BURLINGTON, Mass. and PHILADELPHIA, Jan. 16, 2018 /PRNewswire/ -- Decision Resources Group (DRG), a leading provider of healthcare information, analytics, and advisory services, and the University City Science Center, a non-profit committed to catalyzing and connecting innovation to entrepreneurship and technology commercialization, today announce a collaboration that will connect entrepreneurs participating in the Science Center's Phase 1 Ventures (P1V) program with the expert insights and guidance of DRG's experienced life sciences consultants in order to accelerate the development of early-stage biopharmaceutical and biotechnology companies.
Phase 1 Ventures is a startup accelerator that helps launch and grow companies that have specific technology and/or regulatory development needs, such as healthcare, materials, or energy. P1V participants include entrepreneurs that are matched to a technology at one of P1V's participating universities or recently formed companies that have not yet raised financing. Since it was launched in 2015, P1V has committed more than $1.7 million to 22 startups, typically as the first investment. Collectively, these participants have raised over to $2 million in non-dilutive funding and $1 million in follow-on investment to date.
DRG Consulting has been informally involved with Phase 1 Ventures for the past two years, advising many new entrepreneurs and scientists on the US healthcare market, funding considerations, pricing and reimbursement dynamics, and commercial strategy. 2018 marks a deepened collaboration between the organizations to provide commercialization guidance and support for budding organizations focused on employing ground-breaking concepts to drive the evolution of the healthcare industry.
DRG Consulting provides guidance, support, and commercialization strategies for life sciences companies with products at every phase of development – from clinical trial and pre-planning through market launch, growth, and maturity. With particular focus on new product planning, commercial strategy, pricing and market access, DRG Consulting applies an insight-enabled consulting approach which combines robust healthcare patient and market data, analytics, and industry experience.
"Over the next decade, we will witness some of the most dramatic advances in scientific innovation," said DRG Consulting Managing Partner, Brian Corvino. "Whether we consider the advances in gene therapy, regenerative medicine, or the integration of drug therapy with device and digital technology, the future has never been brighter for those of us who are dedicated to propelling innovative therapies for the benefit of patients. Philadelphia's ecosystem is a unique epicenter for the advancement of these novel developments, and we are pleased to grow our support of the Philly community."
"Phase 1 Ventures was designed to give recently established companies focused on long-horizon, high-potential technologies the best chance of success," says Wenyong Wang, Ph.D., MBA, Vice President of Science & Technology at the University City Science Center. "Our enhanced partnership with DRG Consulting only increases the program's ability to support these startups."
About the Science Center Located in the heart of uCity Square, the Science Center is a mission-driven nonprofit organization that catalyzes and connects innovation to entrepreneurship and technology commercialization. For 50+ years, the Science Center has supported startups, research, and economic development in the life sciences, healthcare, physical sciences, and emerging technology sectors. As a result, graduate firms and current residents of the Science Center's incubator support one out of every 100 jobs in the Greater Philadelphia region and drive $13 billion in economic activity in the region annually. By providing resources and programming for any stage of a business's lifecycle, the Science Center helps scientists, entrepreneurs and innovators take their concepts from idea to IPO – and beyond. For more information about the Science Center, go to www.sciencecenter.org
About Decision Resources Group Decision Resources Group, a subsidiary of Piramal Enterprises Ltd., is the premier source for global healthcare data and market intelligence. A trusted partner for over 20 years, DRG helps companies competing in the global healthcare industry make informed business decisions. Organizations committed to the development and delivery of life-changing therapies rely on DRG's in-house team of expert healthcare analysts, data scientists, and consultants for critical guidance. DRG products and services, built on extensive data assets and delivered by experts, empower organizations to succeed in complex healthcare markets.