Labcorp and Hawthorne Effect Collaborate to Bring Clinical Trials Directly to Patients and Investigators in Local Communities
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Insights
The strategic collaboration between Labcorp and Hawthorne Effect represents a significant development in the pharmaceutical and biotechnology industry, particularly in the realm of clinical trials. This partnership is poised to enhance the efficiency and accessibility of decentralized clinical trials, which could lead to a reduction in time-to-market for new drugs and medical devices. By leveraging Labcorp's global laboratory network and logistics capabilities with Hawthorne Effect's digital platform, the initiative aims to streamline the clinical trial process, thereby potentially reducing costs and operational complexities for sponsors.
From a market perspective, this collaboration could pave the way for increased investment in decentralized clinical trials, a market that has been growing in light of the pandemic and the subsequent need for remote healthcare solutions. The emphasis on patient diversity and inclusion is particularly noteworthy, as it addresses a longstanding issue in clinical research and could lead to more comprehensive and representative data. These factors combined might attract more sponsors to opt for decentralized trials, thereby expanding the market share for companies like Labcorp and Hawthorne Effect.
Decentralized clinical trials (DCTs) are a transformative approach in medical research, allowing for greater patient participation by removing geographical barriers. The collaboration between Labcorp and Hawthorne Effect is expected to enhance the quality and completeness of clinical trial data, which is critical for regulatory approval and the overall success of a trial. By facilitating complex study visits and data collection in patient homes, DCTs can lead to higher patient retention rates and more robust datasets, which are essential for the accurate assessment of new medical interventions.
Moreover, the increased diversity and inclusion in clinical trials, as a result of this partnership, are likely to improve the generalizability of trial results, leading to better healthcare outcomes across different patient populations. The ability to accelerate trial timelines without compromising data quality could significantly expedite the drug development process, potentially bringing therapies to market more quickly and benefiting the public health sooner.
From an economic standpoint, the strategic partnership between Labcorp and Hawthorne Effect could have substantial implications for the cost structure of clinical trials. Decentralized clinical trials can reduce the financial burden on healthcare systems by minimizing the need for physical infrastructure and on-site staffing. The collaboration's focus on creating new service offerings that support DCTs could lead to a more efficient allocation of resources within the healthcare sector.
Additionally, the potential for accelerated enrollment and study timelines through this partnership could translate into cost savings for sponsors and faster access to treatments for patients. The economic benefits of such a model are twofold: it can lower the barrier to entry for smaller biotech firms that may lack extensive capital and it can also lead to competitive pricing in the pharmaceutical market, as the savings from efficient trial management could be passed on to consumers.
Collaboration Aims to Improve Patient Experience, Accessibility and Efficiency in Decentralized Clinical Trials
Through the collaboration, Labcorp and Hawthorne Effect aim to combine their services and create new, differentiated service offerings to support decentralized clinical trials. Hawthorne Effect's comprehensive digital platform allows complex study visits and clinical data collection to be conducted seamlessly in the patient home or community and has been demonstrated to increase diverse patient participation, improve quality, completeness and timeliness of trial data, and accelerate trial timelines.
"At Labcorp, we are committed to making life-saving clinical trials more accessible, diverse and inclusive to all communities," said Jonathan DiVincenzo, Labcorp's President of Central Laboratories and International. "Through this collaboration, we look forward to combining Labcorp's global laboratory network and logistics capabilities with Hawthorne Effect's digital platform to advance our decentralized clinical trial capabilities, increase clinical trial accessibility and diversity, and bring greater value to patients, their physicians and our sponsors."
"The combined expertise of both Labcorp and Hawthorne Effect will allow clinical trials to operate more efficiently with greater patient access and higher levels of compliance, resulting in timeline acceleration for customers," said Jodi Akin, Founder, Hawthorne Effect. "These advancements highlight our shared commitment to improving health across the globe."
About Labcorp
Labcorp (NYSE: LH) is a global leader of innovative and comprehensive laboratory services that helps doctors, hospitals, pharmaceutical companies, researchers and patients make clear and confident decisions. We provide insights and advance science to improve health and improve lives through our unparalleled diagnostics and drug development laboratory capabilities. The company's more than 60,000 employees serve clients in over 100 countries, worked on over
About Hawthorne Effect
Hawthorne Effect is a complete clinical trials solution integrating technology and people to transform the clinical trials industry. Its technology-enabled platform and distributed network of certified medical professionals, Hawthorne Heroes, enable patients and clinicians to participate in trials within their trusted community. Its solution accelerates clinical research and generates evidence that makes clinical trials accessible and convenient while delivering meaningful and high-quality clinical assessments. Since launching in 2015, Hawthorne Effect has helped complete 76 trials and worked with industry leaders within medtech, biopharma, retail health and healthcare systems. Learn more about Hawthorne Effect by visiting https://hawthorne-effect.com/.
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SOURCE Laboratory Corporation of America Holdings
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