PRINCETON, N.J., July 29, 2013 /PRNewswire-FirstCall/ -- Covance Inc. (NYSE: CVD) today announced that its central laboratory services once again ranked first in an independent global survey of physician investigators participating in clinical trials. Forty-seven percent of the study participants named Covance's central laboratory services as their "most preferred" central laboratory, with investigators citing Covance more than twice as often as the nearest competitor. Investigators also reported having the "best overall relationship" with Covance, rating it 8.4 on a scale of 1 to 10.
Survey results underscore the growing importance of the selection of a preferred central laboratory because of its direct connection to investigators' satisfaction and their willingness to work with sponsors in the future. In addition, most physicians who want to learn about being a clinical trial investigator talk first to other doctors involved in clinical trials.
"This study demonstrates that investigators around the world continue to recognize and value Covance's services and benefit from our decades of experience and extensive testing capabilities," said Jon Koch, Corporate Vice President and Global General Manager, Central Laboratory Services. "Our ability to deliver central laboratory services on target and on time, coupled with our commitment to meeting the evolving needs of clients and investigators, is what makes Covance a leader in providing drug development services and helps our clients bring medicines to market faster."
The report shows a clear link between overall investigator satisfaction and sponsors' choice of central laboratory, with 100 percent of respondents reporting they were satisfied when pharmaceutical sponsors select the investigators' preferred central laboratory. When pharmaceutical sponsors select the investigators' least preferred central laboratory, satisfaction drops significantly. Respondents cited central laboratory preference as a key driver of satisfaction with the pharmaceutical sponsor as well, with 91 percent of investigators stating that they are more satisfied and willing to work with a sponsor on trials when sponsors have selected investigators' preferred central laboratory. Ninety-eight percent of investigators indicate the central laboratory selected by the sponsor impacts their success (and that of their staff), their day-to-day activities, and their willingness to work with a particular sponsor on future studies.
Effective communication, a laboratory's reputation for reliability and quality, and easy-to-use collection kits are among the factors that lead to a strong relationship between investigators and a central laboratory, the report showed. Respondents ranked Covance first in all of the key performance metrics, such as customer service, reliability, and timely and accurate reporting.
Covance, the largest and most experienced provider of clinical trial central laboratory services in the world, has five dedicated laboratories in the United States, Switzerland, Singapore, China, and Japan. In the past five years, Covance central laboratories have conducted more than 214 million laboratory tests for more than 4,200 clinical trial protocols in approximately 100 countries, working with more than 125,000 investigator sites.
The "Clinical Trial Investigator Satisfaction and Central Laboratory Performance" survey, conducted in June and July by the Life Science Strategy Group, questioned physicians actively participating in pharmaceutical industry-sponsored clinical trials as investigators. Participants were prescreened to ensure a high level of involvement and/or key decision-making authority for their investigative site. All global geographies and practice settings were represented, as were more than 20 medical specialties. The mean experience level in a clinical trial setting was 12.7 years. The study, based on a survey of 258 clinical trial investigators globally, is an update of a similar study Life Science Strategy Group conducted in 2011.
Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with annual revenues greater than $2 billion, global operations in more than 30 countries, and more than 12,000 employees worldwide. Information on Covance's products and services, recent press releases, and SEC filings can be obtained through its website at www.covance.com.
Statements contained in this press release, which are not historical facts, are forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements are based largely on management's expectations and are subject to and qualified by risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, factors described in the Company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.