Top clinical research organizations play an essential role in the development of new drugs, biologics, and medical devices. Without the support of Contract Research Organizations (CROs), the pharmaceutical, biotechnology, and medical device industries would face significantly greater challenges in bringing new therapies to market. CROs provide a wide range of services including product development, testing, regulatory support, and commercialization assistance, all designed to reduce costs and accelerate timelines for companies developing treatments across niche and mainstream therapeutic areas.
The following is a look at the top clinical research organizations ranked by total revenue, revenue per employee, growth, net income, and expenses as measured in 2017.
1. Covance (LabCorp)
Covance, a global contract research organization operating under Laboratory Corporation of America Holdings, ranks first among top clinical research organizations by revenue. The company recorded revenues of USD 10.441 billion in 2017, an increase of approximately 8.28% from the prior year. Covance has helped bring 49 of the top 50 best selling drugs to market and provides nonclinical, preclinical, clinical, and commercialization services to pharmaceutical and biotechnology companies worldwide. Headquartered in Burlington, North Carolina, the company employed more than 50,000 people in 2017.
2. IQVIA (QuintilesIMS)
IQVIA was formed in 2016 through the merger of IMS Health and Quintiles, combining pharmaceutical market data capabilities with full service CRO operations. The company recorded revenues of USD 9.739 billion in 2017, a growth of approximately 41.59% from the prior year, ranking it second among top clinical research organizations globally. IQVIA operates across two business segments: Commercial Solutions and Research and Development Solutions.
3. Syneos Health
Syneos Health was formed through the merger of INC Research Holdings and inVentiv Health, creating what the company describes as a fully integrated biopharmaceutical solutions organization combining CRO and Contract Commercial Organization capabilities. With more than 21,000 employees operating in over 110 countries, Syneos Health recorded revenues of USD 2.672 billion in 2017, representing growth of approximately 65.96%.
4. PAREXEL International
PAREXEL is a multinational life sciences consulting firm and CRO offering clinical research, clinical logistics, medical communications, consulting, and commercialization services. The company generated revenues of USD 2.441 billion in 2017, operating from 85 locations across 52 countries with approximately 18,900 employees. PAREXEL holds the second largest service portfolio among top clinical research organizations.
5. PRA Health Sciences
PRA Health Sciences is a full service clinical CRO offering product development, trial management, and drug safety services. The company generated revenues of USD 2.259 billion in 2017, a growth of approximately 24.73%. It operates approximately 70 offices across North America, Europe, Asia, Latin America, South Africa, Australia, and the Middle East, with over 15,000 employees worldwide.
6. PPD (Pharmaceutical Product Development)
PPD is a privately held organization offering integrated drug development, laboratory, and lifecycle management services. The company generated revenues of USD 1.900 billion in 2017 and operates 89 offices in 47 countries with more than 20,000 employees. Its service portfolio spans clinical, preclinical, post clinical, and commercialization capabilities.
7. Charles River Laboratories
Charles River provides products and services to expedite the discovery, early stage development, and manufacture of novel drugs and therapeutics. The company generated revenues of USD 1.857 billion in 2017, a growth of approximately 10.47%, and employed approximately 11,800 people as of the close of 2017.
8. ICON
ICON is a global provider of outsourced development services to the pharmaceutical, biotechnology, and medical device industries. The company generated revenues of USD 1.758 billion in 2017, a growth of approximately 5.52%. ICON specializes in the strategic development, management, and analysis of programs supporting all stages of clinical development from compound selection through Phase IV. It operates from 98 locations in 38 countries with approximately 13,250 employees.
9. WuXi AppTec
WuXi AppTec is a Chinese contract research company serving the largest pharmaceutical, biotech, and medical device companies globally. The company provides a broad and integrated portfolio of laboratory and manufacturing services across the full R&D process, including drug discovery, biotherapeutics development, toxicology, and cGMP manufacturing. WuXi AppTec generated revenues of USD 1.011 billion in 2017, a growth of approximately 10%, and employs approximately 14,000 people across more than 30 countries.
10. Medpace
Medpace is a scientifically driven, full service CRO headquartered in Cincinnati, Ohio, providing Phase I through Phase IV clinical development services. The company generated revenues of USD 0.436 billion in 2017 and maintains therapeutic expertise across oncology, cardiology, metabolic disease, endocrinology, central nervous system conditions, and anti viral and anti infective indications. Medpace employs approximately 2,500 people across 35 countries.
How FOMAT Works with CROs
Top clinical research organizations rely on experienced investigator site networks to execute the studies they manage on behalf of sponsors. FOMAT partners with leading CROs across therapeutic areas including oncology, nephrology, ophthalmology, gastroenterology, and infectious disease, providing site level expertise, patient recruitment capabilities, and regulatory compliance across Phase I through Phase IV studies.
To learn more about how FOMAT supports CRO partnerships, visit our Phase I capabilities or Phase II and III capabilities pages, or explore our active studies.