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Two Leading CRO Organizaitons in America in 2020

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Business Structure Comparison

LabCorp and IQVIA are the world’s leading CRO organizaitons, and these two organizaitons have been catching up with you. LabCorp is mainly composed of two major businesses, LabCorp Diagnostics (LCD) and Covance Drug Development (CDD), and CDD is composed of Covance Inc., which was acquired in 2015, and is also the leader of CRO companies. IQVIA’s CRO business is mainly composed of three major businesses: technical solutions, research and development solutions, contract sales and medical affairs solutions. As of 2019, LabCorp has nearly 65,000 employees worldwide; IQVIA has 67,000 employees, including 23,000 technical solutions, 35,000 R&D solutions, and 7,000 contract sales and medical affairs solutions.

LabCorp is a comprehensive service provider from drug research to commercialization, while IQVIA’s business is more biased towards service providers that provide commercial and R&D solutions.

With the development of technology and the rise of people’s livelihood, the CRO industry has begun to have a positive outlook. LabCorp and IQVIA have also joined them, enjoying the dividends brought by the market.

Financial Comparison

From 2015 to 2019, although the operating income of the two companies fluctuated, they showed an overall upward trend. Although IQVIA’s operating income was not as good as LabCorp in 2015-2019, its growth rate far exceeded LabCorp.

LabCorp’s net profit growth rate will be flat, while IQVIA’s net profit growth rate will show a substantial increase, especially in 2017, due to the promulgation of the tax law and the amortization resulting from the merger, it has rapidly increased to 1277 million US dollars. . The promulgation of the tax law also led to LabCorp’s rapid growth in its net profit in 2017.

Sales Area Comparison

The business of the CRO industry is generally biased towards Western countries, such as North America and Europe, while its share in Asia is relatively small. In 2014-2019, the market share of the US market and the Asian market showed a uniform increase, while the European and African markets showed a decline year by year. In 2019, IQVIA’s US market accounted for 49.26% of sales, Europe and Africa accounted for 31.36%, and Asia accounted for 19.38%.

In 2015-2019, LabCorp’s market focused on the United States and showed a trend of rapid development. The United Kingdom and Switzerland have also shown a stage of uniform growth, while Canada has shown a flat stage, maintaining a fluctuation around US$300 million. In 2019, the US market share reached US$8981 million, accounting for 77.73% of the year’s sales, followed by other countries reaching 4.61%, and Switzerland reaching 4.40%.

Overall, both IQVIA and LabCorp focus on the North American market. Among them, IQVIA’s US market accounted for 49.26% of sales, while LabCorp reached 77.73%.

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