Cromatic Announces Vendor Matching Tool That Will Transform How Program Sponsors Identify Outsourcing Partners
June 20 2024 - 8:04AM
Business Wire
Sourcerer™ Life Sciences Outsourcing Matchmaker
identifies relevant service providers directly from an RFP in
minutes
Cromatic, a full-stack digital platform for outsourcing life
sciences research, today announced the launch of its flagship
product, the Sourcerer™ Life Sciences Outsourcing Matchmaker.
Over the past decade, the biotech industry has experienced
significant growth, with a concomitant doubling of the number of
drug candidates under development. Many biotech companies now
operate as “virtual” entities, outsourcing most of their R&D.
The biotech and pharma sectors are increasingly outsourcing to
manage costs, address capacity and skills constraints, and access
innovation. This trend has created a huge demand for outsourcing
services, with the market projected to reach $275 billion by 2030.
However, scientists and procurement teams face challenges in
finding suitable R&D partners—often taking months—leading to
project delays and subsequent failures due to poor sponsor-vendor
fit. Cromatic aims to overcome these challenges and accelerate
innovation in the life sciences industry.
The Sourcerer platform is the first in a series of innovative
tools that Cromatic is developing to facilitate vendor sourcing,
communication, and management for biotech and pharma. The Sourcerer
platform hosts a curated vendor database, the largest of its kind,
streamlining the search for contracted life sciences service
providers, specifically contract research organizations (CROs) and
contract development and manufacturing organizations (CDMOs).
Incorporating cutting-edge technology, the Sourcerer platform
simplifies the vendor search by requiring only minimal input from
users, automatically extracting key information from requests for
proposals (RFPs) to identify the specific services required for
projects and then matching those services to qualified vendors. As
part of the launch, the company introduced Sourcerer Lite Search, a
limited, free-to-use version of the Sourcerer platform that allows
users to perform a basic vendor search by inputting a single
service.
Ann Lin, CEO of Cromatic, said, “With just a few clicks on the
Sourcerer platform, scientists can connect with a comprehensive
global network of outsourcing partners, each fully equipped to
advance their projects. Our platform not only streamlines the
search for the right partners but also accelerates the transition
of groundbreaking therapies from concept to reality. The Sourcerer
platform is more than just a tool; it embodies the ongoing
modernization of technology stacks available to scientists. It
facilitates faster, smarter, and more efficient development
processes, aligning with the urgent pace of R&D teams in the
pharmaceutical industry to deliver lifesaving drugs to patients
worldwide.”
Chief Technology Officer, Anne Chen, said, “Our Sourcerer
platform represents a first technological leap forward for how our
clients can tackle the complex challenges in the life sciences
sector, particularly in vendor discovery and project alignment.
Now, biotech and pharma companies can find the right partners
within minutes instead of months, dramatically accelerating the
pace of innovation and reducing time to market. With more modern
tooling, we aim to make outsourcing more efficient, effective, and
accessible than ever before.”
The availability of the Sourcerer Life Sciences Outsourcing
Matchmaker is a big game changer for biotech/pharma companies, who
can now make more informed choices about their outsourcing partners
and, with the increased visibility afforded them, be better
positioned to negotiate more competitive terms, particularly for
price and timelines.
For further information, visit: www.cromatic.bio.
Editor’s notes
About Cromatic
Cromatic Inc. was established in 2022 to drive a vision for a
healthier, more sustainable world for all. Cromatic is accelerating
scientific discovery by providing a digital marketplace that
simplifies life sciences project outsourcing. The company’s
cloud-based vendor discovery platform, powered by artificial
intelligence and designed specifically for the life sciences
industry, hosts the largest curated database of global contract
research organizations (CROs) and contract development and
manufacturing organizations (CDMOs) in the industry. Cromatic’s
investors include LifeX Ventures, AgFunder, and Not Boring Capital.
The company is headquartered in Redwood City, California, USA.
For more information on the company, please visit our website at
www.cromatic.bio.
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version on businesswire.com: https://www.businesswire.com/news/home/20240620062617/en/
Nicola Brookman-Amissah – Scientific Marketing Lead E:
nicola@cromatic.bio