Labcorp and ConcertAI Optimize Precision Oncology Research With Real-World Data and Artificial Intelligence

Rhea-AI Summary

Labcorp (NYSE: LH) and ConcertAI, a leader in AI and real-world data solutions, have announced a collaboration aimed at optimizing precision oncology research. This partnership seeks to improve clinical trial design, enhance patient recruitment, and ensure equitable access to trials. By leveraging ConcertAI’s software and Labcorp’s expertise, they aim to utilize real-world data and AI for more effective oncology trials. The collaboration focuses on diversity in patient recruitment and aims to generate actionable insights for quicker trial execution.

Positive

• Collaboration with ConcertAI to optimize oncology clinical research.
• Utilization of AI and real-world data for faster patient recruitment.
• Focus on diversity in patient recruitment for clinical trials.
• Potential for more cost-effective and inclusive trials.

Negative

• None.

Collaboration Aims to Increase Equitable Trial Access and Patient Retention

BURLINGTON, N.C. & CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Labcorp (NYSE: LH), a leading global life sciences company, and ConcertAI, LLC (ConcertAI), a leader in enterprise artificial intelligence (AI) and real-world data (RWD) solutions for life science companies and health care providers, today announced a collaboration to optimize precision oncology research. The companies will work together to launch clinical studies in ways that minimize the burden on physician practices, drive faster patient recruitment, maximize patient retention and ensure equitable access to research as a care option.

Photo courtesy of Labcorp

Through this collaboration, Labcorp will leverage ConcertAI’s suite of software-as-a-service (SaaS) offerings for clinical trial design, protocol optimization, site selection and study execution. These solutions, when paired with Labcorp’s expertise in clinical development services and diagnostic testing, will optimize oncology clinical trial design and execution using RWD and AI.

“With Labcorp, we are building an advanced network, AI technologies and SaaS solutions to further advance the industry’s goals for diversity and digital enablement in clinical development services, especially in oncology,” said Jeff Elton, Ph.D., CEO of ConcertAI. “As a leading RWD and SaaS AI solutions company for evidence generation, ConcertAI is committed to advancing precision oncology in partnership with industry leaders.”

ConcertAI’s offerings will allow Labcorp Drug Development to access data to make more informed decisions about oncology clinical trials. This analytical toolset drives actionable insights that will lead to a better understanding of patient profiles and treatment pathways, ultimately yielding quicker and more effective clinical trials.

Clinical trials also increasingly require analysis of potential trial sites to identify and select locations containing patients with specific characteristics. Using data to help understand the availability of patients across a sampling of oncology cancer centers helps bring health care within reach for all and ensures that the design of a trial contains a diverse set of participants to measure drug safety and effectiveness in broadly representative populations. ConcertAI and Labcorp have structured a long-term collaboration to leverage data and analytics to find solutions to these difficult problems.

“Oncology is highly complex, with hundreds of molecular targets and factors across solid tumors and hematological malignancies, so the need is great for diversity in cancer trials,” said Prasanth Reddy, M.D., MPH, FACP, senior vice president and head of oncology at Labcorp. “Labcorp Drug Development, which supports more than 50% of all oncology clinical trials globally, combined with ConcertAI’s high-depth data and AI technologies, is a powerful combination to optimize trial design, improve patient access, and increase efficiency of oncology trials to bring new therapeutic options to patients who need them most.”

Improved screening, along with new diagnostics and treatments in cancer have been significant contributors to recent reductions in deaths and other adverse outcomes. Health care providers and pharmaceutical companies require support to bring additional, innovative treatment options to market. Pairing ConcertAI’s RWD and AI expertise with Labcorp Drug Development’s established site relationships and patient-centric approach will provide customers with a differentiated offering, generating actionable insights and improved trial execution—ultimately yielding trials that are more cost effective, more inclusive and more likely to succeed.

About Labcorp

Labcorp is a leading global life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. Through our unparalleled diagnostics and drug development capabilities, we provide insights and accelerate innovations to improve health and improve lives. With over 70,000 employees, we serve clients in more than 100 countries. Labcorp (NYSE: LH) reported revenue of $14.0 billion in FY2020. Learn about Labcorp at www.Labcorp.com, or follow us on LinkedIn and Twitter @Labcorp.

About ConcertAI

ConcertAI is the leader in Real-World Evidence (RWE) and AI technology solutions for life sciences and health care. Our mission is to accelerate insights and outcomes for patients through leading real-world data, AI technologies, and scientific expertise in partnership with the leading biomedical innovators, health care providers, and medical societies. For more information, visit us at http://www.concertai.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211201005566/en/

Labcorp Contacts:

Media: Christopher Allman-Bradshaw — 336-436-8263

Media@Labcorp.com



Investors: Chas Cook — 336-436-5076

Investor@Labcorp.com



ConcertAI Contacts:

Marketing: Dianne Yurek

marketing@concertai.com

Source: Labcorp

FAQ

What is the collaboration between Labcorp and ConcertAI about?

Labcorp and ConcertAI are collaborating to optimize precision oncology research, improving clinical trial design and patient access.

How will the Labcorp and ConcertAI partnership benefit clinical trials?

The partnership will leverage AI and real-world data to enhance patient recruitment, retention, and diversity in oncology trials.

What are Labcorp's goals in the collaboration with ConcertAI?

Labcorp aims to drive faster clinical trial execution and ensure equitable access to research for patients through this partnership.

What impact could the collaboration have on patient recruitment in oncology trials?

The collaboration is expected to minimize burdens on physician practices and enhance patient recruitment through better analytics and solutions.

What resources will Labcorp utilize in the ConcertAI collaboration?

Labcorp will use ConcertAI’s suite of software-as-a-service offerings for trial design and execution, combined with its own expertise in diagnostics.