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| Parexel CEO Josef von Rickenbach |
Parexel International ($PRXL), working through a broad restructuring, said it upgraded its clinical trial management technology to make it scalable for study sponsors of all sizes.
The CRO's new offering, called Impact Express Clinical Trial Management System, targets small to midsized biopharma companies in particular, the company said. The technology is designed to simplify trial management and monitoring by pooling administrative, financial and site-related functions in a single place, according to Parexel, creating a scalable analog of the sweeping technologies employed in large studies sponsored by Big Pharma.
Parexel's latest product launch is part of an ongoing effort to further integrate its IT capabilities into its clinical offerings.
Last month, the company touted a revamped trial optimization product it said could save sponsors time and money by applying data analytics to every stage of the study process. Each incremental update has relied on Parexel's informatics division, long a source of consistent growth for the CRO. Formerly Perceptive Informatics, Parexel rebranded its tech-focused segment last year after acquiring it in 2005.
Meanwhile, the company is in the process of shedding about 850 jobs in an effort to save between $20 million and $30 million a year. In October, Parexel reduced its revenue expectations for the fiscal year, dialing back its goal by about 2% at midpoint to around $2.14 billion.
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