Why we founded Convoke | Convoke Blog

Planning and executing a modern drug launch is one of humanity’s most cognitively complex coordination tasks—not unlike a rocket launch. Biopharma companies must pull together information from thousands of point solutions, share it across hundreds of siloed contributors inside and outside of their organizations, all while keeping everything up to date. This information extraction, storage, and processing burden is unmanageable, and leads directly to poor decision quality and gross inefficiency: today, it costs upwards of $300 million to develop a new drug, 90% of drugs fail to make it through clinical trials, and ~55% of drugs that do launch fail to recoup their development costs in revenue. Even the most well resourced pharmaceutical firms in the world—$50bn annual revenue behemoths like Pfizer, or Eli Lilly—can only manage to launch a handful of new drugs in a good year. Industry return on investment is in decline, and the pressure on the bottom lines of biopharma companies means t

Planning and executing a modern drug launch is one of humanity’s most cognitively complex coordination tasks—not unlike a rocket launch. Biopharma companies must pull together information from thousands of point solutions, share it across hundreds of siloed contributors inside and outside of their organizations, all while keeping everything up to date. This information extraction, storage, and processing burden is unmanageable, and leads directly to poor decision quality and gross inefficiency: today, it costs upwards of $300 million to develop a new drug, 90% of drugs fail to make it through