Formedix on demand services
The magazine described On Demand Services as “a step forward in how firms think about purchasing software… it combines useful services with an innovative payment system in Formations,” heralding the new token-based approach as “a unique proposition in the clinical trial world.”
It puts Formedix among esteemed company – other companies recognized in the issue include web giants Google, global pharma firm Merck and genetics biotech 23andMe.
Formedix On Demand Services is the world’s first set of browser-based clinical trial automation tools. A step forward in how firms think about purchasing software, it combines useful services with an innovative payment system in Formations: a token-based “Formedix currency” allowing the purchase of any Formedix software.
Formedix creates software that automate manual tasks from the clinical trial process. It also helps drug developers conform to CDISC standards, which are set to become mandatory for new drug submissions to the FDA and Japanese PMDA from 2016 onward. By cutting inefficiencies from the clinical trial setup and submission processes, drug companies save money and reduce the amount of time a drug spends in development, bringing drugs to market more quickly and therefore increasing return on investment.
Currently, the company’s main products are Origin Study Modeller, a study design tool, and Origin Submission Modeller, a dataset design tool.
The idea of Formations, a digital Formedix currency, was conceived by Formedix CEO Mark Wheeldon on a flight home from San Diego in 2011. He is always thinking about convenience and how to make software easier to access and use, how to reduce the time it takes to negotiate named-user licenses, and how to cut down procurement cycles.
Formations are a unique proposition in the clinical trial world. Formedix customers don’t buy user licenses; they buy Formations. Then they use those Formations to access the full range of Formedix software and services, both online and offline. It means not paying for software that they are not using. It means users can purchase discrete services when they need them. And it means that customers can access the tools they need to convert, publish and validate their data anywhere: on any computer connected to the internet.
The basis of Formedix On and Formations is to revolutionize the way companies look at clinical trial software and, ultimately, the way trials are run. Instead of lengthy procurement cycles and outdated end-user licenses, Formedix On users have access to the tools they need via a simple signup process.