Covance Central Laboratory Services Ranks No. 1 in Global Investigator Satisfaction for the Third Consecutive Time
October 25 2016 - 8:30AM
Business Wire
New study also shows that investigators are
more willing to work with a sponsor when the sponsor chooses their
preferred central lab
An independent report has established that physician
clinical-trial investigators identify Covance Central Laboratory
Services as their "most preferred" central laboratory more than
three times as often as the nearest competitor. Covance is the drug
development business of Laboratory Corporation of America® Holdings
(LabCorp®) (NYSE:LH). The physicians also reported having the "best
overall relationship" with Covance, rating it 8.6 on a 10-point
scale.
“Covance’s central lab is a market leader with an unmatched
scope of services, especially with the addition of LabCorp’s
esoteric-testing expertise over the past two years,” said John
Ratliff, chief executive officer of Covance. “It is extremely
gratifying to see that physician investigators recognize our
leadership and our differentiation from competitors. The strength
of our central lab is key to fulfilling our mission to improve
health and lives.”
The Life Science Strategy Group (LSSG), a leading strategic
consulting firm to the CRO industry, recently published the results
of the 2016 update to its benchmark 2011 and 2013 studies. The
global survey of more than 250 clinical-trial investigators located
around the globe, “Clinical Trial Investigator Satisfaction and
Central Laboratory Performance,” found that Covance holds a 60
percent preference share among the respondents. Covance ranked
first in the survey across the most important metrics of
central-lab-services satisfaction: investigator training, customer
service and kit management. Covance also ranked first overall in
the prior two studies.
The report also showed a clear link between overall investigator
satisfaction and sponsors' choice of central laboratory. More than
ninety percent of investigators stated that they are more willing
to work with a sponsor when the sponsor has selected the
investigator’s preferred laboratory, and that the choice of the
right central lab impacts their success.
"We’re passionate about helping our clients bring innovative
medicines to patients faster,” said Paul Kirchgraber, M.D., MBA,
vice president and global general manager for Covance’s central
laboratory. “Maintaining the highest levels of investigator
satisfaction is critical to helping sponsors find solutions to
patient-recruitment challenges. Covance looks for every opportunity
to strengthen our partnership with investigators and
biopharmaceutical sponsors at every stage of the drug development
process.”
Study Details
The Life Science Strategy Group questioned physicians who
actively participate in pharmaceutical industry-sponsored clinical
trials with a survey, Clinical Trial Investigator Satisfaction and
Central Laboratory Performance, during the months of August and
September.
Participants were prescreened to ensure a high level of
involvement and/or key decision-making authority for their
investigative site. Multiple global geographies and practice
settings were represented, as were more than 20 medical
specialties. The mean experience level in a clinical trial setting
was 15 years. The study, based on a survey of 251 clinical-trial
investigators globally, is an update of a similar study that Life
Science Strategy Group first conducted in 2011, and again in 2013.
Covance Central Laboratory Services ranked first in each of these
studies, further expanding its leadership position in this most
recent survey. To learn more about the study or to download sample
pages from the report, visit www.lifesciencestrategy.com.
About LabCorp®
Laboratory Corporation of America® Holdings, an S&P 500
company, is the world’s leading healthcare diagnostics company,
providing comprehensive clinical laboratory services through
LabCorp Diagnostics, and end-to-end drug development support
through Covance Drug Development. LabCorp is a pioneer in
commercializing new diagnostic technologies and is improving
people’s health by delivering the combination of world-class
diagnostics, drug development and knowledge services. With net
revenue in excess of $8.5 billion in 2015 and more than 50,000
employees in approximately 60 countries, LabCorp offers innovative
solutions to healthcare stakeholders. LabCorp clients include
physicians, patients and consumers, biopharmaceutical companies,
government agencies, managed care organizations, hospitals, and
clinical labs. To learn more about Covance Drug Development, visit
www.covance.com. To learn more about LabCorp and LabCorp
Diagnostics, visit www.labcorp.com.
This press release contains forward-looking statements including
with respect to estimated 2016 guidance and the impact of various
factors on operating results. Each of the forward-looking
statements is subject to change based on various important factors,
including without limitation, competitive actions in the
marketplace, adverse actions of governmental and other third-party
payers and the results from the Company’s acquisition of Covance.
Actual results could differ materially from those suggested by
these forward-looking statements. Further information on potential
factors that could affect LabCorp’s operating and financial results
is included in the Company’s Form 10-K for the year ended December
31, 2015, and subsequent Forms 10-Q, including in each case under
the heading risk factors, and in the Company’s other filings with
the SEC, as well as in the risk factors included in Covance’s
filings with the SEC. The information in this press release should
be read in conjunction with a review of the Company’s filings with
the SEC including the information in the Company’s Form 10-K for
the year ended December 31, 2015, and subsequent Forms 10-Q, under
the heading MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
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version on businesswire.com: http://www.businesswire.com/news/home/20161025005960/en/
Laboratory Corporation of America® HoldingsInvestors:Paul
Surdez, +1-336-436-5076Investor@labcorp.comorMedia:Pattie Kushner,
+1-336-436-8263Media@labcorp.comCompany Information:
www.labcorp.com
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