Globally, the pharmaceutical industry is struggling to manage profit margins and sustain itself in the market. The need to invent new drugs and launch new products remains one of the biggest challenges. Companies have been exploring various avenues to bring down costs and speed up the process of discovering and inventing new drugs. Asia Pacific has emerged as one of the major regions that the pharmaceutical fraternity is focusing on to achieve these goals.

Covance, one of the world’s largest and most comprehensive drug development services companies, has shown strong growth and emerged as a leader in the rapidly growing Asia-Pacific CRO market.

Covance (Asia) Pte Ltd (Covance) registered an annual revenue of more than $2.52 billion in 2014. It has more than 12,500 employees located in over 60 countries and conducts trials in over 100 countries. The company is the only provider of both preclinical and clinical contract research services. Covance is the market leader in central laboratory services and among the top five providers of Phase I-IV clinical trial management services.

In February, the Laboratory Corporation of America Holdings (LabCorp) acquired Covance for approximately $6.2 billion. This was one of the biggest mergers and acquisitions in the industry. This acquisition created the world’s leading healthcare diagnostics company,

COVANCE 2015 Frost & Sullivan Asia Pacific Excellence in Growth - CRO

In this fiercely competitive market scenario, Covance has adopted and instigated client-centric strategies to augment value to stakeholders’ businesses. This includes delivery of a total solution aimed at maximizing value for stakeholders and the development of capabilities to meet the growing needs of clients. The company has successfully moved into emerging markets by tailoring its strategy to suit local conditions. It has also made concerted efforts to focus on customer satisfaction, which has further strengthened its leading position in the segment.

ANALYST QUOTE

Sanjeev KumarConsultantAsia Pacific Healthcare Practice Frost & Sullivan

We Accelerate Growth2015 FROST & SULLIVAN

providing comprehensive clinical laboratory services and end-to-end solutions for drug and diagnostics development and commercialization.

As a reliable company with broad capabilities across the drug develoment spectrum, Covance is uniquely positioned to provide innovative solutions to both emerging biotechnology companies and larger pharmaceutical clients. Covance keeps customers up-to-date with information regarding every stage of every new partnership. Covance launched Covance MarketPlace, a unique platform, which helps biotechnology companies more effectively showcase their molecules to larger pharmaceutical companies as they continue to increase their own in-licensing efforts.

Covance is a leader in creating true strategic partnerships and has a unique, integrated drug development portfolio with emerging informatics capabilities that enable bio-pharma clients to reduce the time and money required for developing new drugs. The company has created a strong brand perception in the minds of its customers, which has resulted in several long-term partnerships and alliances.

With a long list of achievements and exciting future plans, the company has established itself as a leading contender in Asia Pacific.