RwHealth Wins £2m Loan To Disrupt Global Pharma Market Via Rapid Growth
Life sciences firm that uses data to fight disease will use the investment to expand its expert team and data capabilities
The ability to predict the future is a superpower that is usually reserved for the plot of a science-fiction novel, but with the backdrop of 2020 behind us, the ability to predict realistic healthcare outcomes could perhaps be one of the world’s most valuable tools. Now, the predictive artificial intelligence specialist RwHealth is making fantasy a reality, with the support of a £2m investment from BOOST&Co.
The company has been working with healthcare providers across the globe since 2015 to streamline processes and deliver increasingly positive health outcomes. Using artificial intelligence and machine learning, RwHealth works with clients such as the NHS to isolate and analyse data from their existing healthcare systems. By implementing predictive analytics, the business is then able to offer a service that goes beyond recognising and reporting trends: it is able to identify health patterns before they actually emerge.
Predictive capabilities improve healthcare outcomes
The forward-thinking firm’s proprietary software can process several years’ data, recognise emerging trends and make suggestions for relevant actions, offering insight into the potential results of different decisions. What’s more, once the system is in place, predictions and outcomes improve over time, through the use of machine learning.
“Covid-19 is an easy example to default to, now that we are all familiar with the impact of the pandemic on the NHS, and our product suite does include an application that many hospitals have been using to manage demand and capacity in the past year,” says Chris Williams, chief financial officer at RwHealth. “However, this technology also enables us to assess increasing A&E admissions, identify bed-blocking and improve other issues that affect the overall flow through a hospital. Ultimately, this means more people can be treated, with better outcomes, at a lower cost.”
Using a loan to target a new market
Having built on the success of its proposition in the healthcare sector, RwHealth will now use a £2m investment to expand its operations into the pharmaceutical market, in recognition that its predictive analytics capabilities can have a significant impact on patient safety, efficacy and overall real-world evidence provision.
“The pharmaceutical industry is always looking at how it can improve drug development, from time-to-market to the generation of real-world evidence that proves a drug is effective and safe,” Williams explains. “We’ve seen elements of these challenges in the press during the past 12 months, concerning the Covid-19 vaccines.
“As an established data science business in the health sector, we have commercial partnerships in place with a number of health systems to access multiple de-identified sources of data, with full patient data protection in place. This means we can use our technology to identify disease patterns and profiles; in turn, this accelerates drug development and time to market,” Williams says.
The CORS Solution
Core findings from RwHealth’s Learning from Deaths Clinical Outcomes Workshop covered multiple issues and solutions. Attendees, facilitators and the RwHealth team identified how the increased emphasis on avoidance, rather than structured reviews of care proved detrimental to quality review delivery. Further, they noted how several logistical challenges, such as temporary care notes, revealed a great need for digital tools and overall support.
These hindrances manifested a critical need for solutions like RwHealth’s CORS platform, which could address: the reduction mortality review forms submitted, reduction in ME office, significant backlogs of required reviews, and limited resources. Tools like CORS are necessary in supporting reduced elective activity, late presentation and difficulty in analysing mortality data.
RwHealth’s CORS was developed with the aim of providing all Trusts with an easy to use and dependable way of reviewing mortality. Equipping hospitals and health systems with the tools to properly review clinical processes and outcomes is key to ensuring the same mistakes are not made again. By ensuring that healthcare providers can easily access necessary analytics pipelines, CORS can help health teams improve patient outcomes and, ultimately quality of care.