Leading provider of biopharmaceutical services, Parexel International Corporation (PRXL) recently announced the launch of its Parexel BioPharm Unit. Parexel BioPharm will be dedicated to the unique requirements of small as well as medium-sized biopharmaceutical firms in order to provide support to companies towards achieving their development goals.
According to the company, BioPharm Unit’s new delivery model is designed to provide high level of attention and improved services to clients. The model integrates Parexel’s industry experience, expertise and a deep understanding of the needs of small and emerging biopharmaceutical enterprises. It aims to offer customized solutions to accelerate drug development procedures with savings on time and costs and without having to compromise on quality.
Per the management, small and mid-sized biopharmaceutical companies have been an important part of Parexel’s customer base for the last 30 years. The company asserts that there is a significant difference between the research and development needs of large pharma sponsors and the small and mid-sized sponsors. The BioPharm Unit will specifically cater to the needs of smaller pharma and biotech sponsors.
Parexel affirms its functions in development of the majority of top selling biopharmaceuticals in the market. The company also has an enlarged international client base. The small and emerging biopharmaceutical concerns will benefit from its proven track record — an ability to come up with efficient and high quality solutions in a reduced time span.
Statistics indicate that 81% of current development programs in the biopharmaceutical industry are initiated by sponsors outside the top 25 biopharmaceutical companies. This implies that small and mid-sized companies are the growth catalysts of the biopharmaceutical industry.
The BioPharm Unit will support the advancement of these companies by offering expertise, operational excellence, global infrastructure and technological set-up. This will enhance the drug development cycle as well as the pipeline of the firms concerned. Management believes that the company’s technical knowhow and research expertise will allow it to actualize custom-made solutions to meet the requirement of each customer.
Parexel is a leading biopharmaceutical services company. It provides clinical research, consultation, commercialization as well as technology products to various industries such as pharmaceutical, biotechnology and medical devices. Based in Waltham, Massachusetts, the company operates in three major segments — clinical research services, Parexel consulting and medical communications services and perceptive informatics. It competes with Covance Inc. (CVD) among others.
Parexel currently retains a Zacks #3 Rank, which translates into a short-term Hold rating.
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