In this engaging discussion, Alex Telford, Co-founder and CEO of Convoke, dives into the pivotal role of forecasting in biopharma development, emphasizing its strategic importance in preclinical stages. He also highlights the transformative potential of technology, such as natural language processing, to reshape data analysis and improve collaboration in the industry. Alex shares insights on bridging the gap between biotech and tech cultures, the necessity of a writing culture in growing companies, and the value of diverse reading habits for industry professionals.
Convoke aims to enhance biotech capital efficiency by integrating rigorous commercial assessments early in the drug development process.
The automation of commercial data analyses through NLP technologies can significantly reduce labor costs and improve insight quality.
Emphasizing dynamic tools for real-time knowledge sharing, Convoke seeks to foster collaboration and informed strategies across drug development departments.
Deep dives
The Vision for Convoke
The core vision of Convoke is to enhance the capital efficiency of the biotech industry by focusing on the commercial assessment phase of drug development. This involves creating rigorous commercial analyses that consider unmet medical needs, competitive landscapes, and drug pricing, which are often labor-intensive and costly under traditional practices. Such assessments are critical in deciding whether a drug's commercial potential merits the investment of time and resources, especially when many companies postpone these analyses until late in the development process. By integrating commercial inputs early, Convoke aims to foster improved decision-making that can ultimately streamline the drug development process.
Identifying Inefficiencies in Biotech
Alex highlights significant inefficiencies within the biotech and pharmaceutical sectors, particularly emphasizing the excessive manual labor involved in compiling commercial analyses. He points out that the need for frequent updates, data reconciliation from diverse sources, and the loss of past reports due to staff turnover contribute to duplicative costs. This practice often leads to missed opportunities or misguided decisions late in the development cycle when it's too late to pivot. The emphasis on resolving these inefficiencies is central to Convoke's mission, proposing a shift in how commercial analyses are generated and reused.
Leveraging Natural Language Processing
Natural language processing (NLP) technologies have evolved considerably, and Convoke seeks to harness their potential to automate and enhance the analysis of commercial data. With advancements exemplified by large language models like GPT-3, it becomes feasible to automate tasks traditionally handled by human analysts, thereby reducing the labor costs associated with generating commercial insights. By streamlining the extraction of meaningful information, Convoke aims to improve the efficiency of market analysis significantly. This shift not only aligns with decreasing costs but also aspires to enrich the quality of insights that can guide strategic decisions in drug development.
Improving Collaboration and Knowledge Management
Convoke envisions a future where scientific and commercial decision-making occurs in parallel, fostering a collaborative environment that transcends traditional silos within organizations. The proposal includes moving away from static presentations, like PowerPoint, to dynamic, interactive tools that allow real-time adjustments to clinical development plans during discussions. By leveraging better tools for knowledge sharing, the goal is to alleviate friction in accessing historical data and insights that aid collaboration across departments. Ultimately, improving knowledge management could lead to more informed and cohesive strategies during the drug development process.
Enhancing Forecasting Practices
Forecasting is recognized as a vital component in guiding decision-making during drug development, particularly in how it influences a company's R&D strategy. Convoke advocates for using forecasting as a tool to stimulate critical discussions and identify key revenue drivers, rather than solely focusing on numeric outputs. This methodology encourages teams to explore not just broad market potential but also specific competitive dynamics, helping them determine viable paths for drug development. By integrating robust forecasting practices, Convoke seeks to elevate the strategic considerations made during early product development stages.
