Icon launches new functional service model
Irish CRO Icon ($ICLR) is continuing to change up its business model, kicking off a new functional service provider offering through its DOCS subsidiary.
Through the effort, Icon will pour all of its FSP business into DOCS, which currently handles global resourcing. The resulting FSP Delivery Platform will leverage DOCS' training and governance systems with Icon's in-house therapeutic and functional expertise to serve clients not looking for a preferred partner relationship.
The functional service provider model has grown in popularity of late, a William Blair analyst told Outsourcing-Pharma, especially among large drugmakers seeking tuck-in partnerships to advance their pipelines.
Folding DOCS' capabilities into an FSP model is a template for success, division President Colin Stanley said, and the unit's existing infrastructure will make it an attractive partner.
"DOCS' core competency is providing highly talented teams with skills and experience that are aligned with the needs of our clients and which seamlessly integrate with their business," Stanley said in a statement. "Our new FSP Delivery Platform builds on this competency and also allows clients to benefit from the breadth and depth of capabilities and expertise from the wider Icon organization."
The news comes after Icon revealed its plans to ditch the Irish Stock Exchange and list exclusively on Nasdaq. The company posted a $24.6 million jump in net income in the last quarter, soaring on a 19% year-over-year revenue increase.