Aetion, a company specializing in providing real-world evidence and outcomes-based analytics solutions for the biopharma industry, has announced a whopping $36 million in Series B funding led by New Enterprise Associates, Amgen Ventures, Flare Capital Partners, Lakestar, and Oxeon Ventures.
The company, based in New York, is one of the leading health care technology providers in the sphere of real-world analytics. Since the passage of the 21st Century Cures Act in 2016, demand for new, innovative therapies has increased, and Aetion is one of the companies at the forefront of meeting that demand.
As the health care system moves to value-based care, it’s imperative to understand which medications and treatments deliver the best results, said Carolyn Magill, chief executive officer of Aetion. By using our patented rapid-cycle analytics technology, Aetion’s customers are able to analyze real-world evidence to identify, for example, which drugs work best, for whom, and when. These insights lead to lower costs and better outcomes.
The company’s Aetion Evidence Platform is the software which they will use the latest round of funding to help disseminate in meeting demand and helping ensure that outcomes-based benchmarks based on real-world evidence in medical treatment becomes a more widely adopted standard. Their aim is to use this software to ensure that medications are safe, effective, and delivered at strong value to the patient.
The ability for Aetion’s software to facilitate a more evidence-based approach to prescribing therapies and medications means that insurance companies and regulators will have greater systems to identify which treatments work best, and which are most cost effective. This will benefit the patients in that it will reduce instances of premium hikes which can be avoided through more accurate, mutually-agreeable approaches to therapy.
Amgen recognizes the tremendous value of using real-world evidence to deliver innovative medicines to patients and physicians, said Elliott Levy, senior vice president of research and development at Amgen. Using Aetion's Evidence Platform helps us inform our development efforts and improve our understanding of real-world practice patterns to ultimately enhance patient care.
The funding will, more specifically, go toward applying Aetion’s software platform toward more complex therapies, broadening the range of patients who can benefit from its real-world evidence approach to lowering costs for both payers and patients while increasing safety and specificity for those receiving treatment.