Lokavant, a US-based clinical trial software company, has recently launched Spectrum, a new feasibility software solution powered by artificial intelligence (AI). This innovative software is designed to optimize clinical trials by assisting study teams in forecasting, streamlining, and controlling trial timelines and expenditures in real-time. Spectrum also allows for iterative feasibility assessments and adjustments to be made during the trial, making it easier to keep the study on track.
One of the key features of Spectrum is its automatic integration of ongoing financial forecasting, which eliminates the need for manual input when modeling budgets. This allows for more accurate budget modeling based on actual data rather than assumptions. In addition, Spectrum uses ‘causal AI’, a type of AI that offers real-time recommendations to study teams, enabling them to take proactive measures to ensure the success of the trial.
A contract research organization (CRO) that used Spectrum reported being able to quickly plan and prepare for a sponsor bid defense by evaluating various scenarios and providing the sponsor with multiple recommendations for optimizing time, cost, and countries involved in the trial. This demonstrates the potential of Spectrum to improve the efficiency and effectiveness of clinical trials.
Rohit Nambisan, CEO and co-founder of Lokavant, stated that the industry needs innovative approaches to clinical trial operations to match the advancements in clinical sciences. He emphasized that Spectrum empowers study teams to optimize research, manage costs, and deliver therapies to patients more efficiently.
Lokavant will be showcasing the Spectrum solution at the annual Drug Information Association conference in San Diego, California. The company, based in New York, is dedicated to improving clinical trial performance by providing study teams with real-time, AI-driven data insights.
In conclusion, Lokavant’s Spectrum software represents a significant advancement in the field of clinical trials, offering study teams the tools they need to optimize trials, manage costs, and deliver therapies to patients effectively. With its AI-powered features and real-time recommendations, Spectrum has the potential to revolutionize the way clinical trials are conducted and improve the overall success rates of trials in the future.