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PRA Health (PRAH) Unveils Toolkit for Rare Disease Patients
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PRA Health Sciences, Inc. recently introduced its Patient-Centric Trial Development Toolkit that is currently available to clinical development sponsors specializing in rare diseases. Notably, the toolkit has been created by PRA Health’s Center for Rare Diseases in partnership with the company’s Rare Disease Advisory Committee (RDAC) and other patient stakeholders.
This innovative toolkit can now be downloaded at no cost and the launch of the same is likely to boost PRA Health’s Clinical Research segment, which covers a wide array of services across the spectrum of clinical development programs.
Importance of the Toolkit
It has been observed that unique challenges crop up when it comes to dealing with rare disease patients and trials involved in the same in comparison to those in more common indications. With the company’s continued focus on placing patient’s experience first, the toolkit has been designed to aid sponsors in choosing a more patient-centric route in developing clinical trials.
Notably, the toolkit comprises four digital resources built to lower risks that occur in rare disease clinical trials frequently. Further, the toolkit brings in and affirms new patient-focused practices that promote trial participation.
Even though the toolkit reduces the burden on patients to participate in clinical research, sponsors also benefit in several areas like high trial dropout rates and ability to curb substantial costs associated with inefficiency to name a few.
Market Prospects
Per a report by Research and Markets, the global rare disease diagnostics market is anticipated to reach $26.7 billion by 2024 from $17 billion in 2019, witnessing a CAGR of 9.5% during the forecast period (2019-2024).
Hence, the launch of this patient-focused toolkit is a well-timed one for PRA Health.
Recent Development
In December 2020, PRA Health announced the improvement of its COVID-19 Monitoring Program with the addition of at-home COVID-19 testing capabilities. On the back of a partnership with PWNHealth and Fulgent Genetics, the testing capabilities will broaden the scope of PRA Health’s existing COVID-19 clinical monitoring, symptom reporting and management services, which are currently available on the patient-facing Health Harmony mobile app.
Price Performance
Shares of this Zacks Rank #4 (Sell) company soared 108.7% in a year’s time compared with the industry’s growth of 32.9%.
Hologic’s long-term earnings growth rate is estimated at 15.4%.
IDEXX’s long-term earnings growth rate is projected at 15.8%.
Abbott’s long-term earnings growth rate is estimated at 14.1%.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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PRA Health (PRAH) Unveils Toolkit for Rare Disease Patients
PRA Health Sciences, Inc. recently introduced its Patient-Centric Trial Development Toolkit that is currently available to clinical development sponsors specializing in rare diseases. Notably, the toolkit has been created by PRA Health’s Center for Rare Diseases in partnership with the company’s Rare Disease Advisory Committee (RDAC) and other patient stakeholders.
This innovative toolkit can now be downloaded at no cost and the launch of the same is likely to boost PRA Health’s Clinical Research segment, which covers a wide array of services across the spectrum of clinical development programs.
Importance of the Toolkit
It has been observed that unique challenges crop up when it comes to dealing with rare disease patients and trials involved in the same in comparison to those in more common indications. With the company’s continued focus on placing patient’s experience first, the toolkit has been designed to aid sponsors in choosing a more patient-centric route in developing clinical trials.
Notably, the toolkit comprises four digital resources built to lower risks that occur in rare disease clinical trials frequently. Further, the toolkit brings in and affirms new patient-focused practices that promote trial participation.
Even though the toolkit reduces the burden on patients to participate in clinical research, sponsors also benefit in several areas like high trial dropout rates and ability to curb substantial costs associated with inefficiency to name a few.
Market Prospects
Per a report by Research and Markets, the global rare disease diagnostics market is anticipated to reach $26.7 billion by 2024 from $17 billion in 2019, witnessing a CAGR of 9.5% during the forecast period (2019-2024).
Hence, the launch of this patient-focused toolkit is a well-timed one for PRA Health.
Recent Development
In December 2020, PRA Health announced the improvement of its COVID-19 Monitoring Program with the addition of at-home COVID-19 testing capabilities. On the back of a partnership with PWNHealth and Fulgent Genetics, the testing capabilities will broaden the scope of PRA Health’s existing COVID-19 clinical monitoring, symptom reporting and management services, which are currently available on the patient-facing Health Harmony mobile app.
Price Performance
Shares of this Zacks Rank #4 (Sell) company soared 108.7% in a year’s time compared with the industry’s growth of 32.9%.
Stocks to Consider
Some better-ranked stocks from the broader medical space are Hologic, Inc. (HOLX - Free Report) , IDEXX Laboratories, Inc. (IDXX - Free Report) and Abbott Laboratories (ABT - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Hologic’s long-term earnings growth rate is estimated at 15.4%.
IDEXX’s long-term earnings growth rate is projected at 15.8%.
Abbott’s long-term earnings growth rate is estimated at 14.1%.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>