About
NetChoice is a trade association fighting for free speech and free enterprise online. This page is a new education project of NetChoice’s.
The goal of our Tech Competition webpage is to show how the abundance of competition in the tech industry benefits consumers through new exciting services, and market signals pushing businesses to constantly innovate and improve their offerings to their customers. We’ll keep this page updated frequently with news and facts that highlight the prevalence and impact of vigorous competition in U.S. tech markets.
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Posts
Tech Competition is Helping Americans. Here's How.
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Wednesday • June 26, 2024
Formation Bio raises $372M to boost drug development with AI
It’s a “Material Step Up” From $1 Billion, Formation’s Series Valuation, said a Spokesperson
Formation announced Wednesday that it raised $372 million in a Series D funding round led by Andreessen Horowitz with participation from drug maker Sanofi, Sequoia, Thrive, Emerson Collective, Lachy Groom, SV Angel Growth and FPV Ventures. The new tranche brings Formation’s total raised to more than $600 million (according to PitchBook), which the company says is being put mainly toward partnership acquisition efforts and R&D.
Formation builds tech-forward solutions for clinical trials and drug development. The company licenses drug IP from and co-develops drugs with biotech and pharma companies, and develops these drugs past clinical proof-of-concept.
Drug development is a notoriously expensive and challenging endeavor. It takes 10 to 15 years on average to take a drug from initial discovery through regulatory approval, with the cost per drug reaching up to $5.5 billion. And an estimated 90% of drugs fail to reach the market.
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Wednesday • May 22, 2024
Epic releases open-source AI validation tool for health systems
Epic Launched an Open Source Tool on Wednesday to Enable Healthcare Organizations to Test and Monitor Artificial Intelligence Models
The AI validation software suite is free and available to the public on GitHub, Corey Miller, vice president of research and development at Epic, told Fierce Healthcare. Health systems can download the code to their electronic health record systems, he said.
Health systems can use the tool to validate AI models that integrate with EHR systems, including models developed by Epic as well as other those developed by other organizations. As AI best practices are developed, the open-source framework will enable organizations to bring in those standards and practices alongside the AI validation capabilities, Epic executives said.
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Friday • September 29, 2023
Mayo Clinic to test new generative AI applications from Microsoft
Physicians and Other Clinical Staff Are Exploring Ways to Combine LLMs With Productivity Apps to Reduce Provider Burden
The Rochester, Minnesota-based Mayo Clinic will be an early participant in the Microsoft 365 Copilot Early Access Program – offering its clinicians and staff the ability to test artificial intelligence technology, which combines large language models with Microsoft 365 apps – calendars, emails, chats, documents and more – to enable improved productivity and reduce administrative burden.
Mayo Clinic says it’s hopeful that new and emerging generative AI applications can help its physicians and nurses automate form-filling tasks and help with other time-consuming admin work that takes focus away from patients.
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