OREANDA-NEWS. October 13, 2016. Laboratory Corporation of America® Holdings (LabCorp®)
(NYSE: LH) announced today that Covance Drug Development (“Covance”) has
been awarded the 2016 Frost & Sullivan Asia Pacific CRO Growth
Excellence Leadership Award. Covance has received this significant
recognition for three consecutive years for its continuing efforts to
expand the scope of drug development services it provides in the growing
Asia Pacific region.
To better meet its customers’ growing demand for high quality
diagnostics and drug development services, Covance has continued to
strengthen its infrastructure, increase its capacity and expand its
workforce in Asia Pacific. These efforts have included the opening of a
new clinical development services office in Osaka, Japan and
considerably increasing the testing capabilities and capacity in its
central laboratory in Singapore as well as other parts of Asia Pacific.
The Company has shown robust growth across the Asia Pacific region and
has successfully tailored its strategy to suit local conditions in the
rapidly growing CRO market.
“Covance is recognized as one of the top CROs in Asia-Pacific with its
excellent service proposition that emphasizes performance, global
expertise and experience and responding to increased client demand,”
said
Sanjeev Kumar, consultant in Frost & Sullivan’s APAC Healthcare
Practice. “The Company has created a strong brand perception in the
minds of its customers, resulting in several long term partnerships and
alliances. Its ability to address under-served needs and implement
best-in-class strategies allows Covance to expand its customer
portfolio. With its strong overall business performance, Covance (Asia)
Pte Ltd has earned the 2016 Frost & Sullivan Asia Pacific CRO Growth
Excellence Leadership Award.”
“Covance has received this prestigious award for the third consecutive
year demonstrating our strong commitment to be the partner of choice for
our clients in Asia Pacific,” said
John Ratliff, chief executive
officer, Covance. “The award recognizes the breadth of our expertise and
the unique solutions we offer our clients to allow them to access our
regional capabilities and a pathway to the wider global markets. We will
continue to invest in our people and capabilities in the region and in
rapidly developing areas such as oncology, rare and orphan diseases and
companion diagnostics to help improve the health and lives of patients
in Asia Pacific and around the globe.”
About the 2016 Frost & Sullivan Asia Pacific
Best Practices Awards
Now in its ninth consecutive year, the Frost & Sullivan Asia Pacific
Best Practices Awards recognize best-in-class companies across
industries for demonstrating outstanding achievement and superior
performance in areas such as leadership, technological innovation,
customer service and strategic product development. This program has
identified many outstanding companies from the Automotive, Energy,
Building & Environment industries to the Healthcare, Information
Communication Technologies and Logistics sectors in Asia Pacific. Frost
& Sullivan industry analysts compare market participants and measure
performance through in-depth interviews, analysis, and extensive
secondary research in order to identify best practices in the industry.
About LabCorp®
Laboratory Corporation of America® Holdings, an S&P 500
company, is the world’s leading healthcare diagnostics company,
providing comprehensive clinical laboratory services through LabCorp
Diagnostics, and end-to-end drug development support through Covance
Drug Development. LabCorp is a pioneer in commercializing new diagnostic
technologies and is improving people’s health by delivering the
combination of world-class diagnostics, drug development services and
technology-enabled solutions. With net revenue in excess of \\$8.5 billion
in 2015 and more than 50,000 employees in approximately 60 countries,
LabCorp offers innovative solutions to healthcare stakeholders. LabCorp
clients include physicians, patients and consumers, biopharmaceutical
companies, government agencies, managed care organizations, hospitals,
and clinical labs. To learn more about Covance Drug Development, visit www.covance.com.
To learn more about LabCorp and LabCorp Diagnostics, visit www.labcorp.com.
This press release contains forward-looking statements including with
respect to estimated 2016 guidance and the impact of various factors on
operating results. Each of the forward-looking statements is subject to
change based on various important factors, including without limitation,
competitive actions in the marketplace, adverse actions of governmental
and other third-party payers and the results from the Company’s
acquisition of Covance. Actual results could differ materially
from those suggested by these forward-looking statements. Further
information on potential factors that could affect LabCorp’s operating
and financial results is included in the Company’s Form 10-K for the
year ended December 31, 2015, and subsequent Forms 10-Q, including in
each case under the heading risk factors, and in the Company’s other
filings with the SEC, as well as in the risk factors included in
Covance’s filings with the SEC. The information in this press
release should be read in conjunction with a review of the Company’s
filings with the SEC including the information in the Company’s Form
10-K for the year ended December 31, 2015, and subsequent Forms 10-Q,
under the heading MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
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