Data MATRIX Partners with Seoul CRO on exclusive terms for South Korea
Data MATRIX signed a partnership agreement with Seoul CRO, one of the leading CROs in South Korea, with both companies’ representatives present at the BIO KOREA Convention from April 17-19. This document signifies a new phase of the Korean pharma industry development with the prospect of advanced IT solutions being integrated into clinical trial practices.
The agreement states that the Russian software developer and data management services provider grants exclusive rights for using its solutions to Seoul CRO, while both companies join their efforts to integrate IT products and cloud services on the local market.
Similar to the Russian clinical trials landscape, many projects on the Korean market are run paper-based. eClinical solutions integration, online data monitoring and automatization demonstrate apparent benefits from the investment and timeline perspectives. “We witness great amount interest from our Korean partners toward our products,” - Data MATRIX Head of Business Development Ekaterina Churzina comments. “It is a very dynamic market with a great growth potential where many success-aspiring companies aim for geographical expansion. Our solutions help to boost their competitive advantage, and in the end, contribute to the success of their business strategy.”
The results of Data MATRIX cases performed for the partners across Russia, Europe and USA demonstrate up to 40% timeline reduction during setup and project closure and up 70% overall budget cut. Besides, Data MATRIX algorithms exclude the possibility of incorrect data entry or data loss and allow to track study progress online which in turn raises both data and study quality.
In addition to the economic benefits speaking in favor of IT products integration into clinical trial practices, there is another major development coming up which will further the process for the Korean market. The industry expects new regulatory requirements which, among other things, will include obligatory use of electronic data capture platforms.
With clinical trials taking up the largest part of the overall drug development costs, advanced solutions not only help companies optimize their study costs, but also generate data according to the international standards. This, in turn, contributes to the export potential and new possibilities for the local companies to enter global pharmaceuticals market.
The collaboration in South Korea will start with two large projects, with 10 more planned for 2020.