Uncovering Opportunities in the Pharma Patent Landscape
For the pharmaceutical industry, staying up to date with the ever-changing patent landscape holds the key to better strategizing drug development and drug repurposing, and helps save considerable amounts of money and effort. The pharmaceutical industry is known for its high spends in bringing new therapies to market. In the United States alone, biopharmaceutical companies spent $90 billion in R&D in 2016.1 Increasing costs of research, relatively few drug discoveries, and time taken in approval of new drugs have made it necessary for pharma companies to keep a check on patent filings in order to avoid duplicating the work of competitors and thereby avoid unnecessary financial losses.
One key method that pharma companies employ to recognize market opportunities is to monitor competitor patent filings and expiration dates. A thorough overview of the patent landscape provides clear insights into where gaps exist, such as which therapeutic areas need better therapies or new medical devices. With this knowledge, companies can align their goals with legal and strategic objectives and can initiate better drug development and repurposing without stepping on someone else’s intellectual property.
When patent research is carried out with effective use of biomedical terms, drug research becomes more efficient and cost-effective because resources are placed only on developing new drugs and not on duplicating efforts of competitors. The challenge is in making the patent research efficient, however, as the number of filings is continually increasing. Compounding the challenge is that the patent documents are written in complex legal jargon.
Effectively monitoring the pharma landscape to keep abreast of the latest patents together with understanding the legal jargon to generate relevant insights cannot be achieved without powerful, innovative technologies such as artificial intelligence (AI). AI can enable monitoring of patents on the basis of specific biomedical terms, connecting patent and non-patent information to generate useful insights into trends.
Leveraging AI for better patent analytics
Innoplexus reached out to clients in the pharmaceutical industry to identify areas where AI might improve patent analytics. We took these findings and combined technology knowledge with domain knowledge in order to empower pharma to make better use of the vast amounts of freely available patent information .
The solutions we developed reflect our commitment to providing useful insights from life sciences data, including patent filings. The discovery of new patent filings in real time can ensure that companies avoid duplicating the work of competitors. Patent expiration updates can lead to more innovative and useful drug repurposing. Technology developed by Innoplexus offers solutions that help pharma companies align their research and development processes with the emerging requirements of the market through access to patent research that uses biomedical terms.
Technology available from Innoplexus allows acceleration of drug repurposing efforts. By gaining insight into when specific drugs will go off-patent, companies can identify additional repurposing opportunities. Drug repurposing is very important in decreasing R&D costs and increasing ROI in the pharmaceutical industry. By drug repurposing, companies can extend the marketability and life of a drug. As the candidate is already tried and tested, it is more likely to receive FDA approval. Moreover, gaining insights into patent filings can open up merger prospects. Innoplexus uses its CAAVTM framework and AI technologies such as computer vision and natural language processing (NLP) to track recent filings to keep an eye on competitors and seek potential acquisition targets. By doing so, prospective research partners and smaller players that are candidates for acquisition and merger can be identified.
Competitor insights and strategy:
The technology available from Innoplexus allows biopharmaceutical companies to understand competitor dynamics based on patent trends and gain insight into potential areas for competitive advantage. It helps in gaining information on preferred markets and finding active assignees as well as top researchers in a given technological context and geography. Using network analysis, Innoplexus maps out activities of competitors, patent trends, and drugs marketed. Moreover, our technology allows pharmaceutical companies to identify emerging research areas for a given competitor and associated clinical trials for a given technological query context.
Innoplexus’s proprietary technology has access to over 95% of publicly available life sciences data, making it possible to generate insights from a single platform that uses various biomedical terms derived from a concept-based search employing synonyms and related terms. This life sciences ontology-enabled search helps in generating insights most useful to life sciences and pharma, making patent research for a specific indication or therapeutic area possible and creating potential growth opportunities in pharma.
Reference: 1. 2018 biopharmaceutical research industry profile and toolkit. PhRMA. https://www.phrma.org/industryprofile/2018/. Accessed April 3, 2019.