Syneos Health's (SYNH) New Pact Boosts Tech-Driven Solutions
Syneos Health, Inc. SYNH recently announced the acquisition of RxDataScience – a healthcare-focused data analytics, data management and artificial intelligence (AI) company. The acquisition brings AI and data engineering expertise, enterprise analytics and technology-enabled solutions to Syneos Health’s portfolio. This is expected to boost customer performance.
RxDataScience will become part of the Syneos Health Dynamic Assembly network — an open ecosystem of best-quality data and technology collaborators intended to strategically tackle the nuances of unique customer engagements.
The recent development is expected to fortify Syneos Health’s Clinical Solutions arm.
Few Words on RxDataScience
RxDataScience develops AI and advanced analytics solutions that allow biopharma companies to transform vast volumes of data into strategic, actionable insights. RxDataScience’s product lifecycle solutions comprise scientific computing for R&D, patient journey, decentralized trials, RWE, predictive analytics and commercial market research.
RxDataScience is complementary to Kinetic — Syneos Health’s modern customer engagement capability built to tackle business challenges with better precision, efficiency and effectiveness by combining behavioral science, analytics and the newest technologies to provide fully-integrated omnichannel solutions.
Per Syneos Health’s management, the acquisition boosts the company’s ability to deliver strategic insights and technology-enabled solutions that address customers’ most complex data challenges. Combining the company’s end-to-end services and deep behavioral and therapeutic expertise with RxDataScience’s AI and data-science capabilities will generate customer strategies to boost product development.
Syneos Health and RxDataScience will jointly provide biopharma customers technology-enabled, insights-powered solutions with the aim of accelerating performance across the product lifecycle from lab to life.
RxDataScience acquisition further scales Syneos Health’s data science abilities by adding new capabilities and deep knowledge in data engineering and management that boost the time to commercialization for products and customer performance, with the potential to considerably shorten clinical trials and update medical affairs and commercial programs.
Per Reports and Data, the global AI in healthcare market was $3.39 billion in 2019 and is expected to reach $61.59 billion by 2027 at a CAGR of 43.6%. The increase in the inflow of patient-health-related digital data, growing pressure for cutting down healthcare spending, and rising demand for personalized medicine are the factors driving the market.
Considering the huge market opportunities, Syneos Health’s efforts to accelerate technology-enabled solutions is well-timed.
Syneos Health Developments in Technology-Driven Solutions
In September 2021, Syneos Health announced the buyout of a leading technology-enabled clinical trial recruitment and retention company – StudyKIK. The acquisition enhances Syneos Health’s ability to offer technology and insight-driven solutions.
During the same month, Syneos Health entered into a new strategic collaboration with Ride Health to provide non-emergency medical transportation to clinical trial participants. 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.
Developments by Other Companies
At present, Syneos Health is facing tough competition in the field of technology-driven solutions from companies like Allscripts Healthcare Solutions, Inc. MDRX, Veeva Systems Inc. VEEV and Teladoc Health, Inc. TDOC.
In October 2021, Veradigm — a business unit of Allscripts Healthcare Solutions, along with CareMetx, entered into a new agreement to simplify and boost specialty approval medication process. The agreement will empower users of Veradigm and Allscripts electronic health records to access CareMetx’s specialty medication patient access hub services via AccelRx.
In September 2021, Veeva Systems entered into a strategic technology partnership with LEO Pharma to enable scalable digital trials that are patient-centric and paperless. Per Veeva Systems’ management, the partnership is intended to help move the industry forward with a scalable digital trials platform that significantly enhances the clinical trial process for patients, sites, and sponsors.
In July 2021, Teladoc Health entered into a collaboration with Microsoft, wherein Teladoc Health’s Solo platform for hospitals and health systems were integrated into the Microsoft Teams environment to strengthen physician and patient access to best-quality virtual healthcare. The collaboration will offer a more seamless, unified experience for clinicians and patients that makes healthcare better by leveraging leading data, artificial intelligence and machine-learning expertise.
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