Allscripts Healthcare Solutions Inc (NASDAQ:MDRX) has announced a partnership with Microsoft Corporation (NASDAQ:MSFT) through which they will develop clinical research technology.
The two companies will work toward developing an integrated and innovative model targeting clinical research. The model will be used to achieve more efficient research, improve research design, and enhance participant experience as well as the research provider. Allscripts’ life science division known as Veradigm will spearhead the development efforts. The division and Microsoft have already signed a memorandum of understanding for the joint development efforts.
The joint efforts between Microsoft and Allscripts to improve the research landscape
The collaboration will initially focus on extending Allscripts’ electronic health record (EHR) which is cloud-based. The two firms will enhance the HER using innovative technologies that will help to achieve integrated research. The system may, for example, be used to match qualified providers and patients with study protocols.
The Allscripts and Microsoft collaboration will also feature pilot programs. These will make it easier to understand, develop and inform the necessary compliance framework, workflow, and processes. The goal is to support research conducted within the new operating model.
The two companies also hope that they can achieve those goals so that they can bring new therapies to market faster. The joint development also aims to achieve lower research and development costs. The clinical research landscape is currently characterized by a lot of inefficiencies since it is an operating model that was developed more than 30 years ago. The joint efforts are working towards making some transformative changes.
Interventional clinical trials are quite popular, and although real-world evidence (RWE) is gaining traction, it is mainly used in post-market introduction safety instances. Workflows and technologies that support clinical research in the new model make it possible to bring out the full value of the electronic health records (EHR).
“We envision a network of technology-enabled research clinicians providing an alternative to the roles associated within the traditional clinical trial operating model,” stated Veradigm Vice President Stephanie Reisinger.
Chris Sakalosky, the Vice President of Microsoft’s Health and Life Sciences division, is optimistic about the partnership. He pointed out in a statement that the new models and technologies have the potential to bring drastic improvements to the clinical research process. He also noted that AI and Microsoft Azure-powered solutions would help clinical research organizations and biopharmaceuticals to conduct better research. However, that will only be possible through strategic partnerships with key players such as Veradigm.
Veradigm CEO Tom Langan stated that integrating research at the point of care will potentially increase efficiency while at the same time bringing down costs. Integration will also help to eliminate bottlenecks that stand in the way of research. But the biggest takeaway is that it will facilitate better patient welfare.
Most of the hurdles that have been in the way of the shift have already been eliminated. The companies working on the developments only need to be committed to creating the technologies, processes, workflows, and frameworks that support the collaborations.
Allscripts stock closed the latest trading session on Wednesday at $11.29 after surging by 2.45% from the previous close. The stock’s current 52-week high is $16.12 while its 52-week low is $8.54.
Microsoft stock closed Wednesday’s trading session at $104.31 after a 1.43% surge from the previous close. The stock’s 52-week high currently stands at $116.18 while its 52-week low is at $83.83.
The news about the partnership seems to have influenced positive sentiments from investors. Thus both firms experienced a surge in their stock prices.