PRA Health Sciences, Inc. recently announced about an innovative tokenization solution that utilizes PRA Health’s proprietary technology, Synoma, which helps in the generation of improved evidence for drug development. On the back of this solution, PRA Health can lead the way with respect to connecting clinical trial data and secondary data sets with privacy. It is worth mentioning that currently three large pharmaceutical companies, and few other pharmaceutical and biotech companies of varying sizes are utilizing Synoma to link data and conduct analyses throughout their drug development portfolios. PRA Health is likely to boost its Data Solutions segment with this solution. Importance of the Tokenization Solution
Researchers can benefit from tokenization and linking as this approach can help them to gather excellent insights into drug safety and effectiveness over a period of time. Notably, per management, tokenization of siloed patient data sets will be a game-changer for clinical researcher and drug developers.
PRA Health can collaborate with a broad range of tokens to multiple sources of information that can help to incorporate broader sets of real-world data and transform evidence generation and insights in adherence to the 21st Century Cures Act. Notably, PRA Health has helped scientists and research teams to evaluate a broader set of data in a more intelligent manner through its acquisition of Symphony Health and collaboration with other data sources. This evaluation has helped in informing clinical trial protocols, supporting real-world data as eSource, bringing novel and differentiated therapies to market faster, among others. Market Prospects
Per a report by
MarketsandMarkets, the global tokenization market (post COVID-19) is anticipated to grow from $1.9 billion in 2020 to $4.8 billion by 2025 at a CAGR of 19.5% during the forecast period. Hence, this announcement comes at an opportune time. Recent Developments
In April, PRA Health’s company, Care Innovations, was selected by Maryland State Medical Society (MedChi) to offer remote patient monitoring, telehealth, and digital health services to its network of above 22,000 licensed physicians practicing across more than 50 medical specialties.
Again, in the same month, the company announced that Merck KGaA, Darmstadt, Germany, which is known as EMD Serono in the United States, chose PRA Health’s remote patient monitoring platform to operate along with its human growth hormone (HGH) treatment system. In March, PRA Health 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. Price Performance
Shares of this Zacks Rank #3 (Hold) company soared 82.5% in a year’s time compared with the
industry’s growth of 5.5%. Stocks to Consider
Some better-ranked stocks from the broader medical space are
HCA Healthcare, Inc. ( HCA Quick Quote HCA - Free Report) , DaVita Inc. ( DVA Quick Quote DVA - Free Report) and Amedisys, Inc. ( AMED Quick Quote AMED - Free Report) , each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. HCA Healthcare’s long-term earnings growth rate is expected at 12.3%. DaVita’s long-term earnings growth rate is estimated at 14.4%. Amedisys’ long-term earnings growth rate is estimated at 12%. Zacks Names “Single Best Pick to Double”
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