IQVIA’s New MedTech Division Will Leverage RTP Operations
IQVIA, which launched MedTech and its dedicated industry-focused solutions and services for the medical device and in-vitro diagnostics market earlier this month, said the move will leverage several practice areas from its growing Research Triangle operations.
“We already leverage a strong presence in the RTP of more than 4,000 personnel based in the RTP corridor across several office locations and specializations,” said Bhavik Patel, senior vice president, IQVIA MedTech, responding to questions from the North Carolina Biotechnology Center.
That represents 15 percent of its more than 60,000 employees.
Patel added, “Our presence in North Carolina has been growing by over 10 percent year-over-year and is only constrained by finding the very best life sciences talent in the industry. IQVIA MedTech leverages our clinical, compliance, commercial, and Real World Evidence practice areas, as well as corporate marketing and technology functions that have key personnel based out of RTP.”
Med tech not new to IQVIA
The company, formed from the $17.6 billion merger of IMS Health and contract research organization Quintiles in 2016, already has a strong medical technology business.
“While it is true that IQVIA has served over 800 med tech customers in over 70 countries around the world, it is not what IQVIA is known for globally,” explained Patel. “Additionally, even those med tech customers that we have served, sometimes for decades, are not fully aware of the scale we have for the end-to-end business process and product life cycle value that IQVIA MedTech can bring to their business operations.”
So, he explained, “By publicly raising our visibility and successes across the medical device and in-vitro diagnostics industry and those companies with combination products, the market will better understand the unprecedented breadth and depth of capabilities and value we have and can provide.”
The company is best known for its IQVIA CORE technology, which provides data intelligence and advanced analytics services and capabilities to life science companies.
IQVIA has been building its MedTech value proposition over the last 24 months, Patel said, offering solutions through the capabilities inherited from the merged organization, the multiple targeted acquisitions it has made and its CORE capabilities.
The launch of its dedicated MedTech practice, he said, “reinforces IQVIA’s dedication and committed MedTech resources and efforts to this key industry segment in a very important time in the life cycle of the medical device industry – one that is facing unprecedented change, innovation, and technology transformation.”
Patel said that IQVIA MedTech is the only provider in the global marketplace to deliver the domain expertise and solution and services capabilities across the portfolio of needs of the medical device and in-vitro diagnostics and combination products companies.
“Our IQVIA MedTech and IQVIA MedTech Center of Excellence capabilities are not only tailored to the medical device and diagnostics industry, they are delivered by med tech-focused resources, and take serving the market’s individual needs to the next level in helping a company’s harmonizing across divisions and orchestration across their business processes globally and improve their operations from concept to market.”
IQVIA, Quest Diagnostics venture Q2 offers advantages
Patel said that a competitive advantage that IQVIA MedTech customers have in RTP is Q2, a joint venture between Quintiles, now IQVIA, and Quest Diagnostics, also based in RTP. He said Q2 provides additional clinical, regulatory, and lab expertise locally and globally.
North Carolina has a growing med tech cluster and IQVIA has local customers. “We are proud of the local industry presence that med tech companies have in the RTP area and that we serve, including many of the region’s top providers and recognized brands,” Patel said.
Early this month, IQVIA (NYSE:IQV) reported Q1 revenue up 7.2%, to $2.684 billion.