Medidata Solutions is an American technology company that develops and markets software as a service (SaaS) for clinical trials. Headquartered in New York City, Medidata has locations in China, Japan, Singapore, South Korea, the United Kingdom, and the United States. Medidata has been a subsidiary of Dassault Systèmes since 2019.

Operations Medidata offers a cloud-based platform for clients to build their own clinical trials and perform medical research. The platform allows physicians and scientists to collect and share clinical trial data.Natasha Lindstrom, "Carnegie Mellon receives $10M gift from alum who runs global tech company," Tribune Live, December 12, 2017. The company helps biopharmaceutical and medical device companies run clinical trials, and streamlines the process for life science firms designing the trials. Clients include biotechnology companies, government institutions, and contract research organizations.

The company has two primary products. Medidata Rave EDC, introduced in 2001, is a single system for electronic data capture and clinical data management, allowing client data to be accessible in one place.Phil Taylor, "Medidata plans $86m IPO," Outsourcing-Pharma.com, January 28, 2009.Nick Paul Taylor, "Biogen switches to Medidata Rave, tipping balance of eClinical power further still," Fierce Biotech, July 21, 2016."Wyeth Selects Medidata Rave as Its EDC Standard," Bio IT World, November 29, 2017."Medidata Solutions," Success Story. Accessed January 25, 2018. Medidata Rave Clinical Cloud, introduced in 2013, is a platform used for data capture and management of patient-related data for clinical operations.Dhruv Vasishtha, "Using Tech To Cure Disease: Interview With Medidata President, Glen de Vries," The Wharton Journal, February 8, 2017. In February 2018, Medidata announced plans to launch virtual trials as a part of its platform's clinical trial products, allowing patients to participate remotely in drug development trials.Stephanie Baum, "What's the future of clinical trial design? Medidata sees a blend of virtual and in-person components," Med City News, February 9, 2018.

History In 1994, Glen de Vries and Ed Ikeguchi created OceanTek, a startup that developed Web applications for conducting clinical trials and was the precursor to Medidata. In 1999, along with Tarek Sherif, Glen de Vries and Ed Ikeguchi founded Medidata Solutions to provide online systems for designing and running clinical trials. In 2004, they completed a $10 million round of financing with Insight Venture Partners,Matthew Herper, "Rx For Software: Can Medidata Solutions Save Drug Companies Billions?" Forbes, March 3, 2014. and were later backed by investors including Milestone Venture Partners and Stonehenge Capital Fund.Claire Cin Miller, "OpenTable and Medidata Hope to End I.P.O. Drought," New York Times, February 2, 2009. Ikeguchi left the company in 2008. Medidata acquired Fast Track Systems (clinical trial planning software) in 2008.

On January 26, 2009, Medidata filed to raise $86 million in an initial public offering (IPO). It made its IPO on the Nasdaq Stock Market on June 25, 2009, with its market capitalization at $313 million.Scott Austin, "Medidata IPO Prices, No. 3 For Venture-Backed Companies," Wall Street Journal, June 24, 2009. It debuted on the Nasdaq at $18 per share.Bertha Coombs, "Medidata IPO Bookends CEO's 'American Dream'," CNBC, June 25, 2009. Medidata acquired Clinical Force (SaaS-based clinical trial management systems) in 2011,Nick Taylor, "Medidata plans acquisitions to continue strong profit growth," Outsourcing-Pharma.com, November 9, 2011. Patient Profiles (Clinical trial data quality improvement) in 2014, Intelemage (medical image sharing technology) in 2016, Chita (cloud-based content management system)John Kennedy, "Medidata acquires Elan IT spin-out CHITA," Silicon Republic, February 20, 2017. and Mytrus (clinical trial technology) in 2017,Jonah Comstock, "Medidata acquires Mytrus in mobile clinical trial merger," Mobi Health News, April 24, 2017. and SHYFT Analytics (cloud data analytics) in 2018. In April 2019, Medidata launched Acorn AI, an AI-oriented solution based on its own trained data.

As of 2017, Medidata customers include 18 of the world's top 25 pharmaceutical companies, with clients such as Johnson & Johnson, AstraZeneca, Amgen, Cancer Research UK, GlaxoSmithKline, Novartis and Hoffmann-La Roche.

In December 2019, Medidata was acquired by Dassault Systèmes for $5.8 billion. Medidata acquired MC10 (digital biomarker technology) in 2020.

Legal issues In September 2014, Medidata discovered that it had been the victim of a fraudulently induced transfer of nearly $4.8 million. The company filed an insurance claim for its loss, which was denied by its insurer, Federal Insurance Co., a subsidiary of Chubb Ltd. The insurer claimed that its policy only covered losses resulting from fraudulent entry or hacking into a computer system and that in this case the transfer was voluntary, while Medidata argued that the thief's actions did come within the policy's definition of covered losses.Sam Boyer, "Judge orders Federal Insurance to pay up $4.8 million claim," Insurance Business, July 25, 2017. On July 21, 2017, a federal court in New York ruled that Medidata was entitled to coverage from Federal Insurance for the $4.8 million loss.Jeff Sistrunk, "Medidata Covered For $4.8M Computer Fraud, Judge Rules," Law 360, July 21, 2017. Federal Insurance's appeal is pending.John Lande, "Maybe you have cyber-insurance coverage after all," Dickinson Law, September 7, 2017.

On January 26, 2017, Medidata filed a lawsuit in federal court in New York against five former employees and Veeva Systems Inc., in which it accused Veeva of trade secret theft. The complaint alleges that Veeva induced former Medidata employees to reveal confidential information and trade secrets that belong to Medidata.Peter Blumberg and Sarah McBride, "Veeva Turns the Tables in Fight Over Tech Hiring Barriers," Bloomberg Businessweek, July 18, 2017. On August 16, 2017, the court denied Veeva's motion to compel arbitration,"Medidata Solutions, Inc. v. Veeva Systems Inc.," New York Law Journal, August 22, 2017. and on September 20, 2017, Medidata filed its Second Amended Complaint, which names Veeva as the only defendant. The case is ongoing."Medidata Solutions, Inc. v. Veeva Systems Inc. et al," docketalarm.com, as of February 20, 2018.

Rankings

2017: #11 on Fortune magazine's Fortune Future 50 list 2017: #51 on Fortune 100 Fastest Growing Companies list 2017: #59 on Forbes''' list of Most Innovative Growth Companies"Most Innovative Growth Companies," Forbes, May 2017. 2018: #70 on Barron's'' 100 Most Sustainable Companies listLeslie P. Norton, "Barron’s 100 Most Sustainable Companies," Barron's, February 3, 2018.

References

External links

Medidata NEXT website