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Revenue Growth and Client Approval Ratings Fueled by Company’s Next-Generation Technology and Comprehensive Services Portfolio
Cognizant has been listed as a Leader in Everest Group’s latest report: Life Sciences Operations – Services PEAK Matrix® Assessment 2021. This report concentrates on BPS life sciences services, including drug research, clinical trials, supply chain, pharmacovigilance, regulatory affairs, patient access and sales & marketing operations. In its evaluation of 31 providers of life sciences business process services, Everest Group highlighted Cognizant’s gain in market share, which has reinforced Cognizant’s position as one of the largest IT/BPO companies in terms of revenue and scale of operations.
Cognizant’s growth in the life sciences space has been driven, in part, by business process outsourcing services to biopharma and medical devices companies. Earlier this year, Cognizant was recognized by Everest Group as both a leader in digital services as well as one of the leading companies in the pharmacovigilance market. These recognitions, along with this current analyst report, demonstrate that Cognizant’s capabilities and scale of operations are meeting several client needs, including clinical & commercial operations, digital factory services, product information and quality management, financial order processing, and pharmacovigilance services. According to the report, Cognizant was also praised by its clients for effective communication, high responsiveness and proactive approach to the COVID-19 pandemic crisis.
“Pharmaceutical companies are facing challenges arising from multiple directions – rising costs, tightening regulations, accelerated drug cycles, and disruptions due to the Covid-19 pandemic – and, hence, are further opening up to IT/BPO support across different segments,” said Manu Aggarwal, Vice President at Everest Group. “Cognizant is well-positioned to capture these emerging opportunities as a result of its comprehensive services portfolio, cost-effective global delivery model, and strong technology stack combining internal and external (partnership) capabilities.”
“Cognizant continues to meet evolving market needs by expanding our capabilities through investment in life sciences platforms and solutions, such as Smart PV and Unified Clinical Platform; M&A focused on core digital capabilities, including the recent acquisition of TQS Integration; the addition of new global delivery centers; and strategic partnerships with leading technology providers,” said Srinivas Shankar, Senior Vice President and Global Head of Cognizant's Life Sciences business. “Everest Group’s recognition of Cognizant as a leader in Life Sciences Operations validates what we are hearing from our clients – that our cost-effective, scalable solutions are helping them successfully transform their businesses.”