INCEUTICA forms R&D sourcing agreement with Altus Biologics
Under the terms of the agreement, Altus will employ INCEUTICA to facilitate the sourcing of its drug development programs, reduce its cycle time, minimize its resources and streamline its sourcing of contract drug development services.
Requests for Proposals (RFP) submitted by Altus will be available for review by service providers and, at the discretion of the company, these RFPs will then be made available to service providers in either a public or private forum. Via INCEUTICA, service providers will be able to submit and revise project proposals, monitor project status and conduct continuous dialogue with representatives from both the partnering companies.
In addition, Altus will be able to review all proposals made on their RFP's and select the service provider to best suit its needs. Through the agreement, INCEUTICA will deploy its technology to facilitate the sourcing process without direct involvement in communications between Altus and service providers.
"I'm very optimistic about the new opportunities Altus will gain by using the processes provided by INCEUTICA," said Joe Blanchard, Vice President of Altus. "With the explosion of drug candidates available for testing, the outsourcing process needs to be efficient. INCEUTICA facilitates the process, making it both faster and easier to use than traditional outsourcing practices."
"INCEUTICA's mission is to match the best-in-world supply solutions with buyers' demands, regardless of size or geographical location," said Kris Ford, COO and Co-Founder of INCEUTICA. "By providing a central resource for managing R&D sourcing activities, INCEUTICA's web-enabled service searches for and matches expertise according to Altus' specific needs. This process reduces contracting cycle times thereby resulting in significant efficiencies for Altus' R&D program. INCEUTICA provides Altus and other biopharmaceutical firms the opportunity to focus on R&D activities directly related to bringing products to market more quickly
and at a reduced cost."
It is predicted that during 2001, biopharmaceutical companies will outsource approximately $11 billion in R&D projects. Industry experts predict that this figure will increase by a minimum of 25% over the next five years.