Pharma Solutions, a leading provider of compliance services in the life sciences industry, announced the establishment of a new corporate venture unit and product suite, LighthouseAI.
The goal of LighthouseAI is to solve compliance with a first-mover, AI-powered SaaS product suite that the company anticipates will fundamentally change the approach life sciences companies have for compliance.
The purpose-built technology is designed to help reduce the cost, time, and risk associated with commercial regulatory compliance through the application of its patent-pending AI engine.
Pharma Solutions CEO Sumeet Singh, who was named CEO of LighthouseAI on Feb. 1, will lead the new venture.
“We found a better way for our clients to manage the patchwork of regulation applicable to the life sciences industry, which consists of over 80 state agencies that create and enforce rules based on various federal and state laws that result in over 2,000 compliance requirements that may apply to any of the 15,000 companies within the industry,” said Singh. “With the development of our category defining RegTech venture unit, we aim to automate and technologically enable a historically manual, complex, and painful compliance journey with reduced effort and cost.”
Singh will remain Chairman of Pharma Solutions and Nathan Fox, will transition from Chief Operating Officer into the role of President of Pharma Solutions.
“I have worked hand in hand with Sumeet since I joined in July 2019, and together we have grown Pharma Solutions into the leading provider of compliance services in the pharmaceutical supply chain. I am wholly confident in our ability to continue our growth path, while retaining a relentless passion for helping clients meet their business and compliance objectives,” said Fox.
