicines.
Powered by EVA, a proprietary AI machine developed by the company, PatientMetRx combines Machine Learning and Natural Language Processing to capture the voice of the patient from millions of conversations taking place over multiple sources including social media, forums and blogs, mapped to a curated database of 130,000 regulated global medicines. It distils what patients are saying online and more importantly, what they are feeling, into powerful data insights which are fully pharma compliant.
PatientMetRx provides pharma marketeers with a Patient Confidence Score to benchmark each medicine, offering a systematic way of understanding trending patient confidence in their drug brands.
Tracking this Patient Confidence Score enables pharma to accurately measure the effectiveness of marketing campaigns, reduce budgets, improve market competitiveness and deliver better health outcomes for patients, says Talking Medicines.
Talking Medicines was formed in 2013 by a group of entrepreneurs with sector expertise in life sciences, marketing and data tech. Led by CEO Jo Halliday alongside co-founders Dr Elizabeth Fairley and Dr Scott Crae the company, with its HQ in Glasgow, has raised £2.5m funding to date, including a £1.1m funding deal with Tern Plc in November last year.
Jo Halliday, CEO of Talking Medicines (pictured) said: “The pharmaceutical sector spends $30 billion on marketing each year in the US alone* without really knowing if that investment is doing any good. The systematic data driven tools that other industries use to measure customer experience haven’t been available to pharma at scale and the industry has relied on indirect feedback from clinicians, patient advocacy or ad hoc focus groups.
“What we’re able to do with PatientMetRx is de-risk social data collection for pharma by offering arm’s length and agile data collection from wherever the patient is speaking and decoding it to align to medicines. We’re able to do something that has never been done before and make sense of the patient voice once a drug has been launched to generate pharma grade intelligence.
“By using cutting edge artificial intelligence, machine learning and natural language processing models, we’re able provide real time social intelligence in a straightforward and incredibly intuitive way.
“It’s been a glaring omission that medication research hasn’t been able to tap in to the voice of the patient like this but the feedback we’ve had from the industry so far has shown how vital an insight tool like PatientMetRx is.
“Marketing spend can be more efficient, patient outcome will be better.”