What You Should Know:
– Parexel acquires healthcare software company Roam Analytics, Inc. to strengthen and enhance Parexel’s pharmacovigilance (PV) services.
– The acquisition provides significant opportunities to apply Roam Analytics’ natural language processing (NLP) technology to further streamline and extract insights from unstructured data.
– Parexel will also use Roam’s AI technology to leverage various data, from clinical notes, medical images, patient surveys, regulatory documents, marketing materials, telemedicine interactions, social media etc. to improve workflows.
Parexel, a provider of solutions to accelerate the development and delivery of innovative therapies to improve world health, from clinical through commercialization has acquired the Natural Language Processing (NLP) technology assets and transfer of key personnel of Roam Analytics, Inc., a healthcare software company based in San Francisco, California. This strategic move will further strengthen Parexel’s commitment to leveraging Artificial Intelligence (AI) and Machine Learning (ML) to drive new innovations across drug development and life sciences. In addition, it will immediately enhance Parexel’s Pharmacovigilance and other Real-World Data capabilities through the application of NLP technology across the company’s various data sets to further streamline and extract insights from unstructured data.
Quantifying Language for Modern Healthcare Companies
Founded in 2013, Roam Analytics’ technology platform enables organizations to leverage any source of healthcare language data, from clinical notes to patient surveys, regulatory documents, marketing materials, telemedicine interactions, social media and more, to improve operational workflows.
“We are extremely proud to join Parexel, with whom we have partnered closely for several years and have a shared mission to improve healthcare for all,” said Lauren DeMeuse, CEO of Roam Analytics. “By combining some of the best minds in natural language processing and drug development, I’m confident we will transform the clinical trial process for Parexel’s customers — at a time when our world needs it the most.”
Leveraging the Power of Natural Language Processing
Natural language processing is a branch of artificial intelligence that helps computers understand, interpret and manipulate human language. Using Roam Analytics’ technology to combine and unlock unstructured data, Parexel is able to augment structured data systems, creating a complete picture of patients and providers.
“Over the course of our partnership with Roam Analytics, its technology has shown exceptional strength and reliability in not only reading a wide range of clinical data sources, but also in annotating and categorizing data for leading life sciences companies that we serve,” said Michelle Hoiseth, Chief Data Officer, Parexel. “By integrating the Roam Analytics’ technology into Parexel’s suite of services, we’ll be able to provide customers with an added level of safety and security and pursue our aim to reduce the time and cost of developing new treatments and get them in the hands of patients sooner.”
Financial terms of the acquisition were not disclosed.