Novotech Awarded Frost & Sullivan's 2024 Global Company of the Year Award for Its Leadership and Excellence in Biotech CRO Services
Novotech's innovative full-service approach accelerates clinical development with advanced analytics, diverse global patient access, and specialized technology.
SAN ANTONIO, Oct. 14, 2024 /PRNewswire/ -- Frost & Sullivan recently conducted an in-depth analysis of the biotech contract research organization (CRO) industry and based on its findings, has awarded Novotech the 2024 Global Company of the Year Award. As a leading global full-service CRO with over 25 years of experience, Novotech specializes in providing comprehensive early- to late-phase clinical development services tailored to biotech companies.
Novotech enables biotech companies to navigate the complex global regulatory landscape by leveraging its extensive expertise in local regulations and deep understanding of cultural nuances. With 34 office locations across the United States, Europe, and the Asia-Pacific region—including Australia, China, India, Malaysia, New Zealand, and Thailand—Novotech's global presence ensures that biotech firms receive tailored solutions that meet their unique needs. Additionally, Novotech distinguishes itself by providing access to diverse patient populations and accelerating recruitment timelines, significantly enhancing the efficiency and effectiveness of clinical trials.
Novotech is known for its customer-centric approach and proactive problem-solving strategies. The company employs a project manager-centric model, where dedicated and highly skilled project managers assume full ownership of clinical trials, ensuring seamless communication and efficient project execution. This model enhances the overall customer experience and fosters strong, collaborative client relationships. Additionally, through strategic partnerships and the integration of advanced technologies, including eClinical solutions and bioanalytical services, Novotech is firmly positioned as a leader in the biotech CRO market.
"Overall, Novotech distinguishes itself in the ever-expanding CRO market by successfully addressing the complex regulatory landscape with a deep understanding of local regulations and overcoming cultural barriers to establish itself as a truly global CRO. As a result, the company progresses closer to becoming a preferred global partner with regional leadership and localized expertise," said Unmesh Lal, Global Research Director at Frost & Sullivan.
Novotech remains at the forefront of leveraging advanced technologies to revolutionize the clinical research landscape, driving greater trial efficiency and effectiveness. The company's continuous investments in artificial intelligence (AI), big data and advanced analytics, digital clinical trials, and cloud-based software platforms have significantly elevated its clinical research capabilities. For instance, through its long-standing partnership with Veeva, Novotech enhances its biotech clients' drug development programs by streamlining processes, improving data visibility, and providing advanced trial planning and predictive capabilities.
In parallel with its technological advancements, Novotech's comprehensive bioanalytical services portfolio significantly enhances clinical trial efficiency. The company operates state-of-the-art central laboratories equipped with cutting-edge technologies, such as liquid chromatography-mass spectrometry (LC-MS). Located in key regions, including China and South Korea, these facilities process thousands of samples each month, supporting bioavailability, bioequivalence, and pharmacokinetic assessments. This robust infrastructure ensures that Novotech delivers precise and reliable data, thereby accelerating the drug development process for its expanding client base.
"Novotech continually invests in cutting-edge technology, including piloting a range of AI-enabled approaches, significantly expediting study timelines. In macro terms, Novotech increased the efficiency of some of its processes by a remarkable 10 to 20% in 2023, which in turn translates to increased speed for its biotech clients," noted Sama Suwal, Best Practices Research Analyst.
Each year, Frost & Sullivan presents a Company of the Year award to the organization that demonstrates excellence, in terms of growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies and the resulting leadership, in terms of customer value and market penetration.
Frost & Sullivan Best Practices Awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.
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