According to Decrypt, pharmaceutical giant AstraZeneca has announced the spin-off and launch of a new digital health company called Evinova. The company will operate independently within the AstraZeneca ecosystem and aims to accelerate medicine development using digital solutions. AstraZeneca CEO Pascal Soriot believes that Evinova's combination of scientific expertise and track record in developing AI-enabled digital technologies at scale can improve patient care, drive healthcare transformation, and reduce carbon emissions.
The digital health market, which includes wearable devices, remote care and telemedicine, smartphone applications, and virtual or augmented reality, is projected to be worth $900 billion by 2032. AstraZeneca claims that nearly 80% of clinical trials fail due to the time and expense required to conduct them, with the average time between trial start and final approval being over seven years. Evinova's initial focus will be on designing and running clinical trials, with backing from clinical research organizations Parexel and Fortrea.
Artificial intelligence has become mainstream across multiple industries, including medicine, education, and defense. Tech giants Microsoft, Google, Amazon, and Meta have invested heavily in AI over the last year. Evinova believes that AI can speed up the process of designing studies, automating cost calculations, and determining trial feasibility based on regional and historical data. AI can also speed up the decision-making process, potentially reducing the time and cost of clinical trials.
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