Pranay Madan, a 2015 Keck Graduate Institute (KGI) alumnus from the Master of Business and Science program, recently launched DeciBio Analytics, a subsidiary of DeciBio Consulting. DeciBio Analytics develops business intelligence and analytical platforms for the precision medicine industry.
Having worked on the strategy consulting side of DeciBio, Madan noticed that many client projects had the same underlying questions. He and his team decided to leverage the experience in systematically solving these projects to build platforms that could assist a larger number of clients at the same time.
“Our mission is to offer data-driven platforms to accelerate innovation in the precision medicine landscape,” said Madan.
At DeciBio Analytics, Madan has led the development of solutions that enable clients at precision medicine companies to address their unmet needs through their commercialization journey, from early stage market assessment to tactical sales.
The first product, the BioTrack, has been deployed for early-stage qualitative market assessment and landscape tracking. BioTrack accomplishes this by combining data from sources such as press releases, research papers, and clinical trials. This data can be used to detect market trends or the latest research developments, depending on the client’s goal.
The second product, the MarketBook, provides a quantitative outlook on the industry.
“The platform deconstructs revenues of more than one hundred life science companies and rebuilds the market from the ground up into consistent, granular subsegments,” said Madan. “It helps our customers understand their relative market share, what segments are gaining traction in new and emerging markets, which customer segments are driving growth, what products are doing well, and which application areas are driving adoption.”
A third platform called Dexter connects companies to a network of life sciences advisors who provide insights needed to launch a product or analyze the market.
“On a typical consulting engagement, we carry out primary research campaigns, talking to the stakeholders to understand their pain points and unmet needs as well as emerging trends,” said Madan. “Previously, finding the right stakeholders was time and resource intensive. Doing so is especially challenging in these niche areas and subspecialties within genomics or personalized medicine, so we created this online marketplace.”
Dexter, which Madan compares to an Uber for the life sciences, allows DeciBio Analytics customers to outsource services to outside experts, automating the research process.
Finally, DeciBio Analytics offers a platform geared toward marketing and business development teams, The Discovery Portal, which helps clients analyze their industry’s landscape by collecting data from publications, clinical trials, and conference abstracts. Using this data, they can detect trends such as authoritative researchers who are publishing a lot on their chosen topic and form impactful collaborations with these researchers.
“Our customers use this product for both strategic planning and tactical sales purposes,” said Madan.
Madan credits KGI for providing a solid education in scientific research, the regulatory and financial side of product development, and the diverse aspects of the healthcare industry.
“KGI has helped build the foundation for my success in consulting and as the head of DeciBio Analytics,” said Madan.
“The fact that most of the KGI experience is team-based and addresses real-world business challenges helped me understand different perspectives and the importance of providing clients with insights and answers to their specific needs.”
This knowledge enabled him to define his own approach and maximize productivity of his team while respecting individual working styles. Efficiency is essential in the fast-moving industry of precision medicine.
“With the advent of precision medicine and genomics, more tailored and personalized medicines are available to patients,” said Madan. “So our job as stakeholders in this industry is to ensure that the research is commercialized efficiently. Those efficiencies cause personalized therapies to reach patients more quickly. Precision medicine will become the standard of care. It’s just a question of when and how fast it’s going to get adopted.”