30 August 2022, San Francisco — With USD 7 million in venture funding, Power, a user-friendly platform created to increase access to clinical trial studies, announced that it has come out of stealth.
ARTIS Ventures, South Park Commons, and AirAngels also contributed to the round, which was co-led by Footwork and CRV and intended to assist Power advance the way people find and access clinical trials.
A considerable bottleneck in illness research and drug development is caused by 86 percent of U.S. clinical trials being delayed due to a lack of enrolment. This costs the life science system billions of dollars. Even more upsetting: Because of murky procedures and outdated systems, less than 5% of American patients ever participate in a scientific trial that could change their lives.
Co-founder of Power- Brandon Li:
“Clinical trials have traditionally relied on enrolling patients receiving care at significant, renowned medical facilities with active, hands-on support from a doctor or patient advocate. The majority of other patients are dependent on the goodwill of internet users. When Power was founded, one of our major aims was to make clinical trials accessible to all patients who needed to learn more about cutting-edge treatments. It shouldn’t be this difficult right now.”
Co-founder, and general partner at Footwork- Nikhil Basu Trivedi, stated that:
“We believe Power’s platform has the potential to transform how patients engage with clinical studies.” “This will ultimately increase equity in studies by diversifying their cohorts. Trials must include a variety of groups because not every treatment is effective for every demography.”
Patients and research teams can communicate thanks to Power’s open-access platform directly. The business hopes to speed up new medical research while bridging the patient recruitment divide.
Jeff Kindler, a current operating partner at ARTIS Ventures and a former CEO of Pfizer:
“Fewer than 5% of patients participate in clinical trials, despite billions being spent annually on patient recruiting, and it takes 10 to 15 years to bring a new medication to market. This reinforces the already ubiquitous healthcare haves and have nots system . Today, customers may shop for insurance, holiday rentals, and new homes with web portals that compile third-party data. Power is using the same technologies to allow direct access for the remaining 95% of patients who must traverse the clinical trial system on their own.”
More about power:
Patients can easily access clinical trials thanks to power. The Power platform uses proprietary AI to translate complex medical terminology from the trial descriptions into understandable, reliable content. Additionally, the platform links patients and researchers for follow-up inquiries regarding the clinical trials to identify the most appropriate potential cohorts. Power equips patients from various backgrounds with knowledge about clinical trials to seek cutting-edge therapies. It helps clinical trials succeed in reaching a wider range of patients from various backgrounds.
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