Clinical research organizations support and assist drug manufacturers and pharmaceutical companies during the clinical trial processes to improve efficiency and speed and also help out in the research and development phase (R&D). This is done by providing a way for some of the necessary stages and clinical trial process to be outsourced. They play a major role in pharmaceutical industries research and development phase as it was reflected in the size of pharmaceutical outsourcing market which valued $36.7 million in 2017 and is estimated to value at $51 billion by 2024.
Most of the best clinical research organizations are based in the U.S. with revenue ranging from $10.441 billion to $436 million.
With the rapid growth of clinical research market and a number of related organisations, we have to answer the question of what is or which is the largest global clinical research organization in the world?
The ranking for the largest global clinical research organizations in the world is based on revenues tracked from the financial reports, annual revenue growth, net income expenses, ratios, the scope of service, portfolio, and revenue per employees.
The two major organizations are the Laboratory Corporation of America and IQVIA.
Let's begins with Laboratory Corporation of America holdings. Laboratory Corporation of America holdings had $10.44 billion in revenue in the year 2017 of which a whopping 12.14 percents was gained from income. Laboratory Corporation of America is segmented into two; Covance Drug Development and LabCorp Diagnostics. One focuses on clinical research from the early stage research to post regulatory approval, while the other focuses on the diagnostic tests.
IQVIA was created as a result of a merger between IMS Health and quintiles in 2016. It had $9.74 billion in revenue in the year 2017 of which a whooping 13.44 percent represented income.
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