IQVIA SWOT & PESTLE Analysis

Strength

1. Operates in 100+ countries with approximately 77000 employees:IQVIA has a global presence that helps in spreading its operations and reach. It works in over 100 countries, has over 50,000 pharmacy and wholesale partners, 2000 hospital partners, a network of 100 million+ patients for trial recruitment and over 5 million clinical trial investigators. They have approximately 77,000 employees which include over 4600 advanced data scientists, 1600+ doctors and 8000+ software experts. They have over a billion patient records, and around 150 methodologies which are patent pending. These numbers point to the sheer size and reach of the company and point at how this helps them effectively carry out research and be a useful outsourcing client to biotechnology and pharmaceutical companies. The geographical spread also aids them in optimizing their resources and reduces cost of functioning.

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Weakness

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Opportunity

1. Outsourcing trends in the pharma industry are on the upward trend: Outsourcing is one of the major pharmaceutical industry trends in the coming years due to rising supply chain costs and issues. 70% of the biopharma industry is planning on increasing their future outsourcing. The outsourcing is specially targeted by developed countries to emerging markets such as China, India and Brazil. Biopharmaceutical spending on drug development totaled approximately $130 billion in 2020. Of that amount, IQVIA estimated that their addressable opportunity (clinical development spending excluding preclinical spending) was approximately $75 billion. The portion of this addressable opportunity that was outsourced in 2020 was approximately $36 billion. The International Data Corporation (IDC) judged IQVIA as a global leader in Business Process Outsourcing (BPO) solutions and services, highlighting that the company was providing real world solutions to the pharmaceuticals industry.

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Threat

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Political

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Economic

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Social

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Technological

1. Healthcare has more opportunities for AI and ML usage: Artificial Intelligence in Healthcare is predicted to be worth US$ 74 billion in 2028 with a Compounded Annual Growth Rate (CAGR) of 56.2%. This has been exacerbated by the Covid-19. AI and ML will also be worth US$ 8 billion in the US's biopharma industry in 2022. AI and ML are particularly useful due to the increase in data volume of patient details. IQVIA uses AI to help customers from clinical to commercial to enhance precision, increase speed, and scale to meet evolving challenges such as finding correlation between diseases, improving trial execution, increasing automation and so on. Healthcare has several issues that need AI involvement; like predictive analytics identifying hotspots of prodromal Alzheimer’s, predicting treatment response of elderly ailments and using marketing analytics to promote healthcare professionals. IQVIA has started working on some of these issues and is poised to take advantage of the growing developments.

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Legal

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Environmental

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