"U.S. and EU pharmaceutical companies are under pressure to reduce costs and boost efficiencies in the drug development process," said Jae Chung, founder & CEO, goBalto. "As a result, companies are increasingly looking towards outsourcing to help reduce costs. But it's challenging for companies to identify and evaluate drug service providers. goBalto is addressing this by creating an online resource where users can quickly find and evaluate drug service providers, resulting in improved transparency and better decision making."
goBalto incorporates the following key features for its members:
- Search and browser tools to screen from more than 7,000 potential service providers (investigator sites, CMOs, CROs, and consultants) to help customers find the right partner
- Lists of potential service providers based on technical capabilities, regulatory compliance, facilities, equipment, and more
- Capability to rate companies and post comments on vendors
- Functionality to post about projects and jobs specific to the pharmaceutical industry
- Ability to make and share collections of vendors for each project
- Easy to read vendor summary profiles, incorporating videos, images and the latest in Web 2.0 technologies
"In today's highly competitive marketplace, it's critical to be able to find quality partners that can reduce your costs of drug development and time-to-market," said Dr. Cary Queen, Co-Founder of Protein Design Labs. "The goBalto platform provides members with the transparency and ability to quickly identify and evaluate new partners via a rating system that includes rich vendor profiles."
"goBalto provides a great platform for showcasing our drug development and manufacturing capabilities to biotech and pharmaceutical companies around the globe," said Kiran-Mazumdar Shaw, Chairman and Managing Director of Biocon Limited. "The goBalto partnering website provides us with a highly cost-effective channel to reach our target customers compared to traditional options such as industry conferences and advertising."
According to market research company Kalorama, the market for contract manufacturing of prescription drugs exceeded $30 billion last year, a 10% increase over the previous year. "The sheer numbers of biologics in the pipeline are driving drug makers to outsource specialized production rather than build new plants," according to Kalorama.
"Most existing sites are "one-way" distributors of content from the publisher to the user," said Mr. Chung. "But users today are seeking a more collaborative platform. We're not only improving transparency, but incorporating the latest in Web social media tools to enable users to share their collective experiences on topics ranging from vendors to regions in which to conduct trials."
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About Jae Chung, Founder and CEO
Jae Chung founded goBalto in October 2008. Prior to goBalto, he co-founded Celltrion, a contract biopharmaceutical group in Asia. As Celltrion's vice president of business development, he secured deals with Bristol-Myers Squibb and CSL, and has been credited with landing the largest biomanufacturing supply agreement in Asia to date. Before starting Celltrion in 2002, he was the co-founder of the venture capital firm, J. Stephen & Company Ventures, and a strategy consultant at McKinsey and Company.
goBalto is a dedicated online drug development partnering site for the pharmaceutical and drug manufacturing industry. Users can identify, evaluate, and manage drug-development partners from around the world. Incorporating the latest in Web 2.0 technologies, goBalto's platform enables users to distinguish their offerings by adding logos, images, videos, customer testimonials and post referrals from members. More than 7,000 service providers are currently listed.