Opyl’s flagship platform Opin has made two strategic initiatives that will boost revenue for the company. 

Medtech Opyl (ASX:OPL) announced two strategic initiatives that it says will amplify the clinical trial and study enrolment success rate for its Opin platform.

The company has formed a strategic partnership with Consentic, an online platform providing video-based electronic clinical trial consent (e-consent).

It has also launched a new personalised research screening service that will deliver improved trial enrolment and participant experience.

Opyl believes these two initiatives will enable it to scale services and grow revenue even further as the company targets triple digit growth in the $4.7bn global clinical trial recruitment market.

Consentic partnership will boost revenue

Opyl says the key benefits of partnering with Consentic and offering expert research screening services is in influencing and controlling the recruitment and enrolment value chain.

It will give Opin an advantage in capturing market share and customer acquisition and in turn, boosting its revenue growth.

“Opin’s referral and enrolment rate is already exceptionally high compared to market standard, with over 90% of Opin trials and studies recruiting to plan or ahead of plan,” said CEO, Michelle Gallaher.

“By taking on more of the engagement, consent, and enrolment functions, Opin can lighten the load on overworked trial sites, and play a larger role in delivering successful recruitment outcomes for customers and participants.”

Rebecca Saunderson, Consentic CEO, said: “Our partnership will improve clinical trial recruitment and clinical trial participant experience.”

“Opin will enable access to trials that participants might not otherwise have known about, and Consentic will enable participants to be fully informed and empowered to participate.”

Screening services will lead to higher enrolment

Meanwhile, the expanded expert research screening service will ensure participants are contacted directly, and triaged promptly.

The service will directly contact potential trial participants by phone, email, or SMS, after they have passed the initial digital screening questions –  prequalifying them to participate in a study and improving the probability of enrolment.

This unique service was designed by Nicola Straiton, Opin Services lead, and has already signed its first customer with recruitment commencing this week.

Opyl believes that going forward, this service will lead to higher enrolment, improved participant satisfaction, better value for customers, as well as additional revenue for the company.

Opin as a leading platform

Opin is recognised in the Australian market as the leader in social media-based clinical trial recruitment.

Its AI-based technology matches patients to clinical trials and studies around the world.

The company’s goal is to deliver the highest and most consistent enrolment rate of prequalified participants into trials and studies, compared to competitors.

According to Opyl, more than 80 per cent of clinical trials fail to recruit on time and on budget, with each month of delay potentially costing hundreds of thousands or even millions of dollars.

Today’s agreement with Consentic is non-exclusive over two years, during which time both companies will pitch the others’ solution to existing and new customers.

Each partner will receive revenue via a revenue-share (a fixed capped percentage of the project value) and referral fee arrangement.

This article was developed in collaboration with Opyl, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.