Syneos Health (SYNH - Free Report) recently collaborated with AI and advanced data analytics company AiCure to drive faster and smarter trials to optimize patient engagement. The partnership augments a pre-existing relationship, thus responding to rising demand for digital solutions that change behavior and improve patients’ lives.
Per the terms of the agreement, Syneos Health’s behavioral insights-driven product development model will be integrated with AiCure’s patented intelligent software and AI-driven insights. This will make the capturing, analyzing and predicting of patient behavior that influences clinical trial adherence easier.
With the AiCure collaboration, Syneos Health aims to strengthen hold in the global patient engagement solutions market.
More on the Partnership
The collaboration demonstrates Syneos Health’s commitment to implement innovative technologies in clinical research. The agreement provides the company with a clinically-corroborated, scalable and patient-centric technology platform which can analyze how people respond to treatment.
The platform identifies adherence patterns and variation in site and participant engagement, with the provision of modifying behaviors that increase compliance. This will, in turn, help improve the chances of trial success.
Unlike in the traditional self-reporting measures, patients will be able to access a smartphone application to automatically guide and confirm proper administration in real-time. AiCure’s computer vision algorithms verify whether the correct participant is taking the right medication and confirms ingestion.
Rationale Behind the Partnership
Per Syneos Health’s management, the collaboration will align the company’s product development model and also harness behavioral insights to provide real world understandings. The company believes that the collaboration will reinforce its Dynamic Assembly philosophy, collaborating with the data and technology partner to cater to customers’ needs.
Further, Syneos Health will be granted access to AiCure’s digital biomarker assessments. The patient data will be secured and protected by AiCure’s technology and also perform its assigned function of evaluating movement variables to objectively study known clinical endpoints.
Syneos Health, a key player in the global Contract Research Organization and Contract Commercial Organization, will be able to expand its outreach to various biopharmaceutical companies along with enabling customer engagement.
Per a report by Grand View Research, the global patient engagement solutions market size is expected to reach $56.92 billion by 2026, at a CAGR of 20.43%. The key factors driving the market are supportive government initiatives as well as rising usage and awareness regarding mobile healthcare services.
Given the potential of the patient engagement solutions market, the partnership has come at the right time.
The company’s shares have risen 0.2% in the past year compared with the industry’s growth of 2.8%. Moreover, the S&P 500 index has risen 13.4% during the same period.
Zacks Rank & Other Key Picks
Currently, Syneos Health carries a Zacks Rank #2 (Buy). A few other top-ranked stocks from the broader medical space are Haemonetics Corp. (HAE - Free Report) , NuVasive, Inc (NUVA - Free Report) and GW Pharmaceuticals plc (GWPH - Free Report) .
Haemonetics, currently sporting a Zacks Rank #1 (Strong Buy), has a projected long-term earnings growth rate at 13.5%. You can see the complete list of today’s Zacks #1 Rank stocks here.
NuVasive estimates long-term earnings growth of 10.9%. The stock currently has a Zacks Rank #2.
GW Pharmaceuticals estimates fourth-quarter earnings growth rate at 67.9%. It currently carries a Zacks Rank #2.
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