BOSTON--(BUSINESS WIRE)--PAREXEL International Corporation (NASDAQ: PRXL), a leading global biopharmaceutical services provider, today announced the launch of its patient sensor solution, a new offering that securely captures, transmits, stores, and visualizes study subject data in clinical trials.
PAREXEL’s offering, powered by the Perceptive MyTrials® Analytics platform, enables an end-to-end services and technology solution that facilitates the remote collection of study subject data via medical devices. Collection of clinical data via wearables and sensors could replace or reduce the number of clinical assessments and/or on-site visits during clinical trials. This could potentially reduce the burden on trial participants and sites as well as decrease trial costs. Wearable monitoring solutions also allow data to be collected more often. Frequent collection of this data can provide real-time meaningful insights into a study subject’s behavior and health outside of visits, supporting better compliance and real-time user feedback.
PAREXEL’s clinical trial expertise and the ability to collect sensor-based data is designed to create efficiencies for sponsors, eliminating the need to contract separately for wearable third party devices to leverage sensors in a clinical study. According to Frost and Sullivan, the global market for wearables in healthcare is expected to reach $18.9 billion in 2020.1
“Due to evolving regulatory and payer standards in today’s healthcare market, there is a growing need to leverage alternative data sources in clinical trials. Wearables and sensors have the potential to transform Phase I-IV trials as well as observational studies. However, infrastructure and multi-functional expertise are needed to validate the appropriate use of medical devices to generate clinical and quality-of-life endpoints,” said Xavier Flinois, President, PAREXEL Informatics. “PAREXEL’s offering could disrupt the industry standard of collecting data during site visits only, allowing biopharmaceutical sponsors to more easily demonstrate safety and/or efficacy and differentiate treatments from competition using remote monitoring approaches.”
The PAREXEL® patient sensor solution supports the generation of real-world data that can demonstrate value beyond the data collected during site visits. To deliver this solution, the Company has partnered with technology providers, including OSIsoft, to capture, securely transmit, store, and monitor data, as well as generate alerts based on the potentially large volume of time-series data from sensors.
The patient sensor solution is a complementary extension of PAREXEL's current services, and is available through the Perceptive MyTrials® platform. It is also available through the Company's PAREXEL Partner Program. For more information, please visit: https://www.parexel.com/solutions/informatics/patient-sensors.
About PAREXEL International
PAREXEL International Corporation is a leading global biopharmaceutical services company, providing a broad range of expertise-based clinical research, consulting, medical communications, and technology solutions and services to the worldwide pharmaceutical, biotechnology, and medical device industries. Committed to providing solutions that expedite time-to-market and peak-market penetration, PAREXEL has developed significant expertise across the development and commercialization continuum, from drug development and regulatory consulting to clinical pharmacology, clinical trials management, and reimbursement. PAREXEL Informatics provides advanced technology solutions, including medical imaging, to facilitate the clinical development process. Headquartered near Boston, Massachusetts, PAREXEL has offices in 85 locations in 51 countries around the world, and had approximately 19,625 employees in the second quarter. For more information about PAREXEL International visit www.PAREXEL.com.
PAREXEL, PAREXEL Informatics and Perceptive MyTrials are trademarks or registered trademarks of PAREXEL International Corporation or its affiliates. All other trademarks are the property of their respective owners.
This release contains “forward-looking” statements regarding future results and events. For this purpose, any statements contained herein that are not statements of historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words “believes,” “anticipates,” “plans,” “expects,” “intends,” “appears,” “estimates,” “projects,” “will,” “would,” “could,” “should,” “targets,” and similar expressions are also intended to identify forward-looking statements. The forward-looking statements in this release involve a number of risks and uncertainties. Such factors and others are discussed in the section entitled “Risk Factors” of the Company’s most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission, which “Risk Factors” discussion is incorporated by reference in this press release. The Company specifically disclaims any obligation to update these forward-looking statements in the future. These forward-looking statements should not be relied upon as representing the Company’s estimates or views as of any date subsequent to the date of this press release.
1 Wearable Technologies in Clinical and Consumer Health Report, Frost & Sullivan, March 2016