Interview with Youngyong Park, CTO of JNPMEDI
The 'digital healthcare' market, integrating medical and digital technologies, is rapidly expanding. According to market research firm GIA, the global digital healthcare market size, which was $152.5 billion in 2020, is expected to grow at an average annual rate of 18.8%, reaching $508.9 billion by 2027.
Even in the 'clinical trials' sector, previously perceived as distant from digitalization, changes are underway. Startups are emerging, offering digital solutions to systematically manage clinical trial data. One such company, founded in 2020, is JNPMEDI.
JNPMEDI has developed and launched its clinical trial data platform, the 'Maven Clinical Cloud' solution. This platform includes services like Maven CDMS, Maven Docs, and Maven DCT Suite, each responsible for data management, clinical trial documentation, and remote data collection, respectively. Clients can purchase only the services they need.
The investment market sees great potential in JNPMEDI. Despite the investment freeze in the second half of last year, JNPMEDI secured a Series A investment of 14 billion KRW (approximately $12 million), led by Pavilion Capital, a growth investment arm of Singapore's largest sovereign wealth fund, Temasek. Major venture capital firms such as Kakao Ventures, Murex Partners, and AJU IB Investment also participated.
What are JNPMEDI's views on the future of the digital healthcare market? We interviewed Youngyong Park, CTO of JNPMEDI, to discuss the Maven Clinical Cloud solution and future goals.
Q. Could you introduce JNPMEDI and the Maven Clinical Cloud solution?
A. I think many are curious about our company name. JNPMEDI stands for Journey to the Next Phase, signifying our aim to advance one step further from the current level.
Currently, we focus on maximizing efficiency in the clinical trial industry. To this end, we have developed the 'Maven Clinical Cloud Solution,' a healthcare data platform. Our goal is to digitize the entire clinical trial process, with the Maven Clinical Cloud solution serving as the starting point. We are actively collaborating with various stakeholders in the clinical trial industry, such as hospitals and Contract Research Organizations (CROs), to achieve digital innovation.
Q. Which service do your clients seek the most?
A. The Maven Clinical Cloud solution includes various SaaS (Software as a Service)-based services such as Maven CDMS, Maven Docs, and Maven DCT Suite. We offer the necessary features to clients selectively, and they pay accordingly.
Among these, the most sought-after service is the data management solution, Maven CDMS. It features an intuitive menu design, focusing on essential functions to facilitate ease of use for the operators. Another service that received a good response since its launch last November is the clinical trial document management solution, Maven Docs. We signed usage contracts with domestic CROs immediately after its release.
Q. What motivated the development of the Maven DCT Suite?
A. The global market for decentralized clinical trials (DCT) is rapidly growing. DCT allows participants to undergo clinical trials remotely without visiting the trial site, making it a viable option even during infectious disease outbreaks. Thus, it has become a trend.
We consider DCT the first step toward the future of clinical trials. Traditional clinical trials are hospital-centered, whereas DCTs are patient-centered, utilizing mobile or wearable devices to collect clinical data. To lead this trend, we developed the Maven DCT Suite.
As the DCT market takes off, the interconnectivity between measuring devices and digital therapeutics is likely to become a key competitive edge. We prioritized flexible interconnectivity with various measuring devices and digital therapeutic systems when developing the Maven DCT Suite.
Q. What is the overseas response?
A. Last December, we signed a Memorandum of Understanding (MOU) with the American CRO ProSciento to promote a global clinical trial service collaboration project. The US is considered the world's largest clinical trial market. We plan to use this as a stepping stone for global expansion. We are currently strengthening our professional workforce to expand our influence in the global clinical trial market. We aim to drive service enhancement and various collaboration opportunities with related organizations overseas.
Q. What are your future goals?
A. The digital healthcare market faces inherent challenges due to 'the boundaries of medical law.' This is our biggest difficulty. However, recently, we have observed a growing demand for digital transformation within the domestic medical community. It seems that the government is also showing interest in improving regulations for digital healthcare.
The government, the medical community, and solution providers like us need to reach an agreement on digital healthcare technologies such as MyData, telemedicine, and remote clinical trials. We believe that a comprehensive agreement will eventually be reached. Our goal is to be fully prepared so that our solutions are the first choice in the market when that time comes.
Interview with Youngyong Park, CTO of JNPMEDI
The 'digital healthcare' market, integrating medical and digital technologies, is rapidly expanding. According to market research firm GIA, the global digital healthcare market size, which was $152.5 billion in 2020, is expected to grow at an average annual rate of 18.8%, reaching $508.9 billion by 2027.
Even in the 'clinical trials' sector, previously perceived as distant from digitalization, changes are underway. Startups are emerging, offering digital solutions to systematically manage clinical trial data. One such company, founded in 2020, is JNPMEDI.
JNPMEDI has developed and launched its clinical trial data platform, the 'Maven Clinical Cloud' solution. This platform includes services like Maven CDMS, Maven Docs, and Maven DCT Suite, each responsible for data management, clinical trial documentation, and remote data collection, respectively. Clients can purchase only the services they need.
The investment market sees great potential in JNPMEDI. Despite the investment freeze in the second half of last year, JNPMEDI secured a Series A investment of 14 billion KRW (approximately $12 million), led by Pavilion Capital, a growth investment arm of Singapore's largest sovereign wealth fund, Temasek. Major venture capital firms such as Kakao Ventures, Murex Partners, and AJU IB Investment also participated.
What are JNPMEDI's views on the future of the digital healthcare market? We interviewed Youngyong Park, CTO of JNPMEDI, to discuss the Maven Clinical Cloud solution and future goals.
Q. Could you introduce JNPMEDI and the Maven Clinical Cloud solution?
A. I think many are curious about our company name. JNPMEDI stands for Journey to the Next Phase, signifying our aim to advance one step further from the current level.
Currently, we focus on maximizing efficiency in the clinical trial industry. To this end, we have developed the 'Maven Clinical Cloud Solution,' a healthcare data platform. Our goal is to digitize the entire clinical trial process, with the Maven Clinical Cloud solution serving as the starting point. We are actively collaborating with various stakeholders in the clinical trial industry, such as hospitals and Contract Research Organizations (CROs), to achieve digital innovation.
Q. Which service do your clients seek the most?
A. The Maven Clinical Cloud solution includes various SaaS (Software as a Service)-based services such as Maven CDMS, Maven Docs, and Maven DCT Suite. We offer the necessary features to clients selectively, and they pay accordingly.
Among these, the most sought-after service is the data management solution, Maven CDMS. It features an intuitive menu design, focusing on essential functions to facilitate ease of use for the operators. Another service that received a good response since its launch last November is the clinical trial document management solution, Maven Docs. We signed usage contracts with domestic CROs immediately after its release.
Q. What motivated the development of the Maven DCT Suite?
A. The global market for decentralized clinical trials (DCT) is rapidly growing. DCT allows participants to undergo clinical trials remotely without visiting the trial site, making it a viable option even during infectious disease outbreaks. Thus, it has become a trend.
We consider DCT the first step toward the future of clinical trials. Traditional clinical trials are hospital-centered, whereas DCTs are patient-centered, utilizing mobile or wearable devices to collect clinical data. To lead this trend, we developed the Maven DCT Suite.
As the DCT market takes off, the interconnectivity between measuring devices and digital therapeutics is likely to become a key competitive edge. We prioritized flexible interconnectivity with various measuring devices and digital therapeutic systems when developing the Maven DCT Suite.
Q. What is the overseas response?
A. Last December, we signed a Memorandum of Understanding (MOU) with the American CRO ProSciento to promote a global clinical trial service collaboration project. The US is considered the world's largest clinical trial market. We plan to use this as a stepping stone for global expansion. We are currently strengthening our professional workforce to expand our influence in the global clinical trial market. We aim to drive service enhancement and various collaboration opportunities with related organizations overseas.
Q. What are your future goals?
A. The digital healthcare market faces inherent challenges due to 'the boundaries of medical law.' This is our biggest difficulty. However, recently, we have observed a growing demand for digital transformation within the domestic medical community. It seems that the government is also showing interest in improving regulations for digital healthcare.
The government, the medical community, and solution providers like us need to reach an agreement on digital healthcare technologies such as MyData, telemedicine, and remote clinical trials. We believe that a comprehensive agreement will eventually be reached. Our goal is to be fully prepared so that our solutions are the first choice in the market when that time comes.