Syneos Health, Inc. ( SYNH Quick Quote SYNH - Free Report) recently announced the buyout of a leading technology-enabled clinical trial recruitment and retention company – StudyKIK. The acquisition enhances Syneos Health’s ability to offer technology and insight-driven solutions.
Customer benefits comprise expedited patient enrolment and retention, extensive patient population-based insights, better site, sponsor and physician experiences and lower patient burden.
The recent acquisition is likely to boost Syneos Health’s product development by enhancing stakeholder experiences, realizing efficiencies in patient recruitment, engagement, better access and diversity.
Few Words on StudyKIK
StudyKIK was established in 2014 as a global network of patient-centered communities. Its technology platform has shown enhanced quality and accelerated enrollment timelines in certain clinical trials by up to 94% and lowered enrollment start-up times by up to 75%. The platform comprises above six million patients through social media, expediting access to patients who would not have taken part in clinical trials traditionally.
StudyKIK supports patient recruitment, patient retention, eConsent Solutions, Telemedicine video calling, and study companion mobile applications to accelerate clinical trials.
The acquisition of StudyKIK supports the patient, centre and community strategic focus of Syneos Health. It also adds new scale and expertise to enhance the patient journey while improving data science and behavioral insights to support product commercialization.
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The acquisition strengthens Syneos Health’s patient-direct, technology-enabled solutions portfolio complementing the latest buyout of Illingworth Research Group and technology collaborations with Ride Health, Science37 and Medable.
The buyout is also strategic when it comes to expanding the Syneos Health Dynamic Assembly network – an open ecosystem of best quality data and technology collaborators intended to tackle the nuances of unique customer engagements.
Industry Prospects Per a report by Grand View Research, the global clinical trials market size was estimated at $44.3 billion in 2020 and is likely to see a CAGR of 5.7% by 2028. The increasing incidence of chronic disease and the growing demand for clinical trials in developing countries are factors driving the market. Hence, this buyout comes at an opportune time for Syneos Health. Recent Developments
In September 2021, Syneos Health entered into a strategic partnership with Ride Health to provide non-emergency medical transportation (NEMT) to clinical trial participants. The collaboration strengthens Syneos Health’s commitment to offer patient-centric, technology-enabled solutions that enhance the overall experience of clinical trials for sponsors, sites and patients.
In August 2021, Syneos Health collaborated with Aetion to offer regulatory-grade data and analytics-driven solutions to accelerate drug development and boost patient outcomes. The partnership will allow biopharma companies to advance clinical development, market access and the uptake of new therapies.
Shares of the company have gained 71.1% in a year’s time against the
industry’s fall of 18.1%. 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
Omnicell, Inc. ( OMCL Quick Quote OMCL - Free Report) , BellRing Brands, Inc. ( BRBR Quick Quote BRBR - Free Report) and Henry Schein, Inc. ( HSIC Quick Quote HSIC - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of Zacks #1 Rank (Strong Buy) stocks here.
Omnicell has an estimated long-term earnings growth rate of 16%.
BellRing Brands has an estimated long-term earnings growth rate of 29%.
Henry Schein has a projected long-term earnings growth rate of 14%.