Talking Medicines expands AI-led patient analysis
Growing team: Dr Scott Crae, Jo Halliday and Dr Elizabeth Fairlie
Talking Medicines, a data processing firm, has received £1.1 million to develop its analysis of patient behaviour on social media.
The company uses artificial intelligence and machine learning to “map the patient voice”. This intelligence enables pharmaceuticals companies to make better marketing decisions and deliver more effective medicines.
The funding from investment company Tern and the Scottish Investment Bank will help the company hire a further nine staff.
Talking Medicines was formed in 2013 by Dr Elizabeth Fairley and Dr Scott Crae to create new ways of capturing the voice of the patient.
To date, it has raised £2.5 million, including three seed funding rounds.
The business was chosen to join the latest Tech Nation Growth Programme, designed to champion and support the UK’s most exceptional deep tech scaleups’.
Talking Medicines CEO, Jo Halliday, said: “Now more than ever we passionately believe that big pharma needs a systematic way to make data driven decisions through accessing high grade social intelligence driven from the patient.”
Tern CEO, Al Sisto, said the industry spends around $30 billion a year on marketing, whilst lacking systematic data tools that can structure patient sentiment from social channels.
“The Talking Medicines platform, with its natural language processing and differentiated technology provides pharma companies with the ability to find meaningful and valuable insights from the c.50% and growing proportion of the world’s population who are active on social media.
“This gives Talking Medicines’ clients the ability to capture valuable measurements and insights about their products from the voice of their own patients.
“We look forward to working with the Talking Medicines team as the proceeds of our investment are used to scale the business.”