"The Imalytics Workspace is a set of tools used for research applications in oncology, cardiology and neurology leading to new drug discoveries and better patient care," PIC chief executive officer Alexius Collette said at a product demonstration held to mark the division's Innovation Day 2007 here Tuesday.
With drug development cost varying from $800 million to $2 billion per drug, the average time taken to discover and develop a new medicine is estimated to be 12 to 15 years. Though patents are granted for 20 years, pharmaceutical companies will have 10 to 12 years to recover high development costs after spending a long time for securing regulatory approvals.
"The pre-clinical workflow is a breakthrough solution. As a powerful engine, it enables researchers to revolutionise the process of drug discovery," Philips medical systems director S. Bhaskaran pointed out.
Developed by a 20-member team in 18 months at the PIC, Imalytics has been designed for pharmaceutical companies, research institutions and life-science laboratories to conduct pre-clinical trials. As a sophisticated tool, it is capable of developing and proving various biological and physiological applications a researcher would need while conducting trials.
"The solution will address the rapidly growing multi-billion dollar pharmaceutical market worldwide and has been recently introduced in certain European markets," Collette noted. Imalytics will also help researchers boost their productivity and lower costs. More than productivity, researchers are interested in ensuring their studies are scientifically accurate. It provides for accurate quantification that is reproducible across studies and across subjects.
"Innovation is at the heart of our offerings. Over the years, we have come up with several products and initiatives to improve the lives of the masses," Collette said. The Innovation Day is held every year to recognise the ideas incubated at the PIC. The Indian research and development facility's share of the total software resource of the Netherlands-based Royal Philips Electronics Ltd. has gone up to 20 percent from eight percent in 1998.
Philips has also tied up with industrial and academic partners such as Manipal University and the Indian Institute of Science to build a talent and research pool for developing technologies in the emerging healthcare and consumer lifestyle domains.