Global CRO Parexel International is looking to expand its regulatory consulting, launching a dedicated unit focused on the post-approval needs of drug and medical device developers.
Almost 10 years after closing a deal for the eClinical-focused Perceptive Informatics, CRO giant Parexel International is grafting its own name onto the subsidiary, part of a sweeping rebranding effort the company hopes will help nail down more partnerships.
After a hiccup in new business alarmed investors and overshadowed steady gains, Parexel righted the ship in its second fiscal quarter, boosting its new contracts and growing revenue by about 15%.
Last year, Parexel watched its stock price drop after reporting an unexpected decline in net new business, but that was a mere blip and not the beginnings of an alarming trend, the CRO said, boosting its expectations for the next quarter.
With the spiraling amount of time and money needed to bring a drug to market weighing heavy on their Big Pharma clients, CROs have invested in efficiency boosting technology to gain a competitive edge. And the trend is tipped to continue, with an analyst predicting CROs will be at the forefront of developments in IT and genomics in 2014.
Analysts have high hopes for the world's largest CROs, which continue to expand their market shares in an ever-consolodating industry, but Massachusetts giant Parexel broke from the pack last quarter with a costly stumble. Now, as the company gears up for another earnings release, investors will be watching closely to see whether CEO Josef von Rickenbach has corrected its course.
Parexel International startled investors last quarter when its net new business dropped 30% from the previous three months.
The transactional model that once accounted for all CRO business is rapidly losing steam, Parexel International tells Outsourcing-Pharma, as Big Pharma sponsors recognize the benefits of deeper-seated strategic partnerships
CRO giant Parexel International posted quarterly gains in sales and net income, but a dip in new business spooked investors, dropping the company's shares as much as 17% on Wednesday.
Parexel International has inked a deal to pool its clinical trial data management service with a Japanese provider, teaming up to expand its share of the local market.