Los Gatos, CA — ShareVault, an industry-leading provider of life science virtual data rooms, along with IRIS Interactive, a leading provider of proven software which enables life science companies to streamline the drug development process, announced today that they have formed a strategic alliance in order to provide an End-to-End Product Management Solution for the Life Sciences Industry across biotechnology, large pharma, and medical device companies.
Together the two companies provide an end-to-end platform for life science product lifecycle management—from discovery to partnering to commercialization—that is collaborative, secure and customizable when setting permissions for third parties to view sensitive documents. The combined solution is appropriate for life science companies of all sizes and stages of development.
IRIS Interactive helps life sciences companies accelerate time to market and achieve greater success rates with both new product development and new product launches. ShareVault facilitates the sharing of sensitive documents with third parties during transaction due diligence, partnering and other critical business processes. The end-to-end solution combines the companies’ strengths to deliver customers with a significant edge in bringing products to market.
While working for a leading pharmaceutical company, IRIS Interactive Chief Executive Janaki Joshi observed that the finance function relied on accounting systems to track day-to-day operations and for reporting to the board. However, the teams involved in product development, commercialization and brand management did not have a central tracking and document system to manage their product pipeline and brands, or to demonstrate the value they were delivering to the board and others in the company. Joshi therefore founded IRIS Interactive with the vision to provide a central product development, commercialization and marketing platform designed and customized to manage the key day-to-day operations of the company’s pipeline and brands, while at the same time retaining all the knowledge and learning from the process, as well as reporting the value delivered to the business.
“Knowledge gathered during the drug development process does not get shared effectively,” stated Joshi. “And every week of delay costs millions of dollars. What’s needed is a centralized platform to manage information so all teams can operate more efficiently, collaborate in real time, benchmark, monitor how long processes take, identify sources of delay and quickly fix them. That’s what IRIS provides.”
ShareVault was established in 2003 as an on-demand, cloud-based web platform that provides an organized document repository with bank-grade security for sharing confidential documents with third parties. ShareVault has facilitated hundreds of billions of dollars in business transactions, has customers in 48 countries, and is routinely used for sharing confidential documents during the drug development process and for bio-pharmaceutical partnering collaboration.
“The value of a life sciences asset is embodied in its information,” stated Richard Andersen, Chief Executive Officer of ShareVault. “Ensuring that the information about an asset is comprehensive, complete, current, organized and secure, as well as accessible to the parties that must have access to that information — and not accessible to those who don’t — is critical for maximizing the value of the asset. We are very excited about the alliance between IRIS and ShareVault because it will further facilitate the active collaboration among internal and external stakeholders during life science asset development and commercialization.”
IRIS Interactive has been in operation for over 12 years and has offices in the USA, Australia and India. Their platform is currently being used by over 10,000 healthcare staff members in 25 countries.
Richard Andersen is the founder and CEO of ShareVault. He has an MBA from the University of California at Berkeley and has worked for companies such as Apple, eBay, Ernst & Young and MarketFirst. He brings an entrepreneurial mindset to everything he does and is passionate about creating strategic partnerships.
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