Fortrea Launches AI Innovation Studio to Galvanize Technology and Human Solutions to Improve Clinical Trial Delivery
Fortrea (Nasdaq: FTRE) has announced the launch of its AI Innovation Studio, aimed at revolutionizing clinical trial execution with advanced AI and ML technologies. The studio will enhance speed, quality, and patient safety by automating repetitive tasks and empowering human-centric trial processes. Key innovations include smartphone-enabled data collection, large language models, and advanced predictive analytics. These initiatives are expected to improve patient recruitment, protocol optimization, and overall trial efficiency, contributing to Fortrea's vision for the future of the CRO industry.
- Fortrea's AI Innovation Studio will enhance clinical trial speed, agility, and patient safety.
- Development of smartphone-enabled data collection and large language models.
- Improved patient recruitment and retention through advanced predictive analytics.
- Creation of best-in-class user experiences for clinical trial stakeholders.
- None.
Insights
The launch of Fortrea’s AI Innovation Studio marks a significant step forward in employing advanced technologies within clinical trial processes. Leveraging artificial intelligence (AI) and machine learning (ML) for trial simulations, predictive analytics and other data-driven tasks can greatly enhance efficiency. Such technologies, when applied properly, can help reduce trial times and improve accuracy in patient recruitment and retention.
This initiative is particularly noteworthy because it combines several advanced AI technologies like symbolic AI and digital twinning. Symbolic AI, which uses real-world scenarios for decision-making, can streamline complex clinical trial processes by providing more accurate and contextually relevant insights. Digital twinning, on the other hand, allows the creation of virtual replicas of clinical systems to test and predict outcomes without risking real-world trials.
For retail investors, understanding the strategic importance of these technologies can indicate Fortrea’s potential for growth. The company’s focus on innovation suggests that it is positioning itself ahead of the curve in the CRO industry. However, the success of this endeavor will hinge on the real-world application and outcomes of these technologies, as well as the company’s ability to integrate them seamlessly into existing processes.
From a medical research perspective, the AI Innovation Studio is set to revolutionize how clinical trials are conducted. The ability of AI to handle repetitive and administrative tasks frees up researchers to focus on critical aspects of patient care and innovation. This can lead to faster delivery of life-changing treatments to patients, which is a substantial advantage in the highly competitive pharmaceutical industry.
Technologies like predictive analytics and advanced data mining can enhance protocol creation and optimization, making trials more efficient and effective. Predictive analytics, for example, can identify potential patient dropouts and suggest preemptive measures to improve retention rates. Enhanced data mining can provide deeper insights into patient data, helping in the identification of trends and anomalies that might not be evident through traditional methods.
Investors should keep in mind that while the potential benefits are significant, the field of AI in clinical trials is still evolving. There may be challenges related to data privacy, ethical concerns and the need for continuous updates to AI algorithms to maintain accuracy and relevance. Moreover, the actual impact on trial costs and timelines will need to be closely monitored.
DURHAM, N.C., June 27, 2024 (GLOBE NEWSWIRE) -- Fortrea (Nasdaq: FTRE), a leading global contract research organization (CRO), today announced the launch of its artificial intelligence (AI) Innovation Studio, signaling a strategic investment in reshaping the execution of clinical trials today and into the future.
The studio will develop and deploy AI and machine learning (ML) technologies to drive speed, agility, quality and enhanced patient safety in the clinical research process by equipping and empowering people to focus on the critical human element of clinical trials.
“Patients around the world are waiting for novel, life-changing treatments. With AI, we now have the power—and the obligation—to help deliver solutions to them faster,” said Fortrea’s Chief Information Officer Alejandro Martinez Galindo.
“Fortrea’s AI Innovation Studio will enable enhanced technological capabilities that will allow AI-enabled systems to perform cutting-edge processes—such as trial simulations, predictive analytics and pattern recognition—as well as repetitive, administrative, ‘machine-friendly tasks’. This frees up people to contribute human creativity and connection to the clinical trial of tomorrow and focus on what counts: the patient.”
Fortrea’s AI Innovation Studio aims to:
- Partner across Fortrea and with our customers to provide technology solutions for bespoke site and sponsor innovation strategies;
- Develop net new, greenfield technology innovations that holistically improve the delivery of clinical trials for sponsors, sites, patients and our teams; and
- Support existing infrastructure and operations with enhanced technology to enable new, improved ways of working and create best-in-class user experiences.
Technologies under development in the studio include smartphone-enabled data collection; specialized large language models for text comprehension and generation; symbolic AI with real-valued logic (i.e., building decision logic using real-world scenarios and data); mixed reality and augmented intelligence; advanced data mining and predictive analytics; and digital twinning.
Strategic application of these technologies is expected to result in meaningful advancements in patient recruitment and retention, protocol creation/optimization, risk-based quality monitoring and overall delivery speed and quality. These technologies can also deliver an improved patient experience and greater productivity for Fortrea customers, sites and employees.
Developments from the AI Innovation Studio will be critical to Fortrea’s clinical technology platform, which is being designed to integrate clinical trial technology into a consumer-grade, location-agnostic, omni-channel, persona-based experience accessible thorough a single screen.
“Fortrea is focused on a future vision of the CRO industry, allowing us to build TO the future rather than FROM the past,” said Brian Dolan, Vice President of Artificial Intelligence & Machine Learning. “We are exercising great care and consideration to the responsible and ethical development and deployment of AI, prioritizing doing the right thing for the right reasons and protecting patient safety and privacy, and the intellectual property of our customers.”
About Fortrea
Fortrea (Nasdaq: FTRE) is a leading global provider of clinical development solutions to the life sciences industry. We partner with emerging and large biopharmaceutical, biotechnology, medical device and diagnostic companies to drive healthcare innovation that accelerates life-changing therapies to patients. Fortrea provides phase I-IV clinical trial management, clinical pharmacology and consulting services. Fortrea’s solutions leverage three decades of experience spanning more than 20 therapeutic areas, a passion for scientific rigor, exceptional insights and a strong investigator site network. Our talented and diverse team working in more than 90 countries is scaled to deliver focused and agile solutions to customers globally. Learn more about how Fortrea is becoming a transformative force from pipeline to patient at Fortrea.com and follow us on LinkedIn and X (formerly Twitter).
Fortrea Contacts:
Hima Inguva (Investors) – 877-495-0816, hima.inguva@fortrea.com
Jennifer Minx (Media) – 919-410-4195, media@fortrea.com
Kate Dillon (Media) – 646-818-9115, kdillon@prosek.com
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