Think Research Corporation is on a mission to become an essential data service for clinicians worldwide

According to Think Research Corporation (TSX-V:THNK), an industry leader in providing knowledge-based digital healthcare software solutions, it’s nearly impossible to stay ahead of rapidly changing medical technology. without having access to vast pools of knowledge.

The Toronto-based health technology company aims to be to the medical community what Bloomberg is to the financial community.

Proactive spoke to Think Research CEO Sachin Aggarwal and asked how he plans to achieve this.

Proactive: In your recent investment documents, you mentioned that you were becoming an essential data service for clinicians. What does it mean?

Sachin Aggarwal: Today, more than 300,000 doctors, nurses and pharmacists use our solutions, thanks to corporate relationships. So basically companies are licensing our solutions to their clinicians. These doctors, nurses and pharmacists use our solutions to keep their practices up to date. So what we do is we put new evidence and new best practices into the hands of these clinicians, so that we become an essential part of how they practice and provide patient care.

How does Bloomberg’s analogy fit?

If you know Bloomberg in a financial context, all the data and information available to you on Bloomberg is already available to you if you just google it, right? But it’s basically information overload. Humans do not have the ability to synthesize this amount of information into a usable form without assistance. And that’s why Bloomberg is so critical of this sector. Likewise, in healthcare, the amount of information our clinicians must consume has grown exponentially. Twenty years ago, our clinicians could consume or hold all the necessary information in their heads. Today we know that is simply not the case. The amount of medical information and medical knowledge doubles every few months. It has become impossible for clinicians to keep up to date with all this changing information and knowledge. So, like Bloomberg, our clinicians need solutions that synthesize all of this information for them in a way that they can easily consume it and apply it to patient care.

If I am a clinician, how does your software help me?

It depends on what type of clinician you are. For example, if you are a doctor in a hospital, you might use our software to make real-time decisions about how to treat your patients. So you might be using our Decision Support Checklist, for example, to make sure you’re practicing up-to-date medicine and don’t forget anything when treating complex patients. If you’re an oncologist, we’re almost certainly your provider of choice for all the continuing medical education you need to complete each year to maintain your license. We are the best educator of oncologists, for example through our subsidiaries MDBriefCase and Oncology Education. If you are a pharmacist, there is a good chance that you use one of our solutions in your pharmacy, anywhere in Canada. These are just a few examples.

How do your recent acquisitions of Bio Pharma and Pharmapod fit into your essential data strategies?

Pharmapod is a great example of this and was a very accretive acquisition. What Pharmapod does is that it presents clinicians, especially pharmacists in retail pharmacies, with the information they need for one of their critical workflows, which is all medication reporting ( errors) in their environment. It’s a very knowledge-based, critical workflow for them that changes frequently with different drugs, different vaccines, and so on. By acquiring Pharmapod, we have acquired tens of thousands of pharmacists at over 80,000 retail pharmacies, including over 65% of all retail pharmacies in Ontario currently using the solution. As a result, we have become an essential part of the workflow and central data service for these particular clinicians. One of our main goals is to grow our footprint, grow the number of users we have access to and the number of installs, and the acquisition of Pharmapod was a big part of that.

Do you plan to make more acquisitions and, if so, can you tell us about your future acquisition plans and pipeline?

It’s no secret that these are tough times for small cap companies in the public market, so it’s hard to make accretive acquisitions at our current share price and our current multiple – we we trade below 1x of our earnings. That being said, with our recent financing, and with Beedie Capital giving us access to $25 million of convertible debt, and with our remaining acquisition facility with Scotiabank, we have plenty of dry powder at our disposal. We certainly remain attentive to the field and we will be opportunistic with regard to acquisitions. With regard to these acquisitions, what we are looking for is the acquisition of new users, therefore new doctors, nurses and pharmacists. It’s number one. Second, acquiring new types of content to offer to our current users, through cross-selling or up-selling, or acquiring companies that can monetize the data we collect from our users. These are the three things we are looking for.

What do you see Think becoming in five years?

Our goal is to become the provider of choice for new knowledge and new evidence for clinicians around the world. Like Bloomberg, our goal is to become an essential data service for clinicians around the world. Our mission, if I can put it that way, is to organize the world’s health knowledge so that everyone receives the best care.

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