Tánaiste announces multi-million Euro R&D support of ICON to accelerate decentralised clinical trial technology

Rhea-AI Summary

ICON plc has received a €4 million funding grant from Enterprise Ireland, aimed at enhancing its digital health technology and data analytics solutions. This R&D support will facilitate the development of decentralized clinical trial technology, providing participants with options for virtual visits and mobile reporting. This strategic investment aims to improve clinical trial efficiency and participation, reduce costs, and ensure real-time data access. The funding highlights ICON's commitment to advancing clinical research and delivering better patient outcomes globally.

Positive

• Secured €4 million in funding from Enterprise Ireland for R&D.
• Funding will enhance decentralized clinical trial technology and data analytics.
• Investment aims to improve clinical trial participation and efficiency.
• Supports real-time data access and reduces costs for trial sponsors.

Negative

• None.

ICON secures Enterprise Ireland funding to enhance digital health technology and data analytics solutions

DUBLIN, Ireland--(BUSINESS WIRE)-- The Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar TD announced today that ICON plc (NASDAQ: ICLR), a Dublin-based global provider of drug development and commercialisation services to pharmaceutical, biotechnology and medical device industries, has been awarded €4 million in R&D support administered by Enterprise Ireland to further enhance its data solutions and decentralised clinical trial technology.

ICON receives multi-million Euro R&D support to accelerate decentralized clinical trial technology and data solutions. ICON executives welcomed the Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar TD, and representatives from Enterprise Ireland to company headquarters in Dublin on 16 September 2021 where they discussed the future of clinical development in Ireland. (L to R): Leo Clancy, CEO at Enterprise Ireland; Tom O’Leary, Chief Information Officer at ICON; Nuala Murphy, President, Global Specialty Solutions at ICON; the Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar TD; Steve Cutler, Chief Executive Officer at ICON. (Photo: Business Wire)

The COVID-19 pandemic has accelerated the clinical research industry’s move to hybrid and decentralised trials, requiring researchers and regulatory bodies to adapt to the ways participants live their connected and mobile lives. As the most advanced healthcare intelligence and clinical research organisation in the industry, ICON will utilise the funding to further invest in the build-out of its world-class technology and data solutions architecture. The support will promote broad clinical research participation while also delivering real-time access to data, higher levels of security, and improved timelines and reduced costs for customers.

The Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar TD said:
“I’m really happy Government is in a position to invest €4m in one of Ireland’s best known and respected life sciences companies. This funding will go into research and development in digital health technology and data analytics. The pandemic has brought into sharp focus the importance of both areas. With its roots in Dublin, ICON has grown into a global team of 38,000 dedicated employees. It is a real success story. I wish the team the very best of luck with this project, which I have no doubt will result in better outcomes for patients here in Ireland and worldwide.”

The R&D support will help development of tech-enabled systems that provide greater flexibility and reduce the burden felt by clinical trial participants. In addition to visiting sites and meeting with trial investigators when needed, clinical trial participants should also have the choice to utilise virtual visits with their care teams, file eConsent forms, and report outcomes on mobile and wearable devices as part of their clinical trial experience. These options, combined with real-time data availability and analysis, improve participant retention, and reduce the timelines and costs for trial sponsors.

Plans are already in the works to invest in resources such as additional data sources, advanced analytical systems and digitisation, patient-focused mobile technology, and predictive tools that integrate artificial intelligence and machine learning.

“Clinical research has been evolving for many years, but the importance of expanding patient access to clinical research by decentralising many components through technology and data insights was never more apparent than in the last 18 months,” said Steve Cutler, ICON Chief Executive Officer. “We have to accelerate the adoption of decentralised and hybrid clinical trials to meet participants wherever they are – on their mobile devices and in their homes – while also protecting data security, ensuring the integrity of all trial data, and adhering to regulatory requirements. We are honoured to be the recipient of this R&D funding from Enterprise Ireland, which will help us advance our mission to save and improve patient lives.”

“ICON has an exceptional track record, delivering game changing clinical research solutions to the largest global biopharma and medical device companies in the world,” said Leo Clancy, CEO, Enterprise Ireland. “Enterprise Ireland is delighted to support ICON’s R&D and scaling agenda. Today’s announcement further strengthens Ireland’s reputation in the global value chain of innovative medicines. We look forward to continuing to work with ICON and wish the team well in their future endeavours.

About ICON plc

ICON is a world-leading healthcare intelligence and clinical research organisation. From molecule to medicine, we advance clinical research providing outsourced development and commercialisation services to pharmaceutical, biotechnology, medical device and government and public health organisations. We develop new innovations, drive emerging therapies forward and improve patient lives. With headquarters in Dublin, Ireland, ICON operates from 150 locations in 47 countries and has approximately 38,000 employees as of July 1, 2021. For more information, visit www.iconplc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210922005141/en/

Laurie Hurst

Sr Director, Public Relations & Communications

+1 919-786-8435

Laurie.Hurst@iconplc.com



Weber Shandwick (PR adviser)

Lisa Henry (GMT time zone)

+447785 458203

lhenry@webershandwick.com



Enterprise Ireland

Nicola Corboy

Press & Media Relations

press@enterprise-ireland.com

+353 86 021 0114

Source: ICON plc

FAQ

What is the purpose of ICON's €4 million funding?

The funding supports R&D for digital health technology and decentralized clinical trial solutions.

How will the funding impact clinical trials at ICON?

It will enhance participant options for virtual visits and improve trial efficiency and data access.

Who provided the funding to ICON plc?

The funding was provided by Enterprise Ireland.

What are decentralized clinical trials?

Decentralized trials allow remote participation, enabling patients to engage from their homes through digital platforms.

When was the funding announcement made?

The funding was announced on September 16, 2021.