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Drug development is expensive, time-consuming, and has a high rate of failure. According to a statement issued by the FDA in 2004, a 10% improvement in predicting failures before clinical trials could save $100 million in development costs per drug. The founders of Applied BioMath realized that our technology-intensive approaches could save drug developers time and money, savings that could be passed through to the consumer.
As we created the company, the founders shared a sense of responsibility to help society in additional ways. We annually donate a portion of our profits to charity. Although Applied BioMath is small and young, we have already donated thousands of dollars to groups including the Avielle Foundation and the Massachusetts Alzheimer’s Research Center.
We make it a priority to support our local community. Massachusetts leads the world in biology, education, and computing. Our company relies on all three of these cornerstones. We strive to ensure that Boston does not lose its edge and we make every effort to help future leaders in these fields. In a recent team-building activity, our team at Applied BioMath built bicycles and awarded them to students identified as high performers in STEM from a local elementary school, all of whom were female! I could feel the students’ excitement when we presented them with the bikes and when they met with our scientists, more than half of whom are women.
As Applied BioMath grows, we hope to provide increasing benefits to society as we demonstrate how our approaches impact drug R&D costs, continue to support local and national charities, and enhance our community.
This post is a part of a series of posts written by Small Business of the Year Honorees. Stay tuned for more insights from our honorees leading up to the October 6th event.
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