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Novartis CEO-designate Vasant Narasimhan wants to leverage digital technology to make cost savings in patient recruitment. The aim is to reduce costs in this field by up to a quarter.
One of Narasimhan’s goals is to revolutionize the field of clinical trials. Up to 25 per cent could be cut from the cost of trials by implementing digital technology. Narasimhan plans to tap into new methods of data analysis and to optimize patient recruitment.
Novartis currently has 200 drug development projects under way and is running 500 trials. Digitalization could therefore have a big effect here, according to the chief executive-designate.
“Right now, on data science, I feel like it’s much more about building a culture and a talent base,” explained Narasimhan, who is planning to acquire artificial intelligence and data analytics companies.
Outgoing CEO Joe Jimenez also believes that there is a promising range of opportunities for recruiting probands. “We’re finding that we’re able to significantly reduce the amount of time that it takes to execute a clinical trial,” he told the “Financial Times”.