Medidata steams ahead in 2005
management and reporting solutions, benefited from the drive from
paper to electronic technology in clinical trials, picking up
several lucrative contracts and expanding its presence across the
globe to achieve a 181 per cent jump in year-over-year revenue for
2005.
In addition to the introduction of the company's latest software solution, Medidata Rave 5.4, growth in 2005 was fuelled by the securing of 18 new pharma customers, including Bayer Healthcare, CV Therapeutics, Infinity Pharmaceuticals, and Nabi Biopharmaceuticals, and is now working with nine of the top 20 pharma companies in the world.
Medidata also gained further traction with cancer research institutions such as The Elka Best Foundation and the UK's National Cancer Research Network, who is running a pilot program of Medidata's technology - the first nationwide deployment of e-clinical trial technology - funded by the UK's department of health.
It is hoped that Medidata's technology will be extended to five other Department of Health-funded divisions at the completion of the pilot in June.
In 2005 Medidata also continued to build upon its application service provider (ASP) partnership program, enabling contract research organizations (CRO) to implement and use Medidata Rave to conduct clinical trials, with new clients including ICON Clinical Research and PharmaLinkFHI.
Medidata also continued to expand its global reach in 2005, penetrating Asian markets with the opening of a full-service office in Tokyo and co-sponsoring a five-day seminar in Beijing with the Chinese State Food and Drug Administration, focused on increasing clinical trials efficiencies through innovative technology.
To support its growing global customer base and product R&D, Medidata increased its staff by more than 40 per cent during the year.
"Over the past year, we've seen significant growth in enterprise-wide, global deployments. Our technology's flexibility enables both large and small-scale trials to be implemented efficiently without disruption of a client's business process - a critical aspect of successful e-clinical data management in today's market," said Medidata Solutions CEO Tarek Sherif.
"In 2006, we expect to further strengthen our global presence, with particular emphasis in EMEA and Asia Pacific, increase our R&D investment in Rave, and build upon partner relationships, recognising that customers are beginning to integrate EDC into their broader clinical research processes," he said.In recognition of its 2005 achievements, Medidata ranked number four in Deloitte's prestigious Technology Fast 50 Program for New York.
