Great news RNS2 Oct 2024 07:03
New Services Launch and Website Update
Physiomics plc (AIM: PYC), a leading mathematical modelling and data science company supporting the development of new therapeutics and personalised medicine solutions, is pleased to announce the official launch of its Biostatistics offering and expansion of its Data Science and Bioinformatics services.
Leveraging its existing expertise and capabilities across the core Modelling and Simulation service line, the Company is moving forward to expand its offering into the synergistic service areas of Biostatistics and Data Science; both of which play crucial roles in drug development.
Biostatistics:
Biostatistics is an essential component of clinical research. It plays a pivotal role in the setup, conduct and reporting of all trials, regardless of therapeutic area, ensuring studies are well designed, data is accurately collected and analysed, and the results are interpreted correctly. For example, during the design of interventional trials, biostatistics is used to calculate the optimum number of patients to be recruited and help define what data should be collected so that the effect of the therapy can be detected, balancing this against the size and cost of the trial.
The strategic rationale for Physiomics to develop the new Biostatistics services is three-fold. Firstly, the application of Modelling & Simulation and Biostatistics in drug development overlaps, with often the output of the former being a key input to the latter, allowing for natural follow-on work to be offered to clients. Secondly, biostatistics is a necessary component to the setup, conduct and reporting of any interventional clinical trial, from Phase 1 through to Phase 4, regardless of the therapeutic area. This opens a significant market for the Company, giving greater opportunity to scale. Finally, with both service lines utilising the same business model and similar expertise across mathematics and data science, this allows the Company to operate flexible staffing across service lines to meet demand and maximise utilisation.