Making capital out of chemical conundrums
What is the point of reinventing the wheel? The answer to many a challenging chemistry problem may already be out there, but a lack of communication could be costing companies dear. InnoCentive has come up with an ideal solution
What is the point of reinventing the wheel? The answer to many a challenging chemistry problem may already be out there, but a lack of communication could be costing companies dear. InnoCentive has come up with an ideal solution
The problem is simple: an efficient synthetic route is required for this chemical structure. This molecule may have been previously reported in the chemical literature but the existing known synthetic route may be lengthy, expensive and low yielding.
InnoCentive (www.innocentive.com), a new online enterprise that is redefining the business of scientific research and development, is offering serious financial rewards for solving such chemistry problems. Devise and execute the 'best synthetic pathway' and $100,000 will be deposited in your account.
At InnoCentive, scientists from around the world are submitting solutions to challenging chemistry problems in the areas of synthetic organic chemistry, analytical chemistry, process chemistry, combinatorial chemistry and informatics. InnoCentive's intuitive web site encourages scientists to find problems that match their qualifications and then collaborate or work independently to derive the best solution.
The typical company looking to pay for a solution – the seeker company – is a large global r&d-based organisation. Scientists work and submit solutions with the understanding that only the best solution will receive the substantial financial award. Depending on the difficulty of the problem, rewards range from US$2,000 (€2,267) to US$100,000 (€113,000).
specific challenges
There are two types of InnoCentive challenges posted on the website. The 'paper chemistry' problems, with rewards in the US$2,000-5,000 (€2,267-5,700) range, do not involve laboratory work or even a sample, only a documented solution. On the other hand, 'wet chemistry' problems are much more involved and require laboratory work, supporting literature and an actual sample for validation. However, the pay-off is much larger.
InnoCentive urges solvers to evaluate specific challenges in the light of their own resources, capabilities and experiences. For some, a particular challenge might be too great to undertake. For others who are uniquely prepared, solving that challenge could result in a substantial financial award. For everyone in the global chemistry community, the challenges represent opportunities that professionals in other fields, such as information technology, have enjoyed for some time.
As with most worthwhile endeavours, only the best solutions that fully meet the acceptance criteria will receive cash awards.
As of 2 January, 2002, the company reported almost 7,000 registered solvers from all around the world. These intrigued chemists benefit in numerous ways. InnoCentive provides an easy and quick way to find challenging problems that match their experience and expertise. These solvers receive a substantial financial incentive that is directly based on their performance. Solvers can now collaborate on serious scientific problems for financial incentives and peer recognition. Lastly, contract synthesis labs can generate incremental revenues by leveraging underutilised resources.
'Historically, chemical and pharmaceutical companies have only consulted big names in academia. However, there are many brilliant unknown chemists all over the world who, when consulted about chemical problems, will come up with brilliant ideas,' explains Herman Sintim, a recent award recipient.
Global corporations also benefit immensely by posting their problems with InnoCentive. These seeker companies can obtain solutions to problems that were previously thought to be insoluble. Frequently seeker companies can obtain a faster solution or multiple solutions that can be optimised. The global nature of the solver community ensures that their problems achieve maximum exposure.
Scientists interested in solving problems begin by logging onto the website to review the list of challenges. Once they have registered they can review summary information regarding the posted challenge. If they are interested in working on the problem, they move to the next level and open up a 'project room', which allows them to post documents and files in support of their solution. Finally, when they believe they have the problem solved, they actually submit the full solution to the seeker company for review.
solving a problem
For any given problem, InnoCentive receives numerous possible solutions. Depending on the specific problem, more than one solution can be accepted, allowing for several solvers to receive an award. Each problem also has a deadline associated with it. In order for the solution to be evaluated, all relevant material must be submitted before the deadline, after which the project rooms are closed. After a solution has been evaluated as viable, the financial award is deposited in the account of the problem solver.
'I think that InnoCentive is a very clever idea. It takes the full advantage of the information technology to maximise the efficiency of the problem solving process and provides a test field for the brightest minds,' says Yu Fan, another enthusiastic award recipient. 'Personally, the satisfaction I obtained from solving a problem as a graduate student is extraordinary. Innocentive catches the central theme and I believe that it will become a popular website for those who like to take the challenge and enjoy the excitement.'
The past few years have seen Internet companies come and go. Many 'start-ups' set out to solve 'the inefficiencies'. Many died trying. The truth of the matter is that the Internet can reduce inefficiencies, the Internet can alleviate headaches, but not over night.
Many companies were able to attract thousands of one-time users. The problem was converting these into frequent users. Eventually, the millions of dollars that the venture capital community invests in these start-ups will run out if they do not become self-sustaining.
So how can an Internet business be self-sustaining? The answer is by creating a business that is not risky, a business that enables collaboration, a business that takes advantage of a virtual community independent of time and geography.
InnoCentive is growing rapidly. Problem solvers are being added daily and the company is also courting solution seekers. It plans to expand into other areas of science such as analytical chemistry, biology, toxicology, and more.
Oracle and Dendrite market CRM solution
E-business software provider Oracle Corp. and pharmaceutical technology company Dendrite have reached an agreement to market an integrated customer relationship management (CRM) solution to meet the specialised needs of the worldwide pharmaceutical industry. Under the terms of the agreement, Oracle and Dendrite will integrate Oracle's E-Business Suite and Dendrite's WebForce Sales Force Effectiveness application to market the first fully integrated CRM solution specifically for pharmaceutical companies. Drug manufacturers typically spend up to 30% of their revenue on sales and marketing activities, with three-quarters of this amount spent on the sales force. The integration of the two products will enable pharmaceutical companies to optimise their sales and marketing efforts by providing seamless integration between marketing, sales and customer service activities through all the complex pharmaceutical touch-points of patient, doctor and pharmacy via the web, phone, field sales and email. Dendrite's unique longitudinally linked prescription data provides input into proprietary predictive behaviour models that enable companies to understand physicians' prescribing behaviour. This helps maximise sales and marketing impact on doctors' behaviour. Additionally, the Oracle E-Business Suite allows companies to integrate CRM operations with back-end applications, such as procurement, financials and human resources. The needs of the pharmaceutical industry are unique and require specialised functionality," said Mark Barrenechea, Oracle senior vice president, applications development. Integration between the Oracle E-Business Suite and Dendrite's WebForce will give pharmaceutical companies a new opportunity to tightly integrate their specific CRM activities with the rest of the organisation." John Bailye, chairman and ceo of Dendrite, added: Pharmaceutical companies recognise that they must combine information from the sales force with all other customer contacts to maximise their market potential. By adding the analytically driven component of the solution, Oracle and Dendrite will enable companies to execute specifically targeted campaigns and improve customer relationships in a way not possible before."
