|Quintiles Clinical Development President Paula Brown Stafford|
Quintiles ($Q) was among the first CROs to jump into risk-based clinical trial monitoring, and now the world's largest contract researcher is stretching out its platform, offering adaptive services that span the whole development process.
Unlike risk-based services that focus solely on clinical trial monitoring, Quintiles' Data-driven Trial Execution encompasses start-up, project management, clinical monitoring, data management and analytics, the company said. That allows clients to take a broad-based view of their studies, optimizing trial conduct and saving money in the process, Clinical Development President Paula Brown Stafford said.
"Our customers are seeking to manage clinical trials with greater efficiency, seamless execution and predictive insights that enable them to respond faster and make better-informed decisions," Stafford said in a statement. "Data-driven Trial Execution is the first in a series of standardized offerings that Quintiles plans to bring to market, and is our answer to optimized trial execution that has the potential to improve quality while reducing overall trial costs by up to 25%."
Risk-based monitoring has become a de rigueur offering among the industry's leading CROs, each of which touts its data visualization and predictive software as the ideal solution for trial runners looking for the most efficient path from Phase I to IV. Quintiles competes with the likes of PRA, Parexel ($PRXL), Icon ($ICLR) and INC Research in the space.
Quintiles has built up its risk-based prowess through hefty investments in IT infrastructure over the past few years, and the company believes its expansion has led to a leap in new bookings. Last quarter, Quintiles reported fairly flat revenue of $2 billion, but new business wins soared 29%, feeding optimism about the CRO's future and leading it to up its annual earnings guidance by as much as 18.1%.
- read the statement