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 Draper & Dash 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, Draper & Dash 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 Draper & Dash. “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, Draper & Dash 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.
Major pharmaceutical contracts already won
The firm has already won several global master service agreements with major international pharmaceutical companies. It is now looking to expand as rapidly as possible, and will use the loan to increase its investment in research and to recruit life sciences specialists and development experts, who will further accelerate the company’s growth.
“Draper & Dash has identified a new market to add to a proven core business,” says Kerry Barron, senior investment manager at BOOST&Co. “This deal is an excellent example of a business recognising that it could flex and expand into a new market and using growth funding to do it. We are thrilled to support the team and look forward to witnessing their success in the coming months and years.”