Philly Company Develops AI to Identify Medical Research with Potential for Profitable Drugs and Therapies
A Philadelphia-based analytics firm, Clarivate, has been at the forefront of academic research analysis since 1960, well before the rise of internet metrics that emphasize page views and user engagement. Originally known as the Institute for Scientific Information (ISI), the company was founded by linguist Eugene Eli Garfield, who sought to bring scientific rigor to the evaluation of scholarly work. Located in a renovated factory on Spring Garden Street, Clarivate currently employs approximately 500 of its 12,000 global personnel in the Philadelphia area.
Under the ownership of Thomson Reuters from 1992 until 2016, ISI focused on transforming how academic research was evaluated and utilized. In a significant shift, Onex and Barings, private equity groups, acquired the company, rebranding it as Clarivate and taking it public in 2021. This transition left Clarivate with nearly billion in debt, a figure it is working to reduce through strategic fiscal management.
Today, Clarivate serves a diverse clientele, which includes 99 of the world’s top 100 pharmaceutical companies, such as GlaxoSmithKline. The firm’s analytics capabilities now harness artificial intelligence (AI) to predict emerging research areas that could influence product development and therapeutic strategies. Investment in AI aligns with Clarivate’s mission to enhance the efficiency and effectiveness of data usage in life sciences and healthcare.
The evolution of Clarivate’s services is noteworthy. The company’s flagship product, the Web of Science, has become an essential resource for institutions seeking to measure research impact and excellence. The platform allows pharmaceutical companies to identify potential clinical trial locations while facilitating research accessibility in libraries worldwide, such as those at the British Library and Library of Congress.
As Clarivate continues to fine-tune its operations, the focus has shifted towards fostering innovation rather than merely cutting costs. This change comes after a period of stagnated sales growth, where the company’s stock price fluctuated between and , a significant drop from its initial public offering price of in 2019. Clarivate’s management recognizes the necessity to enhance products and services to meet evolving customer demands.
Amid growing concerns about potential federal budget cuts impacting university research funding and drug pricing structures, Clarivate remains cautiously optimistic, monitoring developments closely. The company is also exploring new collaborations and advancements in its IP and healthcare analytics sectors, working to sustain its relevance in a rapidly changing industry landscape.
As the data-driven decision-making landscape continues to evolve, Clarivate positions itself at the intersection of pharmaceutical research, financial investment, and academic inquiry, reaffirming its commitment to providing valuable insights that influence healthcare innovations.
