February 5, 2024, 2:51 PM EST
Lokavant, the clinical trial intelligence platform company, announces PRIZM™ Clinical Data Hub (CDH), the industry’s source-agnostic clinical data hub to aid decision-making and improve trial performance with predictive analytics. PRIZM CDH acts as a single source of truth by ingesting data from all systems used in a clinical trial (i.e., CTMS, EDC, eCOA, RTSM, eTMF, Safety, etc.). The solution standardizes data in a central platform, enabling study visibility and driving meaningful improvements in study forecasting, study launch, study oversight, participant enrollment and medical monitoring.
Despite a growing interest in artificial intelligence (AI) and an increase in data points, there is still an infrastructure gap. The life sciences industry struggles to harness enough data to fuel AI for practical uses in clinical research. The challenge increases as trials grow more complex and produce more data across more sources, requiring data scientists to aggregate and harmonize these various data sets, each with different lineages, formats and other variables. In fact, the Tufts Center for the Study of Drug Development reports the typical late-phase protocol collects an average of 3.6 million data points, three times the volume collected 10 years ago.
Lokavant’s PRIZM CDH acts as the central data depot for study teams by ingesting data from any source and automatically standardizing it to be used in predictive models. It doesn’t matter if the data comes from Medidata CTMS, Veeva eTMF, or from an internal system. All trial data is harmonized in PRIZM which fuels Lokavant’s platform to provide a centralized view of trial performance in real time. PRIZM CDH enables Lokavant’s platform to provide customers automated reporting and critical early-warning signals when a trial is veering off-track as compared to similar benchmarked studies so companies can course correct.
“The volume and complexity of data involved in clinical trial management is growing rapidly,” said Bill McMahon, Chief Analytics and Digital Officer at Sumitomo Pharma America. “But this data can give an improved understanding of clinical trial execution and quality. The industry needs a reliable solution to distill and standardize all the various data sources to drive improved clinical trial decisions. That is the value of PRIZM.”
PRIZM CDH benchmarks are supported by proprietary historical trial data from more than 2,000 studies involving more than 14,000 investigators, 12,000 healthcare institutions, and real-world data (RWD) sources plus more than 400,000 third-party trials. PRIZM CDH fuels Lokavant’s Clinical Trial Intelligence Platform and predictive analytics applications. The platform enables sponsors and CROs to accurately see real-time trial performance in comparison with similar studies to optimize decision-making. It has already proven a 70x improvement in enrollment forecast accuracy, over $1 million in cost savings from patient retention, and six months' time savings from detecting site noncompliance issues per trial.
“Clinical operations have struggled to keep pace with advances in clinical science,” said Rohit Nambisan, CEO at Lokavant. “As the industry continues to develop specialized indications for niche patient cohorts, we will likewise see significant specialization in data types and sources. PRIZM CDH brings all these data sources together to provide study teams with a single lens on all study attributes, enabling action at the earliest sign of trouble through predictive models.”
Learn more about PRIZM and Lokavant’s AI-powered Clinical Trial Intelligence platform at SCOPE 2024, booth #321. To schedule a meeting at the conference, click here.
Originally published on Business Wire
Lokavant provides clinical trial teams with an intelligence platform that improves the time, cost, and quality of trial planning and execution through data-driven analytics solutions. Lokavant's platform aggregates and integrates real-time data from disparate trial data sources, and powers advanced analytics enabled by its compendium of proprietary trial data. The suite of applications built on the platform allows study teams to proactively manage their studies and surface insights, driving efficiencies in all scientific and operational use cases.