Syneos Health (SYNH) Enhances Clinical Trials With New Pact
Syneos Health, Inc. SYNH recently entered into a new strategic collaboration with Ride Health to provide non-emergency medical transportation (NEMT) to clinical trial participants. Furthermore, as part of the strategic relationship, Syneos Health made a minority investment in Ride Health.
The collaboration strengthens Syneos Health’s commitment to offer patient-centric, technology-enabled solutions that enhance the overall experience of clinical trials for sponsors, sites and patients.
The recent development is likely to strengthen Syneos Health Clinical Solutions.
About Ride Health
Ride Health’s HIPAA-compliant transportation solution is customized for clinical trial management, streamlining coordination across trial sponsors, contract research organizations (CROs), independent research sites, and trial participants.
The platform automatically matches each patient’s requirements to ensure consistent access to visits and prioritize patient centricity to the suitable transportation mode across standard curbside pickup, door-to-door assistance, and wheelchair accessible vehicles.
The web-based platform can be directly accessed on desktop or mobile devices, while a range of open APIs (application programming interface) directly allow integration with existing clinical trial management systems and patient-facing applications.
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Syneos Health and its trial sponsors have long acknowledged the benefit of transportation assistance to enhance patient access, recruitment and retention. The earlier approaches created considerable administrative burden for clinical trial coordinators and were limited to the scope of geographic and service level needs of enrolled patients.
In 2020, Syneos Health acquired U.K.-based Illingworth Research Group, which included PatientGo -- an in-house patient.
Ride Health’s technology-enabled approach and deep integration capabilities support PatientGo to simplify and add new efficiencies to its U.S.-based transportation operations, and speed up network development to develop a wide-ranging clinical trial platform.
The collaboration between Ride Health and the Syneos Health patient engagement platform built on product integration will enable an inclusive transportation program for Syneos Health trials in the United States. This program has an objective of expanding access, minimizing burden and improving retention for patients while accelerating clinical trial recruitment for sponsors.
Together with Illingworth’s PatientGo services, the collaboration will help in bringing the clinical trial closer to patient, increasing diversity and accessibility, and further expanding the Dynamic Assembly network of preferred, best quality data and technology collaborators to boost the design and execution of clinical trials.
Ride Health’s solution connects directly with each stakeholder through its automated communication and support systems, enabling Syneos Health to minimize the coordination burden for site staff, improve patient experience, and advance retention across clinical trials.
Per a report by Grand View Research, the global clinical trials market size was estimated at $44.3 billion in 2020 and is expected to see a CAGR of 5.7%. The increasing incidence of chronic disease and the growing demand for clinical trials in developing countries are factors driving the market.
In August 2021, Syneos Health announced a partnership with Aetion to offer regulatory-grade data and analytics-driven solutions to enhance drug development and improve patient outcomes. The partnership will allow biopharma companies to advance clinical development, market access and the uptake of new therapies.
In June 2021, Syneos Health expanded its Decentralized Clinical Trial capabilities to include a dedicated Decentralized Clinical Trials Site Advocacy Group. This will help continue the momentum for Decentralized Solutions established by the acquisition of Illingworth Research Group to bring clinical trials closer to patients. The newly-established site advocacy group will provide deeper, more meaningful site-based insights to boost the adoption of decentralized clinical trials methodologies & technologies.
Shares of the company have gained 58.2% in a year’s time against the industry’s fall of 13.5%.
Zacks Rank and Key Picks
Currently, Syneos Health carries a Zacks Rank #3 (Hold).
A few better-ranked stocks from the broader medical space are Envista Holdings Corporation NVST, BellRing Brands, Inc. BRBR and Henry Schein, Inc. HSIC, each carrying a Zacks Rank #2 (Buy). You can see the complete list of Zacks #1 Rank (Strong Buy) stocks here.
Envista Holdings has an estimated long-term earnings growth rate of 27%.
BellRing Brands has an estimated long-term earnings growth rate of 29%.
Henry Schein has a projected long-term earnings growth rate of 14%.
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