Syneos Health, Inc. ( SYNH Quick Quote SYNH - Free Report) recently launched Patient Voice Consortium, a cross-functional hub aimed at gathering patient perspectives to be utilized in innovation. This will help bridge the long-standing communication gap between patients and product developers.
The Consortium enables patients to share expertise, resources and relationships to guide product development lifecycle. It combines therapeutic, patient reported outcomes and registries, patient advocacy, storytelling, behavioral science, compliance and health policy capabilities.
The Patient Voice Consortium is focused on Syneos’ “Diversity, Equity & Inclusion” goals to eliminate disparities in healthcare. This launch is further anticipated to serve the company’s purpose of “Shortening the Distance from Lab to Life” to improve patient outcomes.
Significance of Patient Voice
The Consortium recognizes ‘patient voice’ as an essential input across the product development lifecycle. This cross-functional hub enables patients to be more involved in their care decisions, influenced by trends in shared-decision making, peer-to-peer guidance and cost-sharing. The team behind Consortium constantly strives to keep up with patient perspectives to stay ahead of regulator, payer and customer expectations.
Consortium Targets Underserved Patient Population
The Consortium’s efforts are guided by inclusive and transparent methodologies to bridge the well-documented disparity in voice and care among underserved and underrepresented patient population. It is expected to build on Syneos’ expertise, involving patient journey mapping, behavioral science and ongoing DE&I efforts to accelerate accessibility and diversity in clinical trials.
Industry Prospect Per a report published in Grand View Research, the global patient engagement solutions market size is expected to see a CAGR of 21.4% from 2021 to 2028. Factors like increasing utilization of electronic health records for patient-centric care, adoption of mobile health devices, prevalence of chronic diseases, rise in the geriatric population and favorable government initiatives are fueling market growth. Further, development of platforms that hold patient-related health data; enable communication between patients and their healthcare team; and facilitate cost evaluation, operational effectiveness and clinical outcomes are likely to impact market growth in the future.
Given the huge market potential, this launch seems well-timed.
In May 2021, Syneos extended its partnership with Komodo Health. The extended partnership is expected to bring forth a new solution that integrates Komodo Health’s Prism and Sentinel applications under Komodo Healthcare Map. This solution will enable Syneos to utilize clinical, real-world late phase data and commercial capabilities to deliver biopharmaceutical product development.
In April 2021, Syneos and Medable entered into a strategic partnership focused on bringing clinical trials closer to people. This partnership will deliver new decentralized capabilities to Syneos to increase clinical trial diversity while improving patient access and experiences to transform biopharmaceutical product development. The collaboration will also deliver a fit-for-purpose decentralized digital solution to Syneos customers tailored to the specific attributes and requirements for conducting non-interventional research.
In March 2021, the company entered into a strategic partnership with Science 37 to enable enhanced decentralized clinical trial delivery with the aim of bringing clinical trials closer to patients and transform product development. This partnership will integrate Science 37’s premier technology platform with Syneos’ Decentralized Solutions to deliver complex decentralized clinical and real-world studies. Syneos has become part of the Science 37 CRO Certified program through this agreement.
Share Price Performance
The stock has outperformed its
industry over the past year. It has gained 39.3% versus the industry’s 2.9% growth. Zacks Rank and Key Picks
Currently, Syneos carries a Zacks Rank #3 (Hold).
A few better-ranked stocks from the broader medical space include
PetIQ, Inc. ( PETQ Quick Quote PETQ - Free Report) , Computer Programs and Systems, Inc. ( CPSI Quick Quote CPSI - Free Report) and Amedisys, Inc. ( AMED Quick Quote AMED - Free Report) .
PetIQ, currently sporting a Zacks Rank #1 (Strong Buy), has a long-term earnings growth rate of 25.00%. You can see
the complete list of today’s Zacks #1 Rank stocks here.
Computer Programs and Systems, which carries a Zacks Rank #1, has a long-term earnings growth rate of 14.00%.
Amedisys, which carries a Zacks Rank # 2 (Buy), has a long-term earnings growth rate of 12.00%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.
Click here for the 4 trades >>