Princeton, N.J., Covance Inc. (NYSE: CVD), one of the world's largest and most comprehensive drug development companies, today announced the launch of external laboratory management services a new offering that provides biopharmaceutical companies with a comprehensive management solution for external laboratory testing associated with clinical trials.
Covance's external laboratory management services are designed to maximize the quality and integrity of clinical study data by ensuring that specialty laboratory testing is seamlessly managed for the client along with services provided by a central laboratory. These services include laboratory selection and qualification, auditing, vendor management, contracting and data cleaning. The new Covance services will be managed by a dedicated team within Covance's central laboratory services and complement Covance's capabilities in central laboratory testing, biosample management and data services, resulting in a streamlined solution freeing pharmaceutical companies from the challenges of managing multiple laboratory testing vendors.
By leveraging economies of scale and minimizing duplication of effort, Covance's external laboratory management services can reduce the cost of managing external testing by as much as 65% as compared to clients' in-house management of the process. In addition, improved data cleaning can decrease the length of trials, accelerating data lock.
"Through our external laboratory management services, ISO-15189 accreditation, and understanding of the regulatory landscape, Covance is uniquely positioned to enable our clients to meet higher levels of data scrutiny from agencies around the globe," said Gary Paul, Global Director of Quality Assurance for Covance Central Laboratory Services. "As the pioneer of the central laboratory model, this new offering further establishes Covance's position as a leader and innovator in clinical trials testing and sets a new industry standard for the management of data quality.
Paul Kirchgraber, Vice President Global Laboratory Operations & Medical Affairs, added, "By providing an enhanced laboratory data solution that reduces regulatory risk and lowers drug development cost, we enable our clients to focus on their core competencies, ultimately accelerating development and commercialization timelines."
In recent years, increased regulatory scrutiny of clinical programs has led to the creation of an industry standard, ISO 15189, to help control laboratory data consistency and quality. While the majority of clinical trial testing occurs at central laboratories, an increasing percentage of trials include at least one specialized test that is sent to an external lab. Covance's external laboratory management services is designed to help biopharmaceutical companies address their growing testing needs while mitigating potential risks, increasing data consistency and decreasing the cost and time associated with clinical development. More information about Covance's central laboratory services can be found at http://www.covance.com/products/clinical/central-lab.
About Covance Inc.
Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with annual revenues greater than $2 billion, global operations in more than 30 countries, and more than 12,000 employees worldwide. Information on Covance's products and services, recent press releases, and SEC filings can be obtained through its website at www.covance.com.
Statements contained in this press release, which are not historical facts, are forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements are based largely on management's expectations and are subject to and qualified by risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, factors described in the Company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.