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Norstella, a pharma intelligence solutions provider, has hired former Optum CEO, Kris Joshi as the company’s new chief executive.
In addition to Optum, Joshi has over two decades of experience across brands like McKinsey & Company, IBM, Oracle and Change Healthcare. He has worked at the intersection of healthcare and technology with a focus on bridging the gap between payers, providers and health insurance companies.
After leaving Optum, where he managed nearly $3 billion in revenue across software, data and network businesses, Joshi spent about a year speaking with companies about open positions and opportunities.
“I was looking for something that truly would get me passionate about what I was doing,” Joshi explained.
He decided to join Norstella for three reasons: the people, values, and mission. He explained that the company’s mission to bring therapies to patients faster resonated with him. The timing was also important.
“We live in a time of some really amazing progress in terms of our understanding of human biology and diseases, and that is leading to groundbreaking therapeutic innovations, meaning that the clinical development and commercial sides have to keep up,” Joshi explained.
Joshi is excited about the availability of high quality, real-world data that can be analyzed using new AI advancements. Rather than a data analyst spending weeks interpreting data, AI can save time and provide insights faster for investigators, researchers and strategic decision makers, Joshi explained.
These AI tools are also equipped to explain data findings in simple, understandable language and answer questions from investors and other industry members, allowing Norstella to keep pace with new research and innovative findings.
He plans to integrate AI into the design of products and processes including internal workflow and employee training, redesigning user experiences on platforms and developing new innovations based on AI insights and recommendations.
They will also use AI to make connections between multiple data sets and technologies to provide further insights and analysis.
Joshi spoke about broader disruptive trends that he and Norstella will be navigating, including pressures for healthcare advancements resulting from aging populations and a growing disease burden caused by increased chronic disease, neurodegenerative disorders and cancers. He also mentioned the currently slow and expensive drug development process and federal changes to pharma.
Joshi emphasized that Norstella will work to be a leader in the industry and continue investing in technology, people and relationships.
“You have to heavily invest in your people and your skills alongside your customers for the technology to truly bear fruit,” Joshi said.