Parexel Recognized with Frost & Sullivan's 2023 North American Customer Value Leadership Award for Impactful Real-world Evidence Solutions Addressing Customer Needs
Informing clinical development, enhancing the patient experience, mitigating risk and meeting health authority requirements across the product lifecycle are the foundation of Parexel's Real-world Evidence solutions
SAN ANTONIO, Texas, Dec. 19, 2023 /PRNewswire/ -- Frost & Sullivan today recognized Parexel, one of the world's largest clinical research organizations (CROs), with the 2023 North American Customer Value Leadership Award following recent in-depth research of the Real-world Evidence (RWE) services industry. Parexel has more than 40 years of experience and 21,000+ dedicated professionals globally who successfully collaborate with biopharmaceutical leaders to design and conduct patient-focused clinical trials worldwide.
Parexel leverages its in-depth RWE knowledge to identify evidence gaps and formulate evidence-generation strategies. The company brings extensive expertise in strategic and operational consulting, clinical development, regulatory affairs and market access to help ensure the successful design, implementation, execution and analysis of diverse RWE studies.
Sourcing real-world data (RWD) from healthcare insurance claims, hospital networks, electronic medical records (EMRs), pharmacy records, patient-reported outcomes (PROs), disease registries and lab biomarkers, Parexel leverages its cloud-based infrastructure to integrate extensive datasets. The company employs advanced analytics and data visualization to uncover evidence gaps and patient experiences to integrate data seamlessly into customers' existing technology.
"Parexel emphasizes early engagement with regulatory authorities, streamlining efforts to prevent delays. Parexel also collaborates with medical affairs, advocating for diverse medical evidence and communication strategies, enhancing the value of RWE initiatives, and advancing evidence-based healthcare" said Manuel Albornoz, best practices research analyst at Frost & Sullivan.
Parexel's cross-functional teams provide a holistic view of a product's development journey, tailoring solutions for a variety of customer needs, including RWD generation, observational/non-interventional studies, late-stage clinical trials and PROs.
"The rise in RWE incorporation into regulatory submissions combined with resource scarcity provides Parexel with a growth path for its RWE services. The company plans to extend RWE application across multiple therapeutic areas while upholding industry standards in the development of high-quality products," said Unmesh Lal, research director for Healthcare and Lifesciences at Frost & Sullivan.
Each year, Frost & Sullivan presents this award to the company that demonstrates excellence in implementing strategies that proactively create value for its customers, focusing on improving the return on the investment that customers make in its services or products. The 2023 award recognizes Parexel's focus on augmenting its customers' value with RWE solutions that inform clinical development, enhance the patient experience, mitigate risk and meeting health authority requirements across the product lifecycle.
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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