Jason Krantz, CEO of Definitive Healthcare
1. Why is biotech such an important market for Definitive Healthcare?
Right now, we’re investing significantly in our life sciences markets – specifically biopharma and medical devices – by developing new products and making strategic acquisitions, including our recent acquisition of Analytical Wizards, to help companies accelerate time to market, maximize market potential, improve outcomes and increase internal alignment with accurate and actionable intelligence.
As a whole, healthcare is a high-stakes industry where commercial success is difficult to achieve. New therapeutics require substantial investments while new technologies can be costly and hard to roll out in a highly regulated and constantly changing health system.
The drug development process is long and time-consuming. Approximately 50% of drug launches underperform expectations. It can take up to 10-15 years and the commercialization step is ongoing throughout the drug lifecycle: from introduction, growth, peak revenue, and patient expiration. There are different needs for companies at each phase, and we have designed solution bundles and tools tailor-built for each step of the process.
Combating high costs and low success rates of drug and device development is where we see an opportunity to help. By offering biotech companies new avenues of healthcare commercial intelligence and new technology, we can help them make smarter and more efficient commercialization decisions to get treatments to market faster.
What solutions does Definitive Healthcare offer for biotech customers and why are they better?
We offer an integrated set of data products that help life sciences companies make informed decisions from clinical development through commercialization. Our solutions can be used to quantify market size, understand affiliations, find facilities and providers in target markets. Additionally, our solutions allow you to analyze claims and pharmaceutical data to understand the effectiveness of sales and marketing efforts.
We also offer solution bundles that align with the nine FDA phases of drug development and the five FDA development phases for medical devices to help you wherever you are in your journey of bringing a treatment to market. We know navigating the complexities of the FDA development process is challenging. Our solutions can provide the healthcare commercial intelligence you need to make informed decisions no matter where you are in your journey, so you can bring your company’s therapies to market faster.
Finally, we recently acquired Analytical Wizards to deepen our analytical capabilities for the life sciences market. With the acquisition, we gain a new, data-agnostic suite of solutions that will allow our customers to combine data from multiple sources, including Definitive Healthcare, and then run detailed analytics on-demand to gain new intelligence on product planning, marketing promotion, and product performance. With new technology from Analytical Wizards, we can offer solutions to our customers that span the entire life sciences commercialization cycle, from discovery and development, all the way through post-launch sales and marketing.
2. How does Latitude Discovery fit into those solutions? What does it offer to Definitive Healthcare’s customers? How does it differentiate against competitors?
Latitude Discovery expands our Latitude Analytics Suite tailored to include those companies in the pre-commercial phase who are looking to determine what new therapies or devices to bring to market. We launched the first product in the suite, Latitude Reporting, back in October 2021, which targets companies in the commercial phase.
We purposefully built Latitude Discovery to serve the unique needs of those companies in the early stages of commercialization. With Latitude Discovery, users can quickly perform iterative analysis of real-world data to assess and size potential market opportunities associated with therapy development. Latitude Discovery allows users to access the precise market intelligence they need when they need it.
3. Why now? What about the current market makes Latitude Discovery most applicable to the industry?
Bringing a new treatment to market and getting FDA clearance is an incredibly lengthy and arduous process that requires years of work, hefty investments of time and money and clearing many regulatory hurdles.
With Latitude Discovery, users can access real-world data (not static cuts of data) when they need it. Users can pull updated data on their own as they advance through the commercialization process, helping them make informed decisions to speed up the drug or device development process. Essentially, Latitude Discovery allows biotech companies to evaluate opportunities based on the latest data and reexamine it in different ways to determine where they want to focus.
4. What does Physician Lab & Durable Medical Equipment (DME) Data provide to those using Definitive Healthcare’s PhysicianView product?
Physician Lab & DME Data refers to a subset of claims data captured when providers order additional testing from pathology labs or durable medical equipment (DME) for their patients. This data set had previously existed within our ClaimsMx data. However, it required offline reporting for customers to access, which was more labor and resource-intensive. We wanted to change that to make it easier for customers to access.
To bolster our existing self-service hospital and medical claims data available in our platform, we added this new data set into PhysicianView and ClaimsMx. With Physician Lab & DME Data, customers can find the detailed intelligence they need to understand which providers are ordering which tests and equipment, at what volume, and from which labs or suppliers. This enables our customers to improve segmenting and targeting with a comprehensive look into lab tests and DME ordering patterns.
5. How do these products differ from what you have already been offering to customers?
We’re focused on adding and expanding the healthcare commercial intelligence in our platform so our customers can continue to access the latest data, analytics, and expertise they need to navigate the healthcare market effectively.
We want our healthcare commercial intelligence to be easily accessible so our customers can find the answers they need when they need them. With Physician DME & Lab Data and Latitude Reporting, we’ve done just that by expanding the data and analytic capabilities customers can access in one platform.
6. As CEO of Definitive Healthcare, how do you expect these new technologies to affect the market? Is there a specific timeframe?
In a world where biotech R&D investment is incredibly high and the FDA is moving faster than before, intelligence on addressable patient/provider populations, clinical volumes, diagnoses, procedures and demographics, and so much more will be crucial to bring treatments to market more efficiently and effectively.
We see healthcare commercial intelligence playing a critical role in helping companies navigate the healthcare ecosystem to create new paths to commercial success. No matter how the healthcare landscape changes over the coming years, we are ready to provide our customers with the expertise they need to shape tomorrow’s healthcare industry.
7. How do these launches align Definitive Healthcare with the company’s mission and purpose?
I started Definitive Healthcare with a simple vision – to provide companies with an intelligence platform that helps them compete and sell into the healthcare ecosystem. These new products help companies do exactly that. We believe these launches will further drive value for our customers and make it easier for them to focus on what they do best – transforming the healthcare market.
Editor’s Note: As CEO and Founder of Definitive Healthcare, a healthcare commercial intelligence company, Jason drives a client-centric approach to business strategy and manages the day-to-day operations of the organization. He has built several research-based businesses focused on providing the highest quality and most timely data in information-intensive industries. Before founding Definitive Healthcare in 2011, Jason started Infinata, which provided online databases of information for the pharmaceutical industry under the brand BioPharm Insight.