This morning Komodo Health, a data analytics company focused on the medical field, announced the acquisition of life science market access software company Breakaway Partners for an undisclosed sum. The news comes just months after Komodo closed a whopping $220 million Series E funding round, which boosted its valuation to over $3.3 billion.
Breakaway Partners has developed software that is able to track formulary changes, medical and pharmacy policy criteria and payer coverage across different regions in real-time.
Komodo Health was founded in 2014 and has a history of working with providers, payers, and life science companies. The New York-based company developed an artificial intelligence and data analytics tool called Healthcare Map, which is able to track de-identified patient healthcare encounters. The service is able to describe patient outcomes of individuals and larger population outcomes.
“Market Access is a natural adjacency to Komodo’s existing software capabilities across the Life Sciences enterprise,” Web Sun, cofounder and president of Komodo Health, wrote in an email to MobiHealthNews. “The acquisition brings together Komodo’s Healthcare Map and software suite with Breakaway Partners’ industry-leading data set consisting of formulary changes, medical and pharmacy policy criteria, and payer coverage. This combined data will power their market access software suite to track the impact of policy and formulary decisions on patient outcomes and – more importantly – to inform value-driven strategies that improve those outcomes.”
WHY IT MATTERS
According to Sun, the new acquisition will help expand Komodo’s footprint in the life science enterprise space. Komodo pitches this acquisition as a way to help keep up with value-based models, which focus on patient outcomes and providing the most effective treatments.
“The market need is clear. As healthcare payers and providers continue to shift to value-based payment models, payers, providers and life sciences companies need faster, more complete insights to bridge the gap between new breakthroughs, the potential impact on patient outcomes, and formulary decisions,” Sun wrote. “With our combined insights and single interface software, life sciences teams will be able to navigate the current formulary landscape with added intelligence from real-world patient outcomes for existing therapies, insights on patients in a particular region who would benefit most from a new therapy, and – most importantly – a deeper understanding of patients who are not currently receiving therapies they need.”
THE LARGER TREND
In May Komodo inked a deal with PicnicHealth to jointly use their projects in order to create a real-world patient data pool using de-identified data from payers, providers, labs and EHRs. Specifically, Komodo’s role will be to analyze the connections between the patient journey and large-scale health outcomes.
Today the unicorn company has more than $314 million in venture funding.