LabCorp's Covance Launches Laboratory Data Management Service
Zacks Investment Research | Aug 29, 2019 09:57PM ET
Laboratory Corporation of America Holdings (NYSE:LH) , popularly known as LabCorp, recently announced that its Covance Drug Development arm launched a laboratory solution within its functional service provider (FSPx) portfolio. This new laboratory data management FSPx will cater to the pharmaceutical and biotechnology customers.
LabCorp, one of the major players in the global healthcare contract research organization (CRO) business, has been offering FSP services through Covance to its customers for more than 30 years now. The acquisition of Chiltern in 2017 provided it a major boost, which significantly enhanced the company’s FSP offerings. The new service was renamed as FSPx, which included clinical analytics service and clinical operations capabilities.
Significance of the Launch
With the latest launch, clinical analytics now includes Laboratory FSPx, which delivers customized global data solutions that enable clients to better manage laboratory data acquisition and site interactions. Clinical operations include clinical research associates and related functions.
The company believes that Laboratory FSPx will help customers improve data readiness by assimilating FSPx and central laboratory data teams from study setup to completion. It will also enable faster study start-up by implementing standards, shorter processes and combined roles.
Why is Laboratory Data Management Service Better?
Currently, various pharmaceutical and biotech companies are increasingly using the LabCorp’s FSPx model, with the target of cost reduction, reconciliation and streamlining of operations. This is made possible by integrating a specialized group of highly experienced professionals, who will help clinical teams interface with central, local and specialty labs- including biomarker and pharmacokinetics labs.
Laboratory FSPx’s capabilities at Covance aim to provide end-to-end solutions to assist clients in managing laboratory operations.
The company believes that the FSPx portfolio will strengthen its foothold in the CRO business as it is expected to meet growing demands of the industry for flexible and best-in-class solutions for clinical research.
Industry Prospects
Per Zacks Investment Research
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