TEANECK, N.J., Feb. 13, 2013 /PRNewswire/ -- Cognizant (NASDAQ: CTSH) today announced that it has been positioned as a Leader in the IDC Health Insights "IDC MarketScape: Worldwide Life Science Drug Safety Services 2013 Vendor Assessment" (document number HI239221, dated February 2013).
The IDC MarketScape report evaluated leading drug safety services (DSS) providers in the life science industry. The evaluation was based on a comprehensive framework, and assessed services providers across key characteristics, including functionality or offering road map, delivery model, cost management strategy, portfolio strategy, customer base, go-to-market capabilities, customer references, pricing model, sales/distribution strategy, customer service strategy, marketing strategy, growth strategy, financial and funding model, employee strategy, and innovation/R&D pace and productivity.
"While possessing demonstrated experience across the complete life science value chain, Cognizant is strongest in its BPO and IT service offerings to the industry," said the report. "Cognizant's life science drug safety services team is the largest in the industry, a result of the company's success in delivering higher-value drug safety services to its clients. This, combined with Cognizant's strong investment-supporting growth and significant commitment to development of industry-centric intellectual property, ensures that the company can be expected to remain a leader in the field for years to come," the report added.
"We are proud of this ranking because it validates our vision of helping life sciences improve patient health by running better through cost and operational agility and running different by innovatively addressing drug safety problems and issues," said Gajen Kandiah, Senior Vice President and Practice Leader for Business Process Services at Cognizant. "This recognition shows again that our business process solutions, technologies, and talent are well positioned to deliver exceptional value in line with core industry business requirements."
"Keeping patients safe is a cornerstone of the healthcare industry, and we are pleased that our capabilities have been recognized by IDC Health Insights," said Krish Venkat, Executive Vice President of Cognizant's Healthcare and Life Sciences practice. "Our customers are seeking new ideas on how to improve health by better use of technology, analytical insights, and best-in-class industry practices. This era of change and innovation in the life sciences industry is tremendously exciting for all of us, and we are thrilled at the opportunity to help our clients help their patients to be well."
"As outsourcing of the life science industry grows, the vendor ecosystem is stepping up to deliver cost savings, agility, and operational excellence in areas once considered to be core to top companies," said Alan S. Louie, Research Director, Clinical Development Strategy and Technology at IDC Health Insights. "Demonstrated delivery experience, deep understanding of drug safety processes and platforms, and deep strategic drug safety expertise are all paths to vendor success, helping many life science services organizations to achieve sustainable growth that should continue for years to come."
About IDC MarketScape
IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor's position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
About Cognizant's Business Process Services Practice
Cognizant's Business Process Services (BPS) practice provides industry-aligned solutions that leverage Cognizant's deep industry knowledge, robust technology capabilities, enterprise analytics offerings, and global consulting expertise. It offers transformational end-to-end services to support innovation, growth, and operational efficiencies to provide tangible business value. The BPS practice focuses on industries including financial services, insurance, healthcare, and life sciences to deliver effective BPO and platform-based process solutions. It helps improve business agility by integrating state-of-the-art process and technology with industry-specific solutions and back-office work such as finance and accounting.
Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process outsourcing services, dedicated to helping the world's leading companies build stronger businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industry and business process expertise, and a global, collaborative workforce that embodies the future of work. With over 50 delivery centers worldwide and approximately 156,700 employees as of December 31, 2012, Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performing and fastest growing companies in the world. Visit us online at www.cognizant.com or follow us on Twitter: Cognizant.
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in our most recent Form 10-K and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.