PRA Health Sciences Company Profile

Background

PRA Health Sciences was a global contract research organization (CRO) headquartered in Raleigh, North Carolina. Established in 1976 as the Anti-Inflammatory Drug Study Group, the company expanded its services beyond inflammation, leading to its renaming as PRA in 1982. In 2013, PRA was acquired by Kohlberg Kravis Roberts & Co., which took the company public in November 2014. In August 2017, PRA acquired Symphony Health, a real-world healthcare data, analytics, and technology solutions company, for $530 million. In July 2021, PRA was acquired by ICON plc, creating a leading healthcare intelligence and clinical research organization.

Key Strategic Focus

PRA Health Sciences focused on providing comprehensive clinical development services across all phases, from full-service clinical development to its pioneering Embedded Solutions™ model. The company specialized in various therapeutic areas, including oncology, immunology, infectious diseases, neuroscience, pain, pediatrics, vaccines, and cardiometabolic conditions. PRA's services encompassed clinical research, data management, statistical analysis, clinical trial management, medical writing, and regulatory affairs consulting.

Financials and Funding

In 2017, PRA Health Sciences reported a revenue of $2.87 billion. The company went public in November 2014, raising approximately $343 million through its initial public offering (IPO). The funds were utilized to redeem senior notes, repay borrowings under the Senior Secured Term Loan Facility, and for general corporate purposes.

Pipeline Development

PRA Health Sciences was involved in numerous clinical trials across various therapeutic areas. The company worked on over 100 marketed drugs and conducted pivotal or supportive trials that led to FDA and international regulatory approvals for more than 50 such drugs.

Technological Platform and Innovation

PRA Health Sciences leveraged advanced technologies and methodologies to streamline the clinical development process. The company utilized data management systems, statistical analysis tools, and clinical trial management platforms to enhance efficiency and accuracy in clinical trials. Additionally, PRA's acquisition of Symphony Health in 2017 expanded its capabilities in real-world data analytics and technology solutions.

Leadership Team

The leadership team at PRA Health Sciences was led by President and CEO Colin Shannon. Under his leadership, the company expanded its global presence and service offerings, including the acquisition of Symphony Health in 2017.

Market Insights and Competitor Analysis

The contract research organization (CRO) industry is highly competitive, with numerous players offering a range of services to pharmaceutical and biotechnology companies. Key competitors include:

ICON plc: A global provider of outsourced drug and device development and commercialization services, headquartered in Dublin, Ireland.

IQVIA Holdings Inc.: A multinational company specializing in advanced analytics, technology solutions, and contract research services for the healthcare industry.

Syneos Health: A biopharmaceutical solutions organization that provides integrated biopharmaceutical solutions, including outsourced clinical development and commercial services.

Parexel International Corporation: A global provider of comprehensive drug development and regulatory consulting services.

Covance Inc.: A global drug development and animal testing services company, now part of Labcorp Drug Development.

These companies compete on factors such as reliability, expertise in specific therapeutic areas, scope of service offerings, geographic reach, technological capabilities, and pricing.

Strategic Collaborations and Operational Insights

PRA Health Sciences formed strategic partnerships to enhance its service offerings and global reach. Notably, in 2016, PRA established a joint venture with Takeda Pharmaceutical Company Limited in Japan, which was later acquired by PRA in 2019, expanding its presence in the Japanese market.

Operating in a highly competitive environment, PRA contended with other full-service CROs and in-house research and development departments of pharmaceutical and biotechnology companies. Competitive factors included reliability, past performance, expertise in therapeutic areas, scope of services, strengths in geographic markets, technological capabilities, ability to manage large-scale global clinical trials, and pricing.

Strategic Opportunities and Future Directions

PRA Health Sciences focused on expanding its global presence and service offerings through strategic acquisitions and partnerships. The acquisition of Symphony Health in 2017 enhanced its capabilities in real-world data analytics and technology solutions. The acquisition by ICON plc in 2021 created a leading healthcare intelligence and clinical research organization, positioning the combined entity to leverage synergies and address the growing market need for decentralized and hybrid trial solutions.