AstraZeneca Plc has formed a health-technology unit that strives to bring digital solutions and artificial intelligence to clinical trials.
The unit, dubbed Evinova, will reduce the cost and time of clinical trials, Astra said Monday. Parexel and Fortrea, two of the world’s biggest drug-testers, have agreed to work with Evinova.
The digital health market is growing about 14% a year and will exceed $900 billion by 2032, Astra said. Most of the business is research solutions and remote patient monitoring, and the rest comes from activities such as screening, diagnostics, disease prevention and digital pharmacies.
Evinova could speed up clinical trials, which on average take more than 7 years, and 80% of trials fail to meet recruiting guidelines, Astra said.
Shares of Astra fell 1% as of 8:03 a.m. in London.