Summary
An F500 Pharmaceutical company discovered that Searchstream provided a straightforward and efficient way to request their patent search, which was essential to their workstream given the rapidly advancing technology and the demand for more frequent searches. The platform allows users to tailor their search scope, pick their preferred databases, and choose the types of data they wish to access. Furthermore, it puts the user in full control, delivering the quote within minutes of sending the search request.
The client rapidly adopted this product, as it removed bottlenecks and sped up the process of getting a proposal. The client experienced an impressive 90%-time saving in the entire ordering process, going from days to mere minutes.
Problem
In the pharmaceutical industry, billions of dollars in revenue can be generated by introducing new lifesaving drugs into the market every year. With millions of dollars invested upfront into R&D (Research & Development), pharma companies are vigilant in ensuring they can own exclusive rights to the patent.
Patents contribute to about 80% of the revenue at pharma companies and safeguard innovation investments and infringement cases.
However, pharmaceutical patent searches are very technical, it requires domain expertise to cover all your bases. Given the technical nature, this global pharmaceutical company came to Evalueserve to perform these patent searches.
Originally, all the patent search requests had to go through one stakeholder at the requesting company, which slowed down request and turnaround times and meant key pieces of information were lost in translation. This became a big bottleneck for their innovation and R&D, given multiple search requests a week.
Solution
With the fast-paced rate of innovation and frequency of patent searches, they found Searchstream provides an effortless way to request their novelty patent search.
Searchstream is a patent-request platform that simplifies a complicated search request process. Searchstream allows you to select the scope of your search, the number of databases, and specific data types to be included. Given the confidentiality of their searches, the client felt confident in the security given levels of data encryption.
Searchstream puts each requester in the driver’s seat.
Once the search request is made, the requester receives the search results in about a week.
Benefit
The client quickly adopted Searchstream since it empowers an easy request process. The client no longer needed to go through a singular stakeholder to make the request, get internal signatures to sign off on a proposal and, by using a product, no schedules needed to be coordinated to get a proposal, simplifying each step of the approval process.
The client has seen over 90%-time savings in getting a search proposal, going from days to minutes.
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