Scientist.com is set to acquire HealthEconomics.Com, the world’s leading connected community for health economics and outcomes research, which the company announced on Dec. 15.
The acquisition is expected to be completed in January, according to Scientist.com, and the deal “reflects Scientist.com’s mission to empower and connect scientists worldwide and HealthEconomics.Com’s mission to create a connected global community focused on improving patient outcomes.”
Making It Possible
Think of Scientist.com as the Amazon marketplace for life science research. This local company is changing the way the industry conducts research digitally and this deal marks a positive sign for the business.
The company, which is headquartered in Solana Beach, is a research marketplace for the biopharma industry. While this description is fairly straight-forward, it is accompanied by the ambitious mission statement: “Our mission is to make it possible to cure all human disease by 2050.”
Founder and CEO, Kevin Lustig, said this is more than just a lofty goal and it is essential to understanding the company’s expansion during a time when research innovation is booming.
“When we are talking about curing all human disease, it’s about making it possible by putting together a platform that becomes a one stop shop for brilliant scientists to use to run their entire company,” Lustig said.
Streamlined Tools for Scientists
Scientist.com’s acquisition of the 25-year-old, private US-based company, HealthEconomics.Com, will combine the two platforms to help researchers evaluate and purchase the health economics and outcomes research (HEOR) and real world evidence (RWE) that are required to develop cost-effective medicines.
“The healthcare and pharmaceutical industries are increasingly using value-based approaches to evaluate new and existing therapies; Patti and her team at HealthEconomics.Com are the pioneers of this fast-growing area,” said Lustig.
When it comes to the life science industry’s approach to research and drug development, Lustig told the San Diego Business Journal, “we are spending the money already, but we are spending it the wrong way.” The Scientist.com online marketplace is also aimed at saving scientists time and money by streamlining their search for outsourced, vetted research tools.
Taking Notice of Digital Possibilities
The San Diego company has an artificial intelligence enabled platform that allows researchers to search for the most appropriate models for their drug discovery projects, and receive fast results. Lustig said it also saves scientists time because the platform offers pre-established supplier legal and finance agreements.
In spite of the coronavirus pandemic, Lustig said Scientist.com has actually seen significant growth and the company had its first $30 million sales month in April.
A positive result he has gleaned from the past few months is how the biopharma industry is taking notice of the Scientist.com digital platform and embracing the new possibilities.
“The net result has been that we’ve had more meetings with senior executives,” Lustig said of the past few months. “The pandemic has helped them see that this particular change is in their rear-view mirror and they are finally embracing it — they didn’t get it before!”