Roylance Scientific to revolutionise pharma drugs chain
With a name like Benedict you’re hard to forget - but Benedict Roylance hopes it’s his business that will be unforgettable.
Roylance Scientific aims to revolutionise the way pharmaceutical companies store their data and help to improve the speed it takes for drugs to come to the market.
Roylance comes from a pharmaceutical dynasty. His grandfather set a company named Vinden in 1967, and 13 years later his father then established his own pharma company.
This business was sold to a venture capital firm and it was after this that Roylance began working for the same company.
He left shortly after it was sold for a second time, spent a year out in Australia and decided to establish Roylance Scientific on his return.
The company will offer stability storage services but will be making the most of advances in technology to allow the vital information involved with these services to be accessed faster.
Pharmaceutical drugs all have to have a sell-by date, and Roylance Scientific will assist pharma companies to get to that data.
Controlled storage, which is accurate and traceable, will be provided and the business’ clients can access the data and use it to submit the necessary documentation to allow a drug to be brought to market.
In the past, all of the monitoring has been done on paper-based documents and it can take time to gather all of this information, particularly for blue-chip companies with facilities in multiple locations.
This is the area Roylance Scientific see potential to improve.
“What we’re doing is looking at it in a different way,” explains Roylance.
“The fundamentals don’t change – you are putting pharmaceutical drugs into a temperature controlled box - but what we’re doing is improving the flow of information.
“We’re just changing the whole concept around. We have developed what’s basically a SaaS system - we’re using wireless technology to take this information and place it up on to the cloud.
“This allows for our clients to see the data 24/7. At the moment it’s very heavily paper-based so if you do a test everything has to be hand-signed, stored, scanned in and then sent across if required.
“They changed the rules in 2014 to allow electronic signatures instead in the UK, so we’ve decided to capitalise on that as no one else seems to have done that at the moment.”
One of the main benefits of Roylance’s system is the reduction of lead times on developing drugs.
“What we’re doing is cutting down the time to market. When some of these blockbuster drugs can make £10m profit a day and we can potentially save them two to three weeks; it’s a lot of money,” he adds.
The business is based at Entrepreneurial Spark in Manchester. The dedicated ‘Hatchery’ at the incubator site was established by NatWest in partnership with KPMG and is currently home to 80 businesses, many with a tech background.
Each intake gives the entrepreneurs a base for an initial six months and access to NatWest staff and mentoring sessions with KPMG.
While the business is still being developed, Roylance says working at Entrepreneurial Spark has helped them not only to connect with investors, but also receive valuable feedback.
“If you talk to friends and family they will tell you what you want to hear but if you speak to people here they’re not afraid to be brutally honest as that’s what you need to hear,” he says.
Roylance Scientific is currently raising the investment they require to begin trading.
Some investors are already on board, and they’re hoping to launch at Alderley Park in Cheshire, the former AztraZeneca site, in the third quarter of 2016.
He’s unable to take orders from customers yet as pharma companies are required to be audited and declared an approved supplier first.
But Roylance is confident that they’ll soon be fully up and running, and is aiming to become a multinational company with a number of UK locations as well as sites in Ireland and Japan.