| Offering Clinical Trial Solution 'Maven Clinical Cloud'
| Clinical Data & Blockchain Integration for Tamper-Proof, Transparent Processes
| Collaboration Saves Time & Costs, with System Upgrades in Progress
| Expanding Global Clients through Ongoing Talent Acquisition & Tech Meetups
Youngyong Park, CTO of JNPMEDI is conducting an interview with a reporter at the JNPMEDI headquarter in Songdo, Incheon. (Photo courtesy of JNPMEDI)
Software Entrepreneurs Riding the AI Wave
"By integrating digital technologies into clinical trials in the pharmaceutical and biotech sectors, we aim to reduce costs and time, ultimately helping patients receive better treatment options,"
Youngyong Park, CTO (Chief Technology Officer) of JNPMEDI, said during an interview with The Korea Economic Daily on the 27th of last month. He spoke about the company’s focus on the digitization of clinical trials through the use of its clinical trial data management platform, which can be applied to pharmaceuticals, digital therapeutics, digital medical devices, and more.
◇ Blockchain and Medical Data: Increasing Transparency
Founded in 2020, JNPMEDI is a healthcare data platform company. They have introduced various clinical trial solutions that can be applied to different healthcare fields, including 'Maven Clinical Cloud.' Currently, the company employs 120 staff members, mainly clinical trial operation personnel and software developers.
CTO Park, along with CEO Kwunho Jeong, co-founded JNPMEDI. The two first met while working at Lambda 256, a blockchain affiliate of Dunamu.
CTO Park explained, "While I was building my expertise in software engineering, I couldn't shake the thought of starting my own business." He added, "Then, I discovered the SW Maestro program hosted by the Ministry of Science and ICT and managed by the Korea Information and Communication Industry Association.”
He realized this program would help him not only improve his software engineering skills but also gain business insights, which would prepare him for entrepreneurship. Due to this, he chose mentors from venture investment fields rather than engineering.
CTO Park continued, "I kept thinking about how to popularize blockchain technology and find meaningful use cases. Eventually, I came across an article about 'clinical trial data manipulation.' It was disheartening to learn that clinical trials could cost around 10 billion KRW, and if anything went wrong, the approval could be canceled, wasting both time and money. That's when I thought about applying blockchain technology—where data is tamper-proof and fully transparent—to clinical trial data."
Using blockchain technology in clinical trials ensures that data is recorded on the blockchain, preventing any unauthorized manipulation and ensuring full transparency of the entire process.
◇ Decentralized Clinical Trials: Reducing Hospital Visits and Accelerating Reporting
Building on this expertise, JNPMEDI has focused on leading the digital transformation in the clinical industry.
One example is the use of decentralized clinical trials (DCTs), also known as 'contactless clinical trials,' where they supported digital health company Welt in developing and gaining approval for their digital therapeutic device. According to the case study of Welt's 'WELT-I Digital Therapeutic Clinical Trial,' implementing JNPMEDI's solution shortened the clinical trial report preparation period by 40%. Additionally, the number of hospital visits for participants was reduced by 85% after implementing the solution.
Apart from Welt, JNPMEDI works with large pharmaceutical companies as well.
CTO Park emphasized, "While much of the data collection for clinical trials has already been digitized, the process of writing clinical trial protocols (manuals that outline the design and objectives of a clinical trial) is still largely done on paper. We aimed to digitize this process to help our clients grow." He added, "When regulatory agencies conduct audits, it’s not just about software development. Companies need procedures, design documents, and evidence, which can be difficult for smaller companies to handle. JNPMEDI's technology can be a significant help to these companies."
◇ Supporting from the First Stage of Clinical Trials to Increase Success Rates
JNPMEDI is actively recruiting talents, including clinical trial statistics analysis experts.
CTO Park, said, "In the past, we focused solely on providing clinical data solutions, but now we aim to help from the very first stage to improve clinical success rates. Through talent acquisition, we want to streamline the clinical trial process, which involves several stages, to reduce costs and provide the resulting value to our customers."
JNPMEDI plans to continue recruiting talent, aiming to create synergies between existing staff, such as Minseok Kim, the CBO (Chief Business Officer) from Chong Kun Dang Holdings, and experienced professionals with long careers in the clinical field. The company is also hosting ‘JNPMEDI Tech Meetups,’ where experts from various fields, including developers, planners, and designers, present real-world problem-solving cases and collaboration experiences in complex business areas. The second Tech Meetup will be held on the 19th at JNPMEDI’s headquarters in Songdo, Incheon.
CTO Park added, "JNPMEDI has been striving to effectively solve problems in regulatory industries that require superior products and operating processes. This event will be an important opportunity to share technical challenges in building high-level operational processes and developing high-quality products, as well as to discuss innovation through collaboration."
CTO Park also expressed his ambition to lead the development of a CDM (Common Data Model). "In the U.S., companies are working together in a consortium to collect data in a project called ‘All-of-Us,’" he said. "While there are similar movements in Korea, the activities here are relatively low compared to other countries." He also outlined his vision for growth through the expansion of business areas.
◇ Supplying Solutions to Over 20 Countries... "Competing Globally"
CTO Park emphasized, "By supporting the entire clinical trial process, not just supplying clinical data solutions, we can bring about a paradigm shift. Clinical trials, like other industries, cannot resist the wave of digital transformation. Collaborating with JNPMEDI, which is leading this digital transformation in the industry, will make cost-efficient clinical trials possible."
He continued, "Some clinical trials are completed in just a year, but others can take up to 10 years. To determine the company's revenue and operating profit, we can look at the total order amount. Currently, JNPMEDI's order backlog is 30 billion KRW, with more than half of that expected to be realized this year."
The industry is also paying attention to JNPMEDI's growth, with consistent investment attracting attention. Last year, JNPMEDI successfully secured 14 billion KRW in Series A funding. Several companies have also expressed interest in Series B investment.
CTO Park concluded, "We are in high demand globally. Currently, our solutions are used in over 20 different countries. Through system enhancement and other efforts, we aim to expand our customer base not just domestically but also globally."
▶Original Article Available At: https://www.dt.co.kr/contents.html?article_no=2024101102101831076001
| Offering Clinical Trial Solution 'Maven Clinical Cloud'
| Clinical Data & Blockchain Integration for Tamper-Proof, Transparent Processes
| Collaboration Saves Time & Costs, with System Upgrades in Progress
| Expanding Global Clients through Ongoing Talent Acquisition & Tech Meetups
Youngyong Park, CTO of JNPMEDI is conducting an interview with a reporter at the JNPMEDI headquarter in Songdo, Incheon. (Photo courtesy of JNPMEDI)
Software Entrepreneurs Riding the AI Wave
"By integrating digital technologies into clinical trials in the pharmaceutical and biotech sectors, we aim to reduce costs and time, ultimately helping patients receive better treatment options,"
Youngyong Park, CTO (Chief Technology Officer) of JNPMEDI, said during an interview with The Korea Economic Daily on the 27th of last month. He spoke about the company’s focus on the digitization of clinical trials through the use of its clinical trial data management platform, which can be applied to pharmaceuticals, digital therapeutics, digital medical devices, and more.
◇ Blockchain and Medical Data: Increasing Transparency
Founded in 2020, JNPMEDI is a healthcare data platform company. They have introduced various clinical trial solutions that can be applied to different healthcare fields, including 'Maven Clinical Cloud.' Currently, the company employs 120 staff members, mainly clinical trial operation personnel and software developers.
CTO Park, along with CEO Kwunho Jeong, co-founded JNPMEDI. The two first met while working at Lambda 256, a blockchain affiliate of Dunamu.
CTO Park explained, "While I was building my expertise in software engineering, I couldn't shake the thought of starting my own business." He added, "Then, I discovered the SW Maestro program hosted by the Ministry of Science and ICT and managed by the Korea Information and Communication Industry Association.”
He realized this program would help him not only improve his software engineering skills but also gain business insights, which would prepare him for entrepreneurship. Due to this, he chose mentors from venture investment fields rather than engineering.
CTO Park continued, "I kept thinking about how to popularize blockchain technology and find meaningful use cases. Eventually, I came across an article about 'clinical trial data manipulation.' It was disheartening to learn that clinical trials could cost around 10 billion KRW, and if anything went wrong, the approval could be canceled, wasting both time and money. That's when I thought about applying blockchain technology—where data is tamper-proof and fully transparent—to clinical trial data."
Using blockchain technology in clinical trials ensures that data is recorded on the blockchain, preventing any unauthorized manipulation and ensuring full transparency of the entire process.
◇ Decentralized Clinical Trials: Reducing Hospital Visits and Accelerating Reporting
Building on this expertise, JNPMEDI has focused on leading the digital transformation in the clinical industry.
One example is the use of decentralized clinical trials (DCTs), also known as 'contactless clinical trials,' where they supported digital health company Welt in developing and gaining approval for their digital therapeutic device. According to the case study of Welt's 'WELT-I Digital Therapeutic Clinical Trial,' implementing JNPMEDI's solution shortened the clinical trial report preparation period by 40%. Additionally, the number of hospital visits for participants was reduced by 85% after implementing the solution.
Apart from Welt, JNPMEDI works with large pharmaceutical companies as well.
CTO Park emphasized, "While much of the data collection for clinical trials has already been digitized, the process of writing clinical trial protocols (manuals that outline the design and objectives of a clinical trial) is still largely done on paper. We aimed to digitize this process to help our clients grow." He added, "When regulatory agencies conduct audits, it’s not just about software development. Companies need procedures, design documents, and evidence, which can be difficult for smaller companies to handle. JNPMEDI's technology can be a significant help to these companies."
◇ Supporting from the First Stage of Clinical Trials to Increase Success Rates
JNPMEDI is actively recruiting talents, including clinical trial statistics analysis experts.
CTO Park, said, "In the past, we focused solely on providing clinical data solutions, but now we aim to help from the very first stage to improve clinical success rates. Through talent acquisition, we want to streamline the clinical trial process, which involves several stages, to reduce costs and provide the resulting value to our customers."
JNPMEDI plans to continue recruiting talent, aiming to create synergies between existing staff, such as Minseok Kim, the CBO (Chief Business Officer) from Chong Kun Dang Holdings, and experienced professionals with long careers in the clinical field. The company is also hosting ‘JNPMEDI Tech Meetups,’ where experts from various fields, including developers, planners, and designers, present real-world problem-solving cases and collaboration experiences in complex business areas. The second Tech Meetup will be held on the 19th at JNPMEDI’s headquarters in Songdo, Incheon.
CTO Park added, "JNPMEDI has been striving to effectively solve problems in regulatory industries that require superior products and operating processes. This event will be an important opportunity to share technical challenges in building high-level operational processes and developing high-quality products, as well as to discuss innovation through collaboration."
CTO Park also expressed his ambition to lead the development of a CDM (Common Data Model). "In the U.S., companies are working together in a consortium to collect data in a project called ‘All-of-Us,’" he said. "While there are similar movements in Korea, the activities here are relatively low compared to other countries." He also outlined his vision for growth through the expansion of business areas.
◇ Supplying Solutions to Over 20 Countries... "Competing Globally"
CTO Park emphasized, "By supporting the entire clinical trial process, not just supplying clinical data solutions, we can bring about a paradigm shift. Clinical trials, like other industries, cannot resist the wave of digital transformation. Collaborating with JNPMEDI, which is leading this digital transformation in the industry, will make cost-efficient clinical trials possible."
He continued, "Some clinical trials are completed in just a year, but others can take up to 10 years. To determine the company's revenue and operating profit, we can look at the total order amount. Currently, JNPMEDI's order backlog is 30 billion KRW, with more than half of that expected to be realized this year."
The industry is also paying attention to JNPMEDI's growth, with consistent investment attracting attention. Last year, JNPMEDI successfully secured 14 billion KRW in Series A funding. Several companies have also expressed interest in Series B investment.
CTO Park concluded, "We are in high demand globally. Currently, our solutions are used in over 20 different countries. Through system enhancement and other efforts, we aim to expand our customer base not just domestically but also globally."
▶Original Article Available At: https://www.dt.co.kr/contents.html?article_no=2024101102101831076001