LabCorp is a leading life global sciences company that is deeply in providing comprehensive clinical laboratory and end-to-end drug development. With a vision and mission of delivering quality medical diagnosis, laboratory and improve people lives, LabCorp delivers world class diagnostic solutions and brings innovative medicine to patients fast with advance technology that improves care.
LabCorp is financially strong with a net reported over $10 billion in 2017. As a strategic plan for expansion and maintaining the leading role in medical diagnostic in Europe, Asia and across the globe LabCorp acquired Sciformix Corporation, a scientific process outsourcing company focused on pharmacovigilance and regulatory solutions for biopharmaceutical and medical devices.
This acquisition will strengthen LabCorp position in drug and device development, especially post-marketing pharmacovigilance and market access solution. Also, the addition of Sciformix will help in scientific approach and drug development and quality driven processes that support efficient and transforming drug development through innovation.
Some of the advantages to acquire and invest in EU include population, culture and diversity, languages, political stability and technology
EU has a large marketplace for the kind of service LabCorp renders because it’s highly populated with diverse cultural backgroup of about 512.6 million. With this kind of population, there is tendency to have high patronage which can translate to high revenue.
EU comprises of 28 different countries with diverse cultures, ethics and speaking languages, LabCorp can take advantage of diversities to deploy and roll out different medical diagnosis approaches and drug development that are align with individual country medical policies and standards. Another advantage to invest in EU is political stability and economy, most countries in EU are peaceful with a quality social life and sound economy which support and help international companies to thrive well.
Hale, C. (June 11, 2018). LabCorp acquires Sciformix to add postmarket services to Covance’s portfolio.Retrieved from https://www.fiercebiotech.com/cro/labcorp-acquires-sciformix-to-add-postmarket-services-to-covance-s-portfolio