Pharmaceutical provider Pharmidex has increased its testing capacity with support from Siemens Financial Services (SFS), the provider said in a statement.
Pharmidex is a London-based Contract Research Organisation (CRO) that provides bespoke data to support drug discovery and development.
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Sally-Anne Whybrow, a sales manager at SFS, said: “The pandemic and its economic aftermath make the importance of investing in technology more, not less, urgent. We are all acutely aware of the importance of rapidly increasing testing and clinical studies right now and it’s been highly rewarding to support Pharmidex in successfully growing this aspect of their business. We look forward to continuing to support this growth strategy as the business develops.”
Pharmidex’s Medicines and Healthcare products Regulatory Agency (MHRA) accreditation meant its facility was recognised under FDA Standards, allowing them to take on more studies and use the data generated for patient clinical studies. This required support from more advanced DNA analyser technology that could cope with the increase in scale.
Ash Alavijeh, operations manager at Pharmidex, said the analyser will make a significant difference to their business. “We’ve been investing in this area of business development for the last two years and the analyser represented one of the last pieces of the jigsaw for us. Having access to this piece of equipment would greatly increase our capacity to run these studies.”
Under a hire purchase arrangement, Pharmidex is able to access cashflow to fund other areas of the business while paying VAT upfront alongside fixed low monthly instalments. The arrangement will conclude with Pharmidex being able to exercise its ownership of the equipment.
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By GlobalDataSiemens has also previously facilitated the purchase of medical imaging equipment for other healthcare providers.
“Hire purchase provides us with the perfect balance to continue pursuing our growth strategy while also being mindful of cashflow,” adds Alavijeh.
“We’ve worked with other financiers in the past, but what set SFS apart for us was the short time they took to understand our business. They posed insightful questions and recognised how we fit into the industry and the value of our offering.
“It was encouraging to us as a small business to work with a provider that showed an interest in our future and helped us to develop a long-term strategy for growth. Thanks to the new equipment, we can now market our services to different companies around the world. The finance has helped us increase our regulatory analytical capacity substantially and grow that element of the business,” Alavijeh said.
