Syneos Health, Inc. ( SYNH Quick Quote SYNH - Free Report) recently entered into a strategic partnership with Science 37 to facilitate improved decentralized clinical trial delivery. Notably, through this partnership, Syneos Health becomes part of the Science 37 Contract Research Organization (CRO) Certified program. The program is designed to empower CROs with access, training and commercial support to deliver decentralized clinical studies at scale successfully.
For investors’ note, Science 37 facilitates universal access to clinical research — making it easier for patients and providers to participate and accelerate the progress of new as well as advanced treatments that impact patient lives.
The recent development is likely to strengthen Syneos Health Clinical Solutions.
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Notably, Science 37 is a part of the Syneos Health Dynamic Assembly network — an open ecosystem of high-quality data and technology collaborators dedicated to deliver fit-for-purpose solutions designed to strategically address the variation of each customer engagement.
Syneos Health’s Decentralized Solutions combines deep behavioral and therapeutic insights, agile technologies and operational excellence to bring clinical trials closer to the patient as well as transform product development.
Significance of the Partnership
Syneos Health partnership with Science 37 will empower the former’s decentralized trial workflow, and will enable access to Science 37 patient communities, telemedicine investigators, and remote coordinator networks to synchronize and deliver complex decentralized clinical and real-world studies.
Together, Syneos Health and Science 37 will provide biopharmaceutical sponsors a unified, seamless technology platform to simplify workflow coordination, real-world evidence generation, and data synchronization.
Syneos Health’s Decentralized trails enabled by Science 37’s digital technologies will provide new options to engage more diverse representative patient populations by reducing the burden and increasing access for patients who previously could not participate in clinical trial research.
In February 2021, Syneos Health announced a novel strategic partnership with Protocol First, Inc. to drive faster and more efficient clinical trials. The collaboration grants Syneos Health a “First-to-Market” certification in regards to training and knowledge transfer for configuration of the Protocol First software products.
In December 2020, the company acquired Illingworth Research Group — a leading provider of clinical research home health services. Notably, the acquisition added new scale and capabilities to Syneos Health’s decentralized clinical trial solutions.
Industry Prospects Per a report by Grand View Research, the global virtual clinical trials market size was valued at $7.0 billion in 2019 and is expected to witness a CAGR of 5.1% by 2027. The market is primarily driven by a rise in R&D activities, the increasing healthcare digitization, as well as the adoption of telehealth. Price Performance
Shares of the company have gained 88.7% in a year’s time compared with the
industry’s growth of 41.2%. Zacks Rank and Key Picks
Currently, Syneos Health carries a Zacks Rank # 3 (Hold).
A few better-ranked stocks from the broader medical space are
Envista Holdings Corporation ( NVST Quick Quote NVST - Free Report) , InMode Ltd. ( INMD Quick Quote INMD - Free Report) and Owens & Minor, Inc. ( OMI Quick Quote OMI - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Envista has an estimated long-term earnings growth rate of 24.4%.
InMode has a projected long-term earnings growth rate of 12.4%.
Owens & Minor has an estimated long-term earnings growth rate of 48.9%.
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