Ep 7: AI in Healthcare– Transforming Clinical Trials, ft. TrialKey

Introduction

The problem with many complex tasks in various fields today is that the body of knowledge has expanded to such an extent that no single individual can master it all. This is particularly true in medicine. Despite all the progress in clinical trials over the last two decades, many trials still fail. Currently, there are approximately 350,000 clinical trials conducted globally, but data shows that only a small percentage of these yield successful outcomes. To address this significant issue, trial key has developed an AI model that predicts clinical trial outcomes with remarkable accuracy.

Background of TrialKey

TrialKey was founded to tackle the challenges facing clinical trials by leveraging artificial intelligence. Sor, the Executive Chairman of TrialKey, has a rich background in software engineering and business leadership. He shared his journey of over ten years in sales combined with a decade in technical roles, which equipped him with the skills to lead TrialKey towards its mission. The model utilizes a rich repository of historical trial data accumulated over 20 years to inform decision-making for ongoing trials.

Addressing the Problem

Sor outlined the core problem: the vast amount of knowledge in modern medicine creates barriers for researchers attempting to connect data points across different trials. TrialKey's model compiles knowledge from 350,000 previous trials and allows users to query the model to predict the probability of success for ongoing clinical trial phases. This innovative approach helps researchers not only predict trial outcomes but also refine their methods to enhance success rates.

Market Gap and Business Model

The market gap is clear. Most clinical trials fail, which is a significant drain on resources. In a typical phase two trial, costs can exceed $ 50 million with success rates hovering below 30%. Considering that only a few drugs receive FDA approval annually, the need for a data-driven approach has never been more pressing.

TrialKey built their model by analyzing 250,000 trials and measuring over 1,300 variables that may influence trial success. By refining these variables, they achieve approximately 90% predictive accuracy. Clients of TrialKey, primarily pharmaceutical companies and clinical research organizations, benefit from reduced costs and timeframes associated with trials.

Clientele and Use Cases

TrialKey's first clients included investment funds, interested in using the model to inform their stock purchase decisions in pharmaceutical companies. They operate at a unique intersection, where improving clinical trial prospects also enhances capital allocation strategies in the healthcare market. The recently developed generative model allows clients to create tailored clinical trial outlines that align more closely with successful outcomes.

Compliance and Data Usage

Importantly, the compliance landscape revolves around data sourcing. TrialKey primarily utilizes publicly available data, thereby mitigating potential compliance burdens associated with patient data. This focus supports a growing trend known as Real World Evidence, where retrospective data informs prospective trials.

The Future of AI in Healthcare

Looking forward, Sor is optimistic about the role of AI in healthcare. He envisions a future where drug discovery processes and clinical trials are significantly expedited through advanced AI models. By reducing the number of trials needing human participation, AI could simulate many conditions effectively, thereby refining which trials warrant human testing.

Career Insights and Guidance

In discussing his career trajectory and offering insights for aspiring leaders, Sor emphasizes the necessity of hard work and a focus on one's unique strengths. He encourages individuals to find their core differentiators and to hone these skills over time. For entrepreneurs in healthcare, he advises validating products with minimal investment before scaling, emphasizing the importance of revenue validation through market demand.

As AI continues to evolve in healthcare, the potential to transform clinical trials symbolizes a progressive future, one marked by data-driven insights and improved outcomes.

Keywords

• AI
• Clinical Trials
• Predictive Modeling
• Healthcare
• TrialKey
• Pharmaceutical Industry
• Investment Funds
• Real World Evidence
• Drug Discovery
• Compliance

FAQ

1. What is TrialKey?

   • TrialKey is a med-tech company that utilizes AI to predict clinical trial outcomes with high accuracy.

2. How does TrialKey improve clinical trial outcomes?

   • By analyzing historical trial data and over 1,300 variables, TrialKey provides insight into the probability of success for ongoing trials and suggests improvements.

3. Who are TrialKey's primary clients?

   • TrialKey's clients include pharmaceutical companies, clinical research organizations, and investment funds.

4. What is the significance of Real World Evidence in clinical trials?

   • Real World Evidence focuses on utilizing historical data to guide future trial decisions without relying on patient data, thus minimizing compliance issues.

5. What advice does Sor provide for budding entrepreneurs in healthcare?

   • Sor advises potential entrepreneurs to validate their products quickly, focus on minimum viable product development, and understand the market's needs before significant investments.