Healthcare
We got an exclusive look at the pitch deck that Medable, a healthcare startup backed by Blackstone and Tiger Global, used to raise $304 million
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- Medable wants to change the way clinical trials are done by letting people participate from home.
- It says it’s conducted over 125 decentralized trials in over 60 countries.
- See the presentation the company used while raising $304 million from Blackstone and Tiger Global.
Medable is a healthcare startup that wants to change how clinical trials are run.
People who want to sign up for clinical drug trials usually have to travel to specific clinics or labs and live in the same area, said Dr. Michelle Longmire, Medable’s cofounder.
“Clinical drug development is broken. It’s not being done in the right way,” Longmire said, adding that these trials are “extremely costly,” take an “extremely long time,” and lack racial and gender diversity.
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Medable says it helps run decentralized clinical trials by using software that allows doctors to follow up and check on patients virtually rather than having them come to central locations like labs or hospitals.
By bringing the drug-trial process online, Medable hopes to reduce the high cost of bringing new drugs to market while improving the quality of trials.
The startup recently partnered with Tufts University’s Center for the Study of Drug Development to research the cost-effectiveness of these kinds of trials, many of which took place during the COVID-19 pandemic. The report found that the net financial benefits of virtual phase-two and phase-three trials, like shorter trial periods, were up to 14 times the cost of investing in the software.
Medable’s cost-saving data also caught the attention of the investment heavyweights Blackstone and Tiger Global, which co-led the startup’s $304 million Series D round in October along with GSR Ventures, an existing investor.
That was Medable’s fourth round of funding in 18 months. Medable has raised $521 million including this latest round, which valued the company at $2.1 billion.
Longmire told Insider it was exciting to see how far Medable had come since the days of doing “pitch-contest all-nighters” with Stanford students.
Check out the 18-slide pitch deck Medable used to raise $304 million. Some information has been redacted.
Medable is a healthcare startup that facilitates decentralized clinical trials for new treatments.
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Medable’s CEO, Dr. Michelle Longmire, is a licensed dermatologist, and her cofounder, Tim Smith, is a cloud-computing expert. The other team leaders have backgrounds at companies like Tesla and Google.
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Longmire said Medable is trying to solve four key problems with the traditional clinical-trial model: lack of participation, high costs, lengthy trials, and lack of patient diversity.
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Medable said the COVID-19 pandemic led to more investment in virtual clinical trials.
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Longmire said that Medable was founded before the drug industry leaned into virtual trials and that the team has been virtual from the start.
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Medable’s customers include large clinical-research organizations like PPD and pharmaceutical companies like AstraZeneca.
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Factors like getting access to patients and making sure their data is secured make running clinical trials challenging. Medable says it’s conducted over 125 decentralized trials in over 60 countries in over 60 languages, giving it a head start over its competitors.
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Medable’s cloud-based software lets patients and medical providers access data remotely.
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Medable’s apps and web portals let patients input their results and other relevant data for physicians to look over.
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The company says its methods are more streamlined than those of traditional clinical trials.
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A key part of Medable’s presentation is demonstrating how well it’s doing. Medable shared a redacted version of its slide with subscription revenue.
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Medable also demonstrated to investors that it had committed annual recurring revenue, showing consistent partnerships with pharmaceutical companies.
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Longmire said Medable’s bookings had increased in the first quarter of 2021.
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Medable also laid out its key performance indicators, which showed how competitive it was with different industry leaders, Longmire said.
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Medable says it can increase the return on investment for drug manufacturers fivefold in phase-two trials and 14-fold in phase-three trials.
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Source: Tufts and Medable
Longmire said Medable shared its operations costs and revenue with its investors to show how inexpensive its clinical trials are compared with traditional trials.
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Medable says it can reduce the time it takes for a drug to come to market.
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Medable rounded out its presentation by saying thanks and showing a view of its decentralized-trial software.
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