Proof of market research into commercial viability of paediatric medicines leads to £2.6 million in venture capital investment

 

 

TomorrowsMedicines

Background

Established in 2010, Proveca is a specialist pharmaceutical company which focuses on developing innovative, technically complex, demand driven pharmaceuticals.

Proveca's portfolio of products in development focus on developing
essential medicines for children and adults, through studies dedicated to providing evidence for the specific use of off-patent medicines.

Business Objectives

Proveca approached Inventya for help assessing the market for three potential products: an injectable pain relief product, an oral medicine for heart failure in children and a treatment for the arrest of chronic drooling in children with neurodevelopmental problems.

Children’s medicines are typically just an adaptation of the adult version, but Proveca wanted to engineer its products based on a greater understanding of the patient requirements and market dynamics.

Technical Challenges

With limited resource to research the market for its portfolio of off-patent medicines, Proveca needed to produce an acceptable risk profile to present to potential investors.

This required a robust understanding of the European market, including the identification of distribution partners, likely clinician uptake and likelihood to prescribe.

Inventya Solution and timescales

Inventya assisted Proveca with a Technology Strategy Board (TSB) Proof of Market grant application which would enable it to assess the commercial viability of the project.

Upon successfully winning grants totalling £75k for each of the three products, Inventya carried out a programme of market research and market analysis, producing a comprehensive report.

Inventya required only 6 months from initial approach to delivery of the commercialisation plan.

Outcomes

  • Successful proof of market £75k grant applications
  • Pan-European market research enabled Proveca to assess its portfolio and prioritise its anti-drooling product
  • Total cost-avoidance on market research of £120k across the three product areas
  • £2.6 million venture capital investment secured from Albion Ventures

Next Steps

With its successful market research and subsequent investment, Proveca is ideally positioned to develop and market its products across Europe. It has now identified Inventya as its market research partner going forward.

Inventya have provided us with a brilliant commercial screening mechanism. Without Inventya's support we would not have been able to resource this level of research or secure our £2.6 million in venture capital investment.

Simon Bryson, MD,
Proveca