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Classified in: Health, Science and technology
Subject: Product/Service

Cromatic Announces Vendor Matching Tool That Will Transform How Program Sponsors Identify Outsourcing Partners

Cromatic, a full-stack digital platform for outsourcing life sciences research, today announced the launch of its flagship product, the Sourcerertm Life Sciences Outsourcing Matchmaker.

Over the past decade, the biotech industry has experienced significant growth, with a concomitant doubling of the number of drug candidates under development. Many biotech companies now operate as "virtual" entities, outsourcing most of their R&D. The biotech and pharma sectors are increasingly outsourcing to manage costs, address capacity and skills constraints, and access innovation. This trend has created a huge demand for outsourcing services, with the market projected to reach $275 billion by 2030. However, scientists and procurement teams face challenges in finding suitable R&D partners?often taking months?leading to project delays and subsequent failures due to poor sponsor-vendor fit. Cromatic aims to overcome these challenges and accelerate innovation in the life sciences industry.

The Sourcerer platform is the first in a series of innovative tools that Cromatic is developing to facilitate vendor sourcing, communication, and management for biotech and pharma. The Sourcerer platform hosts a curated vendor database, the largest of its kind, streamlining the search for contracted life sciences service providers, specifically contract research organizations (CROs) and contract development and manufacturing organizations (CDMOs). Incorporating cutting-edge technology, the Sourcerer platform simplifies the vendor search by requiring only minimal input from users, automatically extracting key information from requests for proposals (RFPs) to identify the specific services required for projects and then matching those services to qualified vendors. As part of the launch, the company introduced Sourcerer Lite Search, a limited, free-to-use version of the Sourcerer platform that allows users to perform a basic vendor search by inputting a single service.

Ann Lin, CEO of Cromatic, said, "With just a few clicks on the Sourcerer platform, scientists can connect with a comprehensive global network of outsourcing partners, each fully equipped to advance their projects. Our platform not only streamlines the search for the right partners but also accelerates the transition of groundbreaking therapies from concept to reality. The Sourcerer platform is more than just a tool; it embodies the ongoing modernization of technology stacks available to scientists. It facilitates faster, smarter, and more efficient development processes, aligning with the urgent pace of R&D teams in the pharmaceutical industry to deliver lifesaving drugs to patients worldwide."

Chief Technology Officer, Anne Chen, said, "Our Sourcerer platform represents a first technological leap forward for how our clients can tackle the complex challenges in the life sciences sector, particularly in vendor discovery and project alignment. Now, biotech and pharma companies can find the right partners within minutes instead of months, dramatically accelerating the pace of innovation and reducing time to market. With more modern tooling, we aim to make outsourcing more efficient, effective, and accessible than ever before."

The availability of the Sourcerer Life Sciences Outsourcing Matchmaker is a big game changer for biotech/pharma companies, who can now make more informed choices about their outsourcing partners and, with the increased visibility afforded them, be better positioned to negotiate more competitive terms, particularly for price and timelines.

For further information, visit: www.cromatic.bio.

Editor's notes

About Cromatic

Cromatic Inc. was established in 2022 to drive a vision for a healthier, more sustainable world for all. Cromatic is accelerating scientific discovery by providing a digital marketplace that simplifies life sciences project outsourcing. The company's cloud-based vendor discovery platform, powered by artificial intelligence and designed specifically for the life sciences industry, hosts the largest curated database of global contract research organizations (CROs) and contract development and manufacturing organizations (CDMOs) in the industry. Cromatic's investors include LifeX Ventures, AgFunder, and Not Boring Capital. The company is headquartered in Redwood City, California, USA.

For more information on the company, please visit our website at www.cromatic.bio.

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