Based on its recent analysis of the global contract research organization (CRO) market, Frost & Sullivan recognizes LabCorp’s drug development business, Covance, with the 2020 Global CRO Company of the Year Award. The company has built technology-enabled solutions to assist clients with drug development across all therapeutic areas. Its robust supply chain and logistical capabilities help scale up and efficiently manage material handling to provide clients with customized solutions, particularly for biologics drug development.
Spearheading a decentralized trial model to facilitate seamless clinical trials, LabCorp Drug Development integrates digital technologies, remote monitoring, and telemedicine services into its powerful proprietary clinical trial platform. It offers several patient-centric solutions, such as direct-to-patient services and digital solutions to strengthen patient retention, safety, patient engagement, and patient experience to support ongoing and new research programs. By capturing robust, real-time patient data, the company guides clinical decisions, reduces costs and errors, and accelerates the drug’s time-to-market.
“LabCorp Drug Development has developed highly coordinated COVID-19 Response Teams to expedite clients’ COVID-19 drug and vaccine development initiatives. By connecting pharmaceutical clients to the right personnel, it allows them to move between development stages rapidly,” said Supriya Lala Kundu, best practices research analyst at Frost & Sullivan. “By accessing Patient Direct, a company database of consented, pre-screened patients meeting specific inclusion/exclusion criteria, LabCorp Drug Development can conduct targeted patient recruitment. Furthermore, LabCorp Drug Development draws on its deep expertise in antiviral drugs and vaccines, as well as partners with biopharmaceutical companies to develop treatment and vaccines for COVID-19 through improved detection methods.”
At the beginning of June, LabCorp Drug Development launched COVID-19clinicaltrialconnect.com/, a website designed to help people find information on how to participate in United States-based COVID-19 studies. The site notifies potential participants of studies in their area and other studies included in clinicaltrials.gov. LabCorp Drug Development also supports its customers with a proactive crisis management plan to support their existing patient programs and prevent uninterrupted patient access. Additionally, a cross-functional team with business continuity expertise evaluates risk, develops mitigation strategies, and establishes action plans to minimize country-, project- and site-specific challenges for high-risk project delivery.
“LabCorp Drug Development views its real-world data, modeling/analytics, and patient insights as essential to improving patient recruitment and retention. It uniquely combines one of the world’s largest sources of de-identified lab results and patient intelligence data with investigator performance data to provide insights that increase efficiencies in clinical drug development,” noted Kundu.
Each year, Frost & Sullivan presents a Company of the Year award to the organization that demonstrates excellence in terms of growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies and the resulting leadership in terms of customer value and market penetration.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.
About Frost & Sullivan
For over five decades, Frost & Sullivan (frost.com) has become world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.
LabCorp (labcorp.com), an S&P 500 company, is a leading global life sciences company that is deeply integrated in guiding patient care, providing comprehensive clinical laboratory and end-to-end drug development services. With a mission to improve health and improve lives, LabCorp delivers world-class diagnostics solutions, brings innovative medicines to patients faster, and uses technology to improve the delivery of care. LabCorp reported revenue of more than $11.5 billion in 2019.