Parexel boosts RWD network via HealthVerity partnership
Partner companies, such as Parexel, can browse, discover, and license data within HealthVerity’s self-service cloud platform, HealthVerity Marketplace, explained the company’s co-founder and CEO Andrew Kress.
“The real benefit for organizations is the power to link existing datasets within an enterprise to 60 major data sources,” he told us. This includes claims, lab results, biomarkers, device, electronic medical records (EMRs) in addition to grocery and consumer data.
While linking and de-identifying health care data is not new, HealthVerity approaches it ‘a bit differently’ – and 10-times more accurately than the industry average, said Kress.
“Linking health care data with consumer data and media impressions, in a HIPAA-compliant manner, has not been possible until now,” he said.
“HealthVerity leverages probabilistic matching technology to unite disparate patient records with a unique and persistent ID (HVID) that remains consistent across disparate data sources – not only within their data but across every partner in the ecosystem that’s using our software,” explained Kress.
Speaking to the recently announced strategic partnership, Kress said Parexel was looking to build customized RWD solutions to help its customers solve their complex clinical trial needs.
“Clinical trials are incredibly expensive, so increased access to interoperable data can only aid in the research and development of new therapies for patients,” he added.
According to HealthVerity, its technology is currently used by more than 100 health care organizations.
To support its expanding customer base, the Philadelphia, PA-headquartered company in April of this year closed a $25m Series C funding round, led by existing investor Foresite Capital with participation from Flare Capital Partners, Greycroft Partners, and other existing investors.