In a bid to deepen its relationships with strategic partners in the pharmaceutical industry that have raised the profile of contract research organizations (CROs), Covance ( NYSE: CVD) has invested in IT systems to speed up data delivery.
Joseph L. Herring, chairman and CEO of Covance in Princeton, New Jersey, described how it has used these investments to make itself a more nimble partner and build IT into “an offensive weapon.”
In response to a question from Timothy Evans, an analyst with Wells Fargo Securities, who asked how Covance’s IT strategy differed from its peers, William Kiltgaard, the CFO said:
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“As Joe [Herring] just mentioned, as part of the customer service, IT is becoming much [more] important in terms of how you deliver your services and how you’re perceived by the customer, as well as being a way to enable more efficient operations for your company over time. So that’s both the internal and external aspects, and I wouldn’t want to just point to one. I think they’re both important.”
Herringt listed a catalogue of software systems the company has invested in, particularly for Phase II-III clinical services automation to give pharmaceutical companies more rapid access to laboratory data.
A recent analyst report from Morningstar said strategic partnerships with Big Pharma has driven growth in the CRO industry. It noted that Covance, along with Pharmaceutical Product Development were the largest to-line gainers in the second quarter.
Improving and expanding its IT capabilities adds an important tool in Covance’s box alongside discovery, preclinical, clinical and central laboratory services. By adding more value to these strategic relationships, Covance hopes to solidify its position as one of the largest publicly traded CROs.
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One of Covance’s strategic partners has been Sanofi (NYSE: SNY), one of the leading drivers of outsourcing. With Sanofi restructuring its North American operations , CROs like Covance stand to benefit.
