Careplots business idea was conceived in early 2018 by a group of technology entrepreneurs and informatics experts who came together to work on a software product that will change the way medical products are paid for based on real world data, real world outcomes and performance. The founders had deep knowledge of health systems operations, including delivery of care, insurance and financing, research and development and manufacturing.
The platform has been envisioned as a 'consumer reports' site for drugs and devices performance. The founders team made an early decision to focus on measuring performance of various instruments of care, such as drugs and medical devices, in contrast to the traditional method of judging the performance of physicians and hospitals. The team used elastic cloud infrastructure and modern data management framework to collect and ingest data from numerous public and private sources. The data lakes have been curated, integrated and analyzed through statistical modeling and machine learning techniques to understand the clinical efficacy and economical effectiveness of various products that are marketed for treating specific conditions. The results confirmed that not all products worked consistently in the long run, not all patients are responding positively to these treatments, and often no additional benefit is observed when compared to similar products in their categories, which echoed findings from recent studies published in prestigious scientific journals.
Manufacturers are taking significant financial risk to bring products on the market, investing heavily in research and development, clinical trials and marketing, however performance evaluation information is not readily available, and largely done in academic studies. In response to this gap, Careplots software platform has been designed to subjectively measure drug effectiveness and efficacy in the real world, using longitudinal data sets from millions of patients from a variety of global data sources. We believe that by empowering consumers and business organizations with value-based care information that is simple to digest, common sense actionable, and with immediate impact on everyday lives, the health care costs can be contained, access to quality care may be improved and utilization of high cost services may be reduced, providing significant savings for patients and businesses.