Put that paperwork down. Greenphire is fundamentally changing the entire clinical research industry. The King of Prussia based company has two products, ClinCard and eClinical GPS, designed to streamline clinical research studies. The technology is working, and it's well received, having just closed a round of Series A funding led by FirstMark Capital, on the heels of Ben Franklin Technology Partners funding last year.
Greenphire's COO John Samar reports that this year, the company will achieve 300 percent revenue growth over last year, currently serving 200 customers including big name pharma, biotech and medical device companies. Just four years ago Greenphire consisted of Samar and co-founder/CEO Sam Whitaker, and with the cash influx, the company is hiring. Samar estimates that the current staff of 16 will double by spring of 2012. Currently, there are three openings: VP Program Management, Program Manager and Office Manager/Client Support/Bookkeeper.
ClinCard, says Samar, is Greenphire's debit card based product that handles payments for participation in clinical research trials, adding email and SMS functionality to keep patients engaged in studies. Participants receive tailored messaging and appointment reminders.
“There are a lot of value adds that result from the way we package,” says Samar. “Sponsors get cleaner, more robust data, and patients are happier. The whole clinical research industry is realizing that it needs to be more patient centered.” Increased compliance on both sides of the equation, from patients to paperwork, sets ClinCard in its own class, and it's not hard to see how Greenphire's technology could be applied to a much wider healthcare market.
But Samar says right now Greenphire is sticking to its expertise in the clinical research sector, and this year launched its second product, eClinical-GPS (Global Payment System) to address payments involved in the execution of the study. So, for example, if a clinician draws blood, reimbursement — which previously took 6 to 8 months — now arrives within three days.
The high growth private company is partnering with Mytrus for Pfizer's virtual clinical trial program that allows participants to remain at home, using electronic communication tools to recruit, retain and administer studies.
Source: John Samar, Greenphire
Writer: Sue Spolan
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