So you know AI has penetrated every aspect and sector of human existence. The blend of healthcare and AI is well on its way so much so that pharma data provider and healthcare enterprise, Talking Medicines is set to receive a whopping amount of £1.1 million as funds to increase its capacity and research related to AI-based services. This giant amount of fund has been invested by Tern Plc, which itself focuses on the Internet of Things (IoT), together with The Scottish Investment Bank. Overall, this has increased the investment pool to a staggering amount of £2.5 million considering earlier funding rounds by SIS Ventures and Scottish Investment.
Hey wait! There is another good news. Al Sisto, Tern’s CEO will be joining Talking Medicines as its board of directors.
The financial capital will be used to introduce a new AI-based data platform. The purpose of this platform will use the patient’s voice as input and translate that into actionable pharma-grade intelligence by giving a global patient confidence in medicine.
Talking Medicines harnesses the potential of natural language processing, machine learning, AI tools all of which are instrumental for the measurement of sentiments of patients. This furnishes the experts with essential information related to a patient’s needs along with their behaviors and conversations at home which allows in-depth analysis.
On the other hand, connected devices and social media platforms help in building data points. This data is used to determine and identify the patterns and trends in terms of patient’s behavior related to medicines. Not only that, pharmaceutical companies can use this valuable information to design patient-centric marketing techniques that can make medicines effective and marketing more efficient.
Talking Medicines was founded in 2013 and has been widely appreciated and recognized through awards like Rising Stars, 2.0, a UK tech-based competition to cherry-pick the ‘shining stars’.
Jo Halliday, the CEO of Talking Medicines, commented on this, “We are delighted that Tern is joining our investor group, and Al Sisto will be bringing his wealth of experience to the Board.” Halliday also said that accessing high-grade social intelligence concerning the patients is crucial for the big pharma to keep maintain its quality of services.
The CEO of Tern, Al Sisto expressed his excitement on being associated with Talking Medicines and said that it is a company that will help Tern enrich its portfolio by bringing machine learning and artificial intelligence and solve important problems of the industry which spends roughly $30 billion on marketing strategies by assimilating social media channels in the loop.
The platform of Talking Medicines through its cutting-edge technology and natural language processing becomes a great source of valuable and meaningful information from the millions of people active on the social media platforms.