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16. Lawrence Monoson (La Chât '06)

Posted By Alumni Office, mardi, 7 avril 2015

Lawrence MonosonRxData

> Founded 2014

1. What is your company’s product/service?
RxData provides pharmaceutical companies with the most up-to-date and comprehensive database of drug costs and insurance coverage globally. Pharmaceutical companies need lots of information to make strategic decisions, like what market to launch in or what products to develop. The kind of information they need ranges from regulatory information to pricing information. But, unlike in most mature industries, there is no single source of information to capture all this data. Right now, pharmaceutical companies go through a manual process, which is error prone and time consuming. They manually pull static PDF files from the websites of hundreds of countries, translate them, and normalise the data.

A single analysis can take over 100 hours, for which pharmaceutical companies are often paying consultants $200 per hour to perform over and over again. And that’s one analysis – pharma companies typically do 10 or more of these on a weekly basis.

I know just how inefficient and costly this is because I performed this research as market access analysts before starting RxData.

We’ve built powerful data extraction software, which automatically grabs all relevant information from over 1,000 online data sources in over 100 countries. This information is translated, normalised, and organised into RxData’s searchable databases. Our online dashboards give clients the ability to search, compare, and present this information in real-time with only a few clicks.

2. Where was it founded and where do you now have offices?
New York, NY

3. Number of employees at peak (and now)?
20+ in New York and abroad.

4. What was the hardest thing about building the company?
So far, building RxData has been very challenging but also very rewarding. Each day brings new challenges but this is precisely what makes entrepreneurship so thrilling.

5. Where do you see your company in three years?
RxData is poised to be a leader in the pharmaceutical data space, especially with regard to the determination of the  “value” of products as determined by regulators and providers of healthcare.

6. Do any other Ecolint alumni work with you?

7. In what ways (if any!) did your Ecolint education help you in founding a company?
An international perspective, an open and curious mind, and connections around the world!



More about the Ecolint Entrepreneurs project.

Tags:  database  New York  pharma  software  USA 

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