Genpact Accelerates Strategy to Establish New Industry Standard for Pharmacovigilance Using AI and Machine Learning Technologies
NEW YORK, June 11, 2018 /PRNewswire/ -- Genpact (NYSE: G), a professional services firm focused on delivering digital transformation, announced that it has signed a definitive agreement to acquire Commonwealth Informatics, Inc. (CI), a market-leading provider of cloud-based drug safety analytics products and services for medical research and healthcare delivery headquartered near Boston, Mass. Terms of the deal were not disclosed. This transaction is not expected to be material to current year financial performance.
With this acquisition, the Genpact pharmacovigilance artificial intelligence (PVAI) suite of capabilities is expected to be the first in the industry to establish a closed-loop, machine-learning system across the entire pharmacovigilance information value chain. Incorporating the Commonwealth Vigilance Workbench (CVW) software and the deep expertise of the CI team, Genpact will enable life sciences companies to establish a new approach for pharmacovigilance - one which leverages the wealth of available data in an effort to better predict and prevent adverse effects of medicines and thereby protect patient safety, while at the same time improving data quality and operational efficiency.
Genpact's PVAI capabilities incorporate natural language processing and machine learning techniques to reliably and accurately extract and process adverse event data from unstructured and partially-structured source documents. The integration of CVW with Genpact's PVAI offering for automated and intelligent case processing is expected to create a pharmacovigilance system that continually learns from the wider healthcare delivery ecosystem, accelerates and enhances signal detection and evaluation, and better protects patient safety.
Commonwealth Informatics is led by a widely-respected services and development team whose products and services span signal detection, signal evaluation, risk assessment, benefit-risk assessment, and population health informatics. CVW consists of a set of integrated modules that are delivered via a software as a service model. Commonwealth Informatics developed the modules in close collaboration with leading pharmacovigilance teams within pharmaceutical companies and regulatory agencies. The modules provide support for generating and assessing evidence from individual case safety reports, clinical trial data sets, and electronic health records. CVW is used by life sciences and biotech companies, healthcare providers, and government agencies such as the U.S. Food and Drug Administration (FDA) and the UK Medicines and Healthcare Products Regulatory Agency (MHRA).
"With the integration of Commonwealth Informatics' ground-breaking signal management solution into the Genpact PVAI suite of capabilities, we can better help life sciences companies achieve end-to-end transformations of their pharmacovigilance operating models, serving as their single go-to partner," said Balkrishan "BK" Kalra, business leader for Life Sciences and Healthcare at Genpact. "We believe that our enhanced PVAI suite has the potential to be revolutionary in its impact across the industry, shifting resources from transaction processing to analyzing the effects of medicines on public health. Genpact's PVAI offering is currently being implemented by a number of large pharmaceutical companies, including a top-five global pharmaceutical leader. With the added capabilities from CI, we are excited to provide a comprehensive solution capable of transforming pharmacovigilance."
"Commonwealth Informatics is thrilled to join forces with Genpact and combine our software and expertise in close collaboration with our customers to create the future of pharmacovigilance systems," said Geoffrey Gordon, founder and president, Commonwealth Informatics. "We are also excited to use this strong foundation as the basis for future work with healthcare organizations to close the loop and realize the full potential of a learning healthcare system."
Genpact currently serves the majority of the top global life sciences companies, helping pharmaceutical and medical devices companies pursue global growth, achieve cost reduction, increase speed to market, and improve regulatory compliance by providing a range of digital solutions, analytics services, and business process transformation expertise. Interested parties may learn more about Genpact's services for life sciences companies here.
About Commonwealth Informatics
Commonwealth Informatics is a technology and services company with industry expertise in medical product safety and public health surveillance. Pharmaceutical and biotechnology companies, government agencies, and healthcare providers use Commonwealth's products and services to assemble relevant data and answer complex clinical and safety analysis questions quickly and accurately. Learn more about the innovative products and services that are helping to improve the speed and accuracy of pharmacovigilance evidence generation at https://www.commoninf.com.
Genpact (NYSE: G) is a global professional services firm that makes business transformation real. We drive digital-led innovation and digitally-enabled intelligent operations for our clients, guided by our experience running thousands of processes for hundreds of Global Fortune 500 companies. We think with design, dream in digital, and solve problems with data and analytics. We obsess over operations and focus on the details - all 78,000+ of us. From New York to New Delhi and more than 20 countries in between, Genpact has the end-to-end expertise to connect every dot, reimagine every process, and reinvent companies' ways of working. We know that rethinking each step from start to finish will create better business outcomes. Whatever it is, we'll be there with you - putting data and digital to work to create bold, lasting results - because transformation happens here. Get to know us at Genpact.com and on LinkedIn, Twitter, YouTube, and Facebook.
This press release contains certain statements concerning Genpact's future expectations, plans and prospects that constitute forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those in such forward-looking statements. These risks, uncertainties and other factors include but are not limited to our ability to successfully consummate or integrate strategic acquisitions, our ability to manage growth, our ability to implement and derive revenues from new service offerings, as well as other risks detailed in our reports filed with the U.S. Securities and Exchange Commission, including Genpact's Annual Report on Form 10-K. These filings are available at www.sec.gov. Genpact may from time to time make additional written and oral forward-looking statements, including statements contained in our filings with the Securities and Exchange Commission and our reports to shareholders. Although Genpact believes that these forward-looking statements are based on reasonable assumptions, you are cautioned not to put undue reliance on these forward-looking statements, which reflect management's current analysis of future events and should not be relied upon as representing management's expectations or beliefs as of any date subsequent to the time they are made. Genpact undertakes no obligation to update any forward-looking statements that may be made from time to time by or on behalf of Genpact.
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